How To Protect Your Property Rights

How To Protect Your Property Rights

Protecting Property Rights

real estate rights

Property Rights in the US

Property laws were made to protect the property rights of a person. They gave property owners the power to use, get returns and benefits, protect or give away an extent of land or a building within a set of regulations mandated by law. Property laws in the US have a long history. Lawmakers have continuously made efforts to protect the rights of land and home owners from the drafting of the US Constitution and Bill of Rights, all the way up to today.  This is very different than the way real estate is handled, lets say for instance, in Cabo Mexico.

 

Revolutionary Period

 

Before laws were framed and just after the American Revolution, there were instances of forcible confiscation of land without legal proceedings from loyalists. Lawmakers realized the need to protect the rights of property owners. The framers of the American Constitution emphasized the importance of property.

 

James Madison Bill of Rights

 

James Madison made efforts to protect property while framing the Bill of Rights. While declaring the purpose of government, he stated that government should be exercised for the benefit of the people, including protecting their rights of acquiring and using property.

In the fifth amendment, James Madison added two safeguards that no person shall be deprived of life, liberty or property without due process of law, and private property shall not be taken for public use without just compensation. At first this law was applicable only to the federal government but later many states adopted these clauses under the Bill of Rights to protect property owners.

 

The New Deal

 

After the Great Depression, the importance of property laws and judgements that focused on the protection of private property declined. This was a result of President Franklin Roosevelt’s program in 1937 where the Federal government promoted public welfare and controlled the economy.

 

Real Estate Rights Today

 

The laws of real property protect the buyer and seller of property in the USA today. There are many laws made locally to insure those who want to buy a home or sell a home are not only protected, but the transactions are performed according to law and recorded correctly.

Buyers and sellers of properties consult a real estate attorney or a  title insurance company to make sure that there are no claims on the property by tracing the history of the title and transactions. The title company or real estate attorney will help buyers with mortgage options. They will also ensure that the transaction contract is fair to the seller and the buyer.

 

Limitations of Rights

In the US, we do implement many limitations of rights on real property.  This is done through zoning and other local and federally implemented rules.  For instance, if your home is in an older city such as Savanna, New Orleans or Boston that has many historically protected properties, you will have additional rules and regulations on what you can and cannot do to your own home.  In addition, if you are buying a waterfront property, they have riparian water rights that you should be made aware of by your Realtor.

 

Rights of a Buyer

 

When buyers decide to buy a home, they have legal rights under both federal and state laws. They have the right to be informed about any claim on the title. They have the right to know whether the building has any structural defects. They have the right to know about any property taxes.

They have the right to appraise the house in a fair and neutral manner. They have the right to see or walk through the property before closing the deal. They have a right to know whether the seller has homeowners insurance and other required insurance. They also have the right to refuse or choose a mortgage provider or lender. Buyers have the right to get a market price analysis to compare with similar properties. Before closing the deal, they have a right to obtain copies of the purchase and sales agreement.

 

The Rights of a Seller

 

Federal and state laws also give certain rights to home sellers in a property transaction when they decide to sell a home. Sellers have the right to set a reasonable price for their property. They can advertise the property in a forum or a listing. Sellers have the right to work with a property broker or agent. They can provide a home inspection or request one. They can accept or reject offers of buyers and negotiate for a deposit.

 

From the framing of the constitution, all the way to today, laws and regulations in the US have addressed the importance of protecting the rights of property owners and the need to regulate property transactions.

 

Thinking of Becoming a REALTOR?

Thinking of Becoming a REALTOR?

becoming a real estate agent

Thinking of Becoming a Real Estate Agent?

Have you thought about becoming a real estate agent? Want to take on clients, make your own hours, and guide people in their journey to finding a home? Well, before you get started, it’s important to understand the levels of education required (or highly recommended) for becoming a successful real estate agent.

Getting Your License

So how do you become a real estate agent? Well, the answer might vary depending on what state (or country) you may live in. Every state requires you to have a real estate license, and each state has their own licensing process as their rules might be different than the next state’s.

Some of the basic requirements for becoming a real estate license are that you are 18 (some state’s it’s 19) years of age and that you are a legal US resident. Also required is for you to complete your state’s required education, and that you pass your real estate license exam.

Being a real estate agent might not be as easy as it looks—it’s important that you take your real estate education seriously, as an estimated 87% of new agents fail within their first five years.

Get Educated!

 

So take a pre-licensing course! These courses can be taken online or in person, and generally cost anywhere from $200 to $500. Make sure that you’re going through a certified, reputable real estate school and that you are taking your state’s required number of hours (which vary from 40 to over 180 hours).

These courses are designed to teach you real estate terminology and practices, as well as the legal aspects of real estate. It is important to understand your learning style and to sign up for the classes that are best for you. Some people really struggle with online courses, so check your local colleges or real estate firms for a class schedule.

Make sure you are present in your courses, take good notes, and don’t be afraid to ask questions or for clarification or examples. These courses are meant to prepare you for taking the real estate agent exam, so it’s vital that you learn all you can from them. Get your monies worth!

So go out there and get your real estate education! There has never been a better time to start your career as a real estate agent.

Home Warranty Basics For Buyers & Sellers

Home Warranty Basics For Buyers & Sellers

 

What Is A Home Warranty

Being educated on the real estate process is important.  Home Warranty Companies have been around since the 1970’s.  They provide repair and replacement services for a home you are purchasing, or even your existing home.  If you are one who does not like expensive surprises, a Home Warranty may be a great option for you.

A Home Warranty is not to be confused with Homeowner’s Insurance, which covers your home’s structure and contents (depending on your policy) in case of theft, fire, storm, and other covered acts of nature.  There is also Flood Insurance that may be required, and is separate from both the Homeowner’s Insurance, and the Home Warranty.

A Home Warranty in comparison to Insurance, can cover repairs and replacements on covered items (based on the Home Warranty Policy) due to normal wear and tear, not acts of nature

Benefits To Buyer And Seller

Warranty Colorful

When purchasing a home, a buyer does not want to encounter any unexpected expenses when something breaks soon after moving in.  Imagine, you move into your dream home and awaken to a broken heating or air conditioning unit.  A Home Warranty can cover many of those main appliances, and lessen the worry of the new homeowner.

Several Types Of Coverage

A Buyer Conversion Warranty is purchased by the Seller, and transferred to the Buyer on the day of the closing. These can help motivate a Buyer to purchase one home over another.  A Buyer may also purchase what is referred to as A Buyer Direct Home Warranty.  Buyers, or the Buyer’s Real Estate Agent can purchase this at the closing, and it too becomes effective on that day. It may also be purchased up to 90 days after the closing depending on the Home Warranty Company’s guidelines.  Most Home Warranty’s are effective for one year, and are renewable.

Real Estate Agent’s are taught about Home Warranty’s in their Pre-Licensing and continuing education requirements, to stay knowledgeable about the Home Warranty process. The Team at Elevate Realty in Texas uses the Home Warranty quite often as incentives to their Buyer’s and Seller’s.  Real Estate Agent’s are well versed on the different Home Warranty products available.

The Seller Home Warranty  covers the property during the listing.  The seller benefits from the coverage of items that may require costly repairs during the listing period.  Since this type of Warranty is in effect for the Seller, after the Buyer Inspections, many of the items found deficient could be covered for a mere service call fee. This plan can be transferred to the Buyer at the closing also.

Cost Of A Home Warranty

The cost of a Home Warranty varies according to your location, your property and the level of coverage you choose. Basic coverage starts at about $350 and can cost up to $600, give or take,  for more comprehensive plans.  Whether you choose to cover appliances or major systems (like your HVAC system) or both, will determine the cost of your plan.  You can add extras if needed, such as a swimming pool, and/or additional appliances.  There are Service Fee’s that are not included in your annual premium depending on the company, and the type of coverage that you choose. These fees typically range from an average of $60 to $100 per service call.

Covered Items

An important consideration when choosing a Home Warranty is what is covered, and what is not. Be aware that all plans do not cover all appliances and systems. For example, your heating system could be covered, but not your air conditioning unit. Find the plan that best fits your needs.

Denied Claims

A Home Warranty may not pay repair costs for all covered appliances and systems. There are circumstances under which the Home Warranty company can deny a claim.  Improper installation or maintenance, unusual wear and tear, and code violations are examples of what may not be covered.

How To Call For A Service Provider

You must call your Home Warranty company when you need service.  If you call a service technician on your own, they may not be a provider for that specific Home Warranty company and the work would not be covered.

 

Get The Best Customer Service

As with any business, check the Home Warranty company’s reputation.  Look for complaints filed against that company for unpaid claims, and check with the Better Business Bureau.  Always go with a reputable Home Warranty company, and be clear on their coverage guidelines.

Top Three Home Warranty Companies for 2017

According to Consumer Affairs 2017 Report on the 20 top Home Warranty Companies, American Home Shield is topping the list at Number 1. Choice Home Warranty and First American Home Warranty come in at second and third.  You can find a complete list of the top 20 Home Warranty Companies on the Consumer Affairs website.