Legal Issues (part 1)


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As a real estate investor and business owner, there is a lot of paperwork and people that you have to deal with. It is very easy in the chaos of balancing work and life for some of the i’s not to get dotted and the t’s not to get crossed. When this isn’t caught, it can create unnecessary legal troubles for your real estate business that can end up in court or costing you thousands in settlement. So, before you hurry off to make that next real estate deal, here are a few legal issues to check on.

Legal Forms

Make sure your legal forms are legal. In cost saving maneuvers, everyone at one point of time or another has used the basic fill in the blank forms available from almost every source. The only problem with these is they are not specialized to specific areas. There may be many legal notifications, disclaimers, etc. that should be included that are not included because they are not pertinent to every market. To keep on the safe side, have a real estate lawyer on your real estate business team. He can read over contracts and advise you as to which direction you should go in almost any situation. This is one real estate team member you cannot afford to be without.

Disclosures

Many real estate investors are tempted not to fully disclose about the property they are trying to get rid of. It’s viewed as tattle-telling on the house or land, and depending on the disclosure, it can run down the value of the property. While not nice on the pocketbook, it is also unethical and illegal not to fully disclose about the condition of the property for sale.

The bad news is there is a rather long list of things to be disclosed as determined by federal and state officials. The good news is there is a general purpose property disclosure form that can get any real estate investor headed in the right direction. A good rule of thumb to use is if you would want to know it, your buyer probably will too!

Legal problems can become a big hassle for everyone involved. The more steps you take to prevent them in your real estate business, the better. Next time, we will look at the problems with solicitation, discrimination, and liability. For more information on real estate investment or real estate franchise opportunities, visit us at Homevestors.com.

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