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[S26]Sale Of Real Property

by Ron, Ron

Real estate property, everybody knows that the word denotes about the immovable and real property. Real estate property fetches a good demand among the buyers and sellers for reasonable price consideration. Nowadays, more number of real estate properties is listed in the real market and they are sold immediately for varying prices. During the past days, more people invest their money other than real estate property and the percentage was very less. But now, more number of people started investing in the real estate property to obtain more price consideration in the future. Real estate property can be sold by the seller or by the realtor or by the real estate agent. The seller can sell his real estate property by his own without seeking the help of the realtor or real estate agent. More numbers of seller are coming forward to sell their real estate property on their own. For sale by owner of the real estate property saves the money and time of the seller. When the seller sells the property by himself, the he hire the following benefits.

Price consideration
For sale by owner of the real estate property contains more privileges and facilities which offered to the buyer at the time of sale. When the seller sells his property by its own to the buyer, then he can meet the buyer directly and ask for the prices. This way, the seller can able to know the needs and requirements of the customers directly and tries to improve the property. Price consideration plays the essential role in every real property and nowadays, the real estate properties realize good prices. The prices fixed for the property should be moderate and it should not be less or more. When the price fixed for the property is not good, and then the seller has to face the problem. Therefore, the seller has to fix the price after proper evaluation of the real estate property.

Knowledge and experience
When the real estate property is sold by the seller, the seller should posses some knowledge and experience in field of real estate. Without possessing adequate experience and knowledge, the seller finds difficult to sell real estate property in the market. When the sells more number of properties to the buyers and obtain required information needed to sell the property, then the seller can easily sell the property for a good price consideration. Therefore, the seller is to analyze properly and take decision for sale of real estate property.

Commission
When the real estate property is listed either with the real estate agent or with the realtor, the seller is required to give real estate commission. This way, the seller has to give some part of benefit to the realtor or the agent. While the seller sells the property by himself, then real estate commission can be avoided. It is a benefit to the seller at the time of sale of real estate property. Therefore, the seller obtains more benefits when he sells the property by himself.

(1) Notice Statutes

Suppose you sell your house to Party A, Party A fails to record the sale, you turn around and sell the same house to Party B who doesn't have ?notice? that you previously sold the house to Party A (that is, Party B not only didn't know about the previous sale, he also had no reason to know about it). Now Party A and Party B wind up in court fighting over who owns the property because you skipped off to Tahiti with all your money and property, whose house does it belong to? In states with a notice statute, the house belongs to Party B, because Party A had a chance to record the previous sale but didn't. The result would be the same even if Party B didn't record his purchase either.

If Party A wants his money back he's gonna have to fly to Tahiti and sue you there. In practice, this usually plays out when somebody buys a piece of real estate without knowing that the bank has a mortgage on it, because the bank neglected to record the mortgage.

Keep in mind that if Party B knew (or should have known) about the previous sale to Party A, Party B would lose even if he recorded first.

(2) Race Statutes

It's a ?race to the courthouse?, and the first one to record his purchase wins. In states with race statutes, Party B would win even if he knew about the previous sale as long as he recorded his interest first. Only a few states have race statutes ? they are considered by most judges to be outdated and unfair.

(3) Race-Notice Statutes

Under this system, in order for a subsequent purchaser to win against a prior purchaser of the same property who didn't record his prior purchase, the second purchaser will have to prove that he (i) didn't have notice of the first purchase, and (ii) he recorded his purchase before the first purchaser did. The difference with the notice statute is that if Party B lived in a state with a race-notice statute, Party A could still win as long as he beat Party B to the courthouse to record his purchase.

DISCLAIMER: The following is intended for reference only and not as legal advice.

Article Source : Pg. 3

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Both Ron & Bobby Carnes are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Ron has sinced written about articles on various topics from Alternative Medicine, Finances and Property Investment. Ron victor is an expert author for . He written many articles like. Ron's top article generates over 135000 views. to your Favourites.

Bobby Carnes has sinced written about articles on various topics from Property Sale, Computers and The Internet and Legal Matters. explains. Bobby Carnes's top article generates over 4400 views. to your Favourites.