Docstoc

Atlanta Real Estate Law

Document Sample
Atlanta Real Estate Law Powered By Docstoc
					Atlanta Real Estate Law
The main idea behind the formulation of Real Estate Laws is the
protection of public interest. This license law pertaining to real estate
in Atlanta has been in place for a very long time, since 1926 to be
exact. Some changes were effected in the law in 1999. The headquarters of
the Georgia Real Estate Commission is in Atlanta.
For either buying or selling a house in Atlanta you will need to use the
services of a broker. The broker's commission is generally paid by the
seller.
People do not step into the property market with ready cash in hand. Most
home buyers need to borrow money in order to purchase their home. Even
people who have enough assets to liquidise and finance a new home go in
for financing deals as in the long run the returns on the money are
better as real estate appreciates pretty fast. At times tax relief is a
main reason for going in for a mortgage. The home loan taken by property
buyers is called a "mortgage." Generally, a mortgage is a loan of money
to the home owner secured by a "lien" on the real estate. The law
provides for issues like non payment of mortgages, foreclosure and the
like.
Rules regarding the fine details of mortgage deals are laid down
specifically by law. There are basically three types of mortgage options.
A fixed rate mortgage carries an interest rate that remains fixed
throughout the term of the mortgage. The second option is the adjustable
rate mortgage that carries an initial fixed rate of interest. And after a
fixed time interval the rate of interest reflects market trends. The
third option is a balloon mortgage under which after a fixed monthly
payment for a fixed time period the balance becomes payable all at once.
Generally those who do not qualify for the first two types of mortgages
opt for this one. And when the fixed time period is over they go in for
refinancing the mortgage. Another option available is referred to as the
home equity loan. Under this a floating rate of interest over a period of
time is applicable.
Direct lenders such as banks and other financial institutions offer
loans. The applicant's ability to pay back the loan is assessed and once
all formalities are completed the loan comes through. Getting the best
interest rates will however need some homework as rates vary from bank to
bank and region to region. A good place to get mortgage related
information would be http://www.iown.com.
Atlanta Real Estate provides detailed information on Atlanta Real Estate,
Atlanta Real Estate Agents, Atlanta Commercial Real Estate, Atlanta Real
Estate Listings and more. Atlanta Real Estate is affiliated with Chicago
Suburb Real Estate.

				
DOCUMENT INFO
Shared By:
Categories:
Stats:
views:4
posted:10/11/2010
language:English
pages:1