Texas real estate

Selling or purchasing a piece of real estate, be it a house, condominium, or an apartment, is probably one of the most important financial transactions a person will conduct in his lifetime. This single purchase is bound to affect the lifestyles of several people for years to come.

Due to the long-term effect a single real estate transaction may have on the buyer and the seller, it is important that all the details pertaining to this transaction be formalized. It is not enough that the dimensions of the land, the purchase price and equipment included in the sale are listed down; the individual obligations of both the seller and the buyer should be itemized as well. All these details should be found in just one document, the Real Estate Sales Agreement.

Legally, a real estate sales agreement is a contract between both the buyer and the seller. This document stipulates all the conditions of the sale, from the technical details of the property, to the chattels that will be thrown in. The agreed upon purchase price should be stated (in words and numerical figures), as well the deposit (earnest money) given, down payment and final remittance. Exact details on how and when the monies will change hands should also be indicated in this document. The real estate sales agreement is considered valid once both parties affix their respective signatures and, should there be a need to include any changes, these should be attached to the main document, as an addendum.

Normally, real estate sales agreements are formulated by real estate agents and / or lawyers. However, a lot of home sellers and home buyers nowadays opt to compose the sales agreements on their own. There are various real estate related websites where one can view, download and even customize all kinds of forms, including the immensely important real estate sales agreement, needed to complete and legalize any real estate transaction.

Online real estate forms can be purchased and downloaded by piece (as needed) or by bulk, the option really depends on the user and payment is also done online, as these sites accept most major credit cards. Once the forms have been downloaded, the contents can be modified and edited to suit and conform to the specific requirements of the user.

In terms of content and format, all the forms found on these real estate websites, most especially the real estate sales agreement, are considered legal and are recognized by local, state and federal agencies. However, even though the developers took great pains to verify the accuracy of their forms, it is still recommended that before the final copy is signed, a rough draft be sent to a lawyer or a real estate agent for their review. Since, the real estate sales agreement is probably the most important of all real estate documents; it is of utmost importance that all the technical information stated is accurate, and that all the necessary conditions and clauses, particularly the terms of payment and possible penalties for non-payment are also clearly outlined.

By: Gloria Smith

If you own rental property and you do not live close to it or simply don’t want to deal with being a ‘landlord’ you may want to consider hiring a property management company. A property management company can help you with every aspect of managing your property and ensure that your potential tenants and renters are put through the proper application process, pay their rent on time, and have someone to call to take care of matters that arise in a timely fashion. Because there is so much that a property management company can do to save you time and thus money there are of course going to be fees involved with hiring a management company.

Property management fees can vary greatly from company to company but here are some of the fees you can come to expect when dealing with management companies:

o??? Percentage fee: Most property management companies will charge you a percentage of the rent that you charge the tenants. While there is no set percentage in the industry, the standard is usually ten percent. Of course you will find some that will charge higher and some that will charge lower. Just be sure that you are getting all the services you desire for your percentage.

o??? Leasing commission: Many times you will see this type of fee from a property management company. This is usually as one-time fee and equates to one half of the first month’s rent. Again, this is not a standard and some companies charge more and some don’t even charge it at all.

o??? Bookkeeping set up fee: This is usually another one-time fee and typically depends on the size of the property. If you have a smaller property the fees are generally set by the company, but if you have a large property with several units, such as an office building or apartment complex, this fee can sometimes be negotiated.

o??? Advertisement fees: This fee is an actual charge, meaning that the management company should only charge you what it actually costs for advertisement whether it is done in the newspaper or online. Stay away from companies that attempt to make a profit on this charge.

o??? Material fees: If something needs to be fixed on your property and you give the go ahead to do so, you will also foot the bill. Again, these fees should be exact and there should not be a mark-up associated with them.

While fees are indeed important when considering which property management company to go with, they should not totally dictate your decision. Be sure to get in writing what it is that the responsibilities of the property management company will be. If you pay a lower price but you get sub-par service, what is the point?

While incurring any fee is never a welcomed activity, when it comes to having your property managed these fees are a necessary evil especially if you live away from your rental property. But the time you will save when paying these management fees often makes up for the money you spend and then some.

By: Jason Kay