Know your Rights as a Real Estate Property Owner
For an individual, owning a piece of property is the most valuable thing in his life. Be it for settling or only for investment. One can safely invest his money in an open plot or a house as it benefits the owner in the future. Real Estate property investing can be tricky for some people considering the number of scams and frauds involving buying and selling residential properties. Not to forget, around 8 out of 10 people are subjected to wrongful actions that cause them to lose their money. However, even when the person manages to get the real estate property, there are certain legal rights he must be aware of in order to protect himself and his ownership over the property.
Titles are essential documents that determine possession of a real estate property. So as long as you have paid a lump sum amount when purchasing the property and already have cleared all outstanding dues with the home loan company, you can get the title document immediately. Hence, you acquire all the rights over the property as a sole possessor.
The right to exclude is synonymous with the right to privacy and choice. There is no restriction on the people who can enter the house of the title owner. However, your right to refuse entry to anyone other than law enforcement authorities is well within your rights. Always make decisions keeping your property safety in mind.
The right to dispose of the property refers to selling or transferring ownership to someone else. The owner has the right to sell, lease or rent his premise as he sees fit. If you have taken any loan, you must make sure to repay before selling. It is not possible to sell a property until all loans and mortgages associated with it have been paid off.
When a property changes hands, title insurance protects against unethical and frivolous claims. It provides indemnity to developers and homebuyers against losses or defects in the documents arising out of challenges by a third party.
You are allowed to use the equity in your property as collateral for a loan. You can obtain a home equity loan if you need extra money to repay medical bills or even just to take a vacation. However, there are some other things to keep in mind like, credit scores, etc., and more before getting the loan approved.
Rights over the real estate property give an owner an exclusive power to function within the legal limits. As a result, real estate property consists of several privileges. In such a case, an owner is a person with a title. Hence, you need to conduct a full-fledged study of what you’re getting yourself into before putting in your life savings. The rights listed above will help you understand your exercising powers of the property and can make your property immune from potential frauds and scams.
Best investment plans must be up to date, and they require necessary paperwork without, which one can not enjoy full rights over the real estate property. Another factor that the buyer must keep in mind is avoiding scams from the start until full possession. Therefore, at Flivv Realty, we are committed to ensuring that you are protected fully by such fraudulent activities. Your real estate investment is hundred percent legitimate with us and, we assist you throughout your Real Estate buying journey. You may reach out to us any time and contact us for a free consultation. Invest in Real Estate with Flivv Realty to reap exponential growth in the upcoming years.