If you are a home owner and you are in default of your mortgage loan then it is imperative that you know what real estate property meaning or real property value is before you pay the mortgage loan. Many people get confused and end up paying more money for their properties than the actual market value is. During a chapter 7 bankruptcy in Georgia, a $10,000 exclusion for persons on real estate property meaning that a debtor is permitted to retain property only to the appraised value of that dollar amount. Thus, a person filing for bankruptcy would not be allowed to retain possession of his home even if the market value is much higher. Home owners should take care to note that the exclusion does not extend to the debtor’s right to use the property for collateral or for an investment.
The appraised value is generally the highest value that can be ascertained by an unbiased appraiser. The reason why the appraised value is the highest may not be readily apparent. It could be due to commissions paid to an appraiser or it could also be because the lender or creditor wants the maximum return that he can get for the real estate property. However, one thing is clear, the exclusion does not apply to a home owner on whose property the debtor avails. The property on which the property is situated forms a part of the debtor’s home and the debtor’s ownership interest in the property is determined by Georgia law.
It is imperative for home owners to understand what real estate property meaning is and how it affects their properties. One should never enter into any financial transaction without first knowing how the value of the property and the exclusion clause applies to him. There are many ways of assessing the value of a property and it is advisable to do a thorough research before entering into any deal. If one is going to sell a property, it is best to calculate the value of the property based on recent sales of similar properties in the area and also the selling price of the real estate property.
The meaning of the word “real” in this context means that the property is capable of being sold or bought without causing depreciation. The only way of selling a property that is deemed to be worth more than it is by increasing the mortgage payment or reducing the loan amount that is sanctioned under the terms of the agreement. A buyer who wants to buy a home must calculate the value of the property with respect to any mortgage or financing available from the bank or other lender. This is a specialized calculation and one that is done only by experts.
Once the calculations are done and the lender has sanctioned the loan, it is only the responsibility of the buyer to make the necessary arrangements to pay for the property. Home buyers are not under any obligation to stay in the property and they can leave at any time. If the seller wants to enter into a formal agreement, then a contract must be drawn up. This will determine the exact rights that the buyer has to the property and whether he is liable for any damages that may occur within the property. The contract must also specify the responsibilities of the seller and the obligations of the buyer.
An important point to be considered before buying real estate is to select a realtor that is knowledgeable and trustworthy. There are many different real estate agents out there and it pays to shop around for the best deal. It is best to find someone who uses real estate jargon when explaining the process to a potential client. There are certain terms that are used in real estate that the average layman will not understand. This is why it is advisable to research the market to see if there are any good real estate agents in the area and to inquire about their experience and qualifications before signing a contract.