Legal Documents Needed To Buy Property
By: James Kahn | Posted: 25th November 2009
If you want to buy real estate from a developer or private seller, there are requirements you need to meet first. These can include providing you tax identification number, birth certificate and bank accounts to show your capability to pay the property.
Tax identification number will be used in transferring ownership of the property, there are taxes that are to be paid upon transferring of ownership which is agreed by the buyer and the seller who will pay before the transaction took place.
Birth certificates are used to prove that the buyer is indeed who they say they are. Also, the buyer must be above 18 years of age as per requirement of the house and regulatory board and must be capable and independent to buy his or her own property. It is a requirement that he or she must be of legal age.
Bank accounts will give the seller or developer a bond of trust that the buyer is capable of paying the appropriate amount for the property. Whether or not the buyer will seek solicitation from the bank or other institution for aid in buying the property. However the bank or financial institution has conducted thorough checked if the person is capable in paying the amount that he or she is asking towards the property.
It is not as easy or simple as buying groceries in the department stores when you are buying a property. It will take sometime and proper processing of legal documents to make sure of the legality of the owner is appropriate that the property intended to buy has no encumbrances or cases on hold in court. As prior by law any properties that are under proceedings for the legality who really are the owner of the said property cannot be sold to somebody else not unless a court decision was given.
The buyer must consult a lawyer before buying any private property to avoid future conflicts from other parties who own the property. Worst case if the buyer bought the property from uncertain owner as his or her payment will consider as not valid or void, the other party who are entitle and the real owner can reject such deal occur specially if the payment was not received by real owner. This will be a big lost to the buyer if the buyer will not be very careful. This is the best solution if you like to buy a property; seek advice and ask what legal documents are needed and the steps to take in buying real estate to avoid future discretion and misunderstanding with the owner.
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Tags: bank accounts, capability, groceries, financial institution, 18 years, encumbrances, property tax, conflicts, department stores, private property, buying a property, legal documents, worst case, birth certificate, tax identification number, solicitation, birth certificates, private seller