It is a known fact that the real estate business is once again shaping up and people are beginning to look for homes and property to buy and sell. It is a very big income for a person who is either doing it part time or a full time entrepreneur. Even today, many people make a lucrative living out of the real estate business.

However, every business has its own pros and cons. Here are a few pros and cons of the real estate business.

Pros of Real Estate

• Buying property and homes on foreclosure is very profitable as the rate would be lesser than the worth of the property. These foreclosed homes can be renovated spending a little money and put up for mortgage, rent or sale once again. This is one of the best real estate investments that would fetch you enough income.
• A better way of making a lucrative profit is by buying a property or a home after seeing the condition of it. You are able to scrutinize the amount that should be spent on repair and modification before you set the price for the home. This is helpful as you have a choice of the lowest price.

Cons of Real Estate

• When opting to buy a foreclosure sale of property you are obliged to accept the house in an ‘as is where is’ condition. This leaves you with no other option if the property has a lot of repairs that you will have to spend for. Ultimately in certain times you may spend more money than you expected to on repair work. The repairs may work up to more than the value of the property.
• It is the same case with the fixer-upper buying of property. Sometimes in your haste you will not notice certain major repairs that are needed for the home and you will purchase the property. When repair jobs are undertaken you will be spending more than the estimated amount on repairs.

In order to avoid circumstances like these you should be smart enough to have a thorough check up of the property, know the owner, compare the rate and then decide to settle for the paper work into buying the property.

**Don’t forget to comment below and let us know what you think. Or even better, share your experiences.

     No doubt buying a home is an exciting process, while at the same time it is also confusing, especially if you are planning to buy a home for the first time. Various thoughts and ideas would enter your head leaving you entirely confused on deciding the type of home, the location, and the style of the home. Here are a few simple guidelines that will help you get your dream home without much confusion and hassles.

• Make a plan of your home according to your living standards. Do you require an independent house or an apartment on the ground floor, the number of bed rooms, whether you require a garage or a garden etc.
• Surely you will opt for a loan to buy a home, in this case choose the genuine lenders who do not take very high interest rates. See that you have a small amount saved so you can pay at least a minimum of 10% of the value of the home initially.
• Seek the sound advice from family or friends who have experience in real estate business or find a genuine Real Estate Agent, speak contract fees and use the solicitor to find you the home of your choice.
• The Agent will show you a few prospective properties. You can negotiate a proper rate through your Agent, but at the same time if you feel the rate offered is worth and don’t want to lose the place just ask your Agent to start the legal paper work to buy the property.
• The Agent will start the survey and the report will be sent to you in due course and the contract can then be signed and finalized confirming you as the owner of the property legally.

This is very simple but effective information on buying a home of your own. The legal contract should be obtained by all means before entering into any payment or contract signing deals.

To understand title policy insurance in America, let’s look at chain-of-title and how title companies search the public records. Title insurance companies aren’t really concerned with where dinosaurs once roamed, whether our ancestors trekked across the Bering Straight or where American Indian tribes settled. Title searches begin with when the United States government stole the land, I mean claimed it — from the U. S. patent — and move forward from that point.

Because humans are involved in recording deed transfers and plotting land parcels, a lot can go wrong. You want title insurance because it will protect you against defects and human error.

Property Searches and Public Records

* Property transfers were first recorded alphabetically in separate Grantor and Grantee books.
* The books are heavy to lift and dusty.
* County records are often maintained at local courthouses or the Clerk of Registrars.
* Today, most records are stored on the computer.

Division of Land

* Early deeds involved large chunks of land known as Townships.
* Townships contain 36 sections and are six miles by six miles.
* Sections measure one mile by one mile and contain 640 acres.
* Half of a section is 320 acres.
* 1/4 of a section is 160 acres.
* 1/4 section of 1/4 section is 40 acres.
* An acre is 43,560 square feet

Title Search Basics Continue Reading…