2 Key words to pay attention to when investing in real estateOluwakemi Adeyemo
As a fresh, repeat or serial investor in real estate, you always need to pay attention to these two words;
There is a huge difference between the two words. Misappropriating these two words can cause you a huge loss. The owner of a property can also be the seller while a seller most times are not the owner.
A lot of people are buying properties from sources or people who are not the rightful or legal owners of such properties.
A legal owner of a property can recognize and appoint, a seller which in most cases will be a broker or an agent to sell a property.
It is important that you know who exactly is transferring right to you as a buyer or investor. You also must know what kind of right is being transferred to you before the transaction closes.
A lot of property owners in some climes, prefer to be discreet about ownership and transactions. This makes some transactions challenging and also gives room for scrupulous sellers get away with people’s money.
Some buyers also would wish to get away with broker’s fee which does not guarantee that a buyer has saved money and got the best deal.
To get the best of your decision to invest in a property and to make the most profit from your investment per time, some discussions must take place.
Such discussions protect you from buying from;
i. A seller who is not the owner.
ii. A seller who is not recognized or authorized to sell.
iii. An “owner” who do not have a right to transfer ownership of a property.