Foreclosure Procedure – Property owners, like any other person, have expenses and obligations that they must meet and pay. If a property owner is insolvent and cannot pay certain debts, it may happen that a foreclosure sale of a property takes place. Such a proceeding is initiated by the creditor in the appropriate county court. […]
Option Agreement – Once a potential buyer is interested in a property, they naturally want to prevent the seller from selling the property elsewhere. When the situation arises, there is an option for both to create an option contract that obligates one party to buy or sell the property in an agreed upon time period. […]
Brokerage – An amount of money that a real estate agent or real estate company receives when a purchase, rental or lease agreement is successfully brokered. In real estate, these amounts are set by law and are based on the purchase price of a property or the set monthly rent for the particular rental property. […]
Purchase price manipulation – The higher the agreed purchase price of a property, the higher the real estate transfer tax. For this reason, it happens from time to time that contracting parties agree to state a lower purchase price in the purchase contract in order to keep the land transfer tax lower. The part of […]
