GARYANDLANA

Anytime you spend your hard earned money to buy something, you should always have it documented.  When you purchase smaller items, such as items at a convenience store, you’ll normally be given a receipt.  When you purchase larger items, such as televisions and furniture, it will involve a bit more documentation.  In exchange for your money, the seller will give you a receipt and in most cases a warranty that will protect your investment.

As you may already know, buying a home involves a lot more paperwork than furniture or even an automobile.  Whether you are buying or selling a house, you should always have each step of the process documented.  If any revisions are made, they should be recorded as well.  Although buyers and sellers can prepare the documentation themselves, most choose not to due to the number of revisions that a single document can have.  To help prevent consumers from these types of headaches, ready made real estate forms were introduced.

You can get a ready made form from a real estate agent or download the forms right off the Internet through a real estate website.  Ready made real estate forms are easy to use, as they cover virtually all transactions you may encounter – from buying homes to selling them.  There are forms that cover just the basics, which are ideal for those with no experience.  If you are looking for a more legally binding form, there are also those that cover legal requirements and those that cover disclosure laws as well.

You can choose to purchase these forms on an individual basis as you need them, or buy an entire set instead.  Individual forms are ideal for anyone who is involved with short term leases, such as rental property or homes that have been leased out.  If you are planning to sell a home or buy a home, you are better of purchasing the entire set of ready made forms.  This way, you’ll have all of the documentation you need and you won’t have to worry about purchasing more.
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When buying or selling a property, it always helps to have a basic understanding of real estate terms. In this on going series of articles, we take a look at definitions starting with “Pre-Approval Letter.”

1) Pre-Approval Lender Letter – a writing from a lender stating that a potential buyer has approval to borrow a stated amount of money from his firm based on having documented all the personal information needed. Final approval is subject only to the lender’s receiving a copy of a contract to purchase real estate, a satisfactory appraisal of that real estate, and its underwriting department’s review of all pertinent information. In other words, the buyer qualifies so long as the property does and no changes occur.
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India’s real estate market is getting very, very warm.

It still may be a fragmented industry with high transaction costs and an absence of transparency, but it is whetting the appetites of domestic and overseas investors. In India, changing government policies and a focus on infrastructure are driving up the demand for housing developments, malls and offices.

“For investors seeking the high returns that are no longer possible in the mature European and North American real estate markets, India and China are hot,” said Prakash Gurbaxani, the chief executive of TSI Ventures in Bangalore, a joint venture of Tishman Speyer Properties of New York and ICICI Bank, based in Mumbai.
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