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- what is meant by best practice in real estate
It means the following aspects are taken care of
1)complete and accurate information about property,its clear and marketable title risk factors and prevailing price has been given after carrying out due diligence(2) there are no hidden costs involved and everything is upfront.anil kumarCommentQuote0Flag
- As the term suggests, 'Best Practices' can be regarded as the processes that the authorities and real estate developers should follow to ensure a smooth, fair, transparent and pleasant property transaction with the buyer.
At first, all valid information about the property like clearances from district Administration, Municipal Corporation, Pollution Control Board, Electricity Board, etc. should be exchanged with the prospective buyer before entering into the deal.
Further, the builder must not violate government regulations on provisions of building height, parking space, basement, floor area, emergency exit, etc.
The builder must not alter the layout of the alloted site without permission of the buyer and follow his commitments as done during the time of booking.
In the same lines, developer must maintain the quality of construction as shown and committed to the buyer and take him into confidence if in case he wants to change or improve some specifications.
Critically, the title of the sale deed must be clear and legally valid, from both ends.
Well, these are few of the practices we can term as 'Best Practices', for now..Thanks.CommentQuote0Flag
- Best Practices in Real Estate Means...............
1) How to determine a property's potential worth
2) How to determine the best course of action whether it is to rent a property out, to fix it up and sell it, or to hold on to it and sell it later as is.
3) Knowing what to do with a property is important because the type of financing you should get is dependent on your goal for the property.
4) Also need to know how to find properties below market value.CommentQuote0Flag