Real Estate Business Fundamentals Explained

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Real Estates as the simple explanation goes is the business of buying a piece of land and building on it. It can be a small independent house, a big apartment complex or even a massive office building with state of the art amenities.
One can either be an agent in this business or an investor. Both stand to gain from the profits of the business as both roles are extremely crucial for the business’ success. An investor will have to plan the money flow and decide on how to invest in a project. An agent will have to get suitable projects to invest in and also sell it once the building is completed.
The Business
When you are a real estate agent who is buying and selling properties to the general people, here are a few services you will have to provide addenda to them. Here are some points to cover in your addenda:
• Inspection – This basically covers the inspection of the site, providing the inspection report and all negotiations related to the inspection. A property cannot be handed over without an inspection and showing proof to the buyer that the property being handed over meets all the specifications laid out in the contract.
• Septic – It is the duty of the builder and seller to ensure proper septic system in place while handing over a built property. This part will cover details of who will pay for the corrections; changes etc. a correction or change is different from drain repairs. The builder will cover the initial part where the drain systems are provided. An agreement can also include details about repairs thereof.
• Property Condition- The seller will have to provide a property condition report, highlighting the areas of the defect, as well as major repairs that have been carried in the property, in the past. This part of covering about major repairs mostly comes into play when the property comes for a resale. There are instances where major repairs have been done for a new property as well, but that is a rare scenario.

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