When you acquire a residential property, or enter into any contract related to the acquisition of a residential property, you should be aware of the different processes that are involved when buying or selling property. Among these, the first process is the transfer of title.
This entails an agreement and transaction between the seller and buyer, in which they will agree on a price for their property, which reflects the fair market value and allows them to transfer ownership to one another. The second process is called “inspecting.” This refers to the inspection that is done by either a local government building commission or by a private company who has been contracted by either party. At this point, there may be repairs that need to be made such as fixing foundation problems, termite infestations, etc. before the property can go on sale. The final process is called “pulling permit.” This involves getting all required permits from city hall in case you want to do major renovations such as tearing down your house and building a new one.
Real Property Law Goals of the Landlord and Tenant
In a legal sense, land is another word for property. Landlord and tenant law mainly deals with who owns the land and how much rent should be paid to the owner. Any Subang Jaya property that has a surface built on it will be classified as either real or personal property. When you are leasing a property for the long term, you may decide to sublet your lease when things change. However, there are laws in place that govern how this can be done. If you are going to sublease, it is best to work with a lawyer. The law will also protect new renters in case of any disputes.
How to Recover Rent Owed
When a tenant fails to pay rent, the landlord is able to take legal measures to recover the unpaid rent. The landlord must first issue a written notice of termination, or notice to quit. This gives the tenant a chance to either pay the rent or leave within days. If the tenant doesn’t contact the landlord and leaves, that’s considered abandonment and all of their belongings are forfeit. If this occurs, it’s not necessary for the landlord to go through court for recovery of the unpaid rent because abandonment is an implied contract. In this blog post, I hope to have explained the basic tenants of residential property law. When it comes to your home, you really do own it! But that doesn’t mean that there aren’t a few exceptions to that rule. For instance, if you receive a foreclosure notice for a mortgage on your home or if you’re renting with an option for purchase, the bank typically has rights over your home. However, you’ll want to know what this means in regards to when and where you can go from owning the property back to renting it again. In order to find out more about those types of situations, contact the appropriate legal department and ask them what they would recommend.