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Atlanta Real Estate Law

The main idea behind the formulation of Real Estate Laws is the protection of public interest. This license law pertaining to real estate in Atlanta has been in place for a very long time, since 1926 to be exact. Some changes were effected in the law in 1999. The headquarters of the Georgia Real Estate Commission is in Atlanta.

For either buying or selling a house in Atlanta you will need to use the services of a broker. The broker’s commission is generally paid by the seller.

People do not step into the property market with ready cash in hand. Most home buyers need to borrow money in order to purchase their home. Even people who have enough assets to liquidise and finance a new home go in for financing deals as in the long run the returns on the money are better as real estate appreciates pretty fast. At times tax relief is a main reason for going in for a mortgage. The home loan taken by property buyers is called a “mortgage.” Generally, a mortgage is a loan of money to the home owner secured by a “lien” on the real estate. The law provides for issues like non payment of mortgages, foreclosure and the like.

Rules regarding the fine details of mortgage deals are laid down specifically by law. There are basically three types of mortgage options. A fixed rate mortgage carries an interest rate that remains fixed throughout the term of the mortgage. The second option is the adjustable rate mortgage that carries an initial fixed rate of interest. And after a fixed time interval the rate of interest reflects market trends. The third option is a balloon mortgage under which after a fixed monthly payment for a fixed time period the balance becomes payable all at once. Generally those who do not qualify for the first two types of mortgages opt for this one. And when the fixed time period is over they go in for refinancing the mortgage. Another option available is referred to as the home equity loan. Under this a floating rate of interest over a period of time is applicable.

Direct lenders such as banks and other financial institutions offer loans. The applicant’s ability to pay back the loan is assessed and once all formalities are completed the loan comes through. Getting the best interest rates will however need some homework as rates vary from bank to bank and region to region.

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