The Legal Process Of Property Management - Stott Real Estate Inc.

THE LEGAL PROCESS OF PROPERTY MANAGEMENT Property management is delicate and complicated. Unless the whole system is legalized, the safety and security of clients is not ensured. To protect clients from being tricked, the complete process of property sales and management is done legally. The property managers, agents, brokers and even caretakers are required to be legally licensed by the state. Their names and the property they are promoting should be registered with a valid identification. This ensures that the clients are dealing with the right person and it also ensures proper authoritative support in case something happens in the future. The task of property management includes the major roles of real estate agents, property managers, brokers and solicitors, rentals, banks and corporations. So, it is important to deal very carefully and deliberately when so many people are involved.

How is the process legalized? â—? Property management testimonials are the first to legitimize a procedure. These testimonials refer to information specifically written to present as proof to the transaction is being made between two people. â—? If the seller is too fast to make a deal without asking for testimonials or without providing testimonials, it may mean that he is involved in something illegal.

● As professionals it is the duty of the seller or the real estate agent to make the required documents available with proofs for the safety of all the parties involved. ● The testimonials that are supposed to be provided by the seller or the agent are the legal documents of the house. In case the house is a resale or has been bought from someone else earlier, the documents proving that purchase are also required. The valid identification proof like identity card, passport and driving license in required. The agents are also required to be clear if they have any incomplete debts and loans. ● The buyer or the client may be required to provide many legal documents, like o Identification proof such as a driving license, passport, identity card or a green card in case you are not a native resident. o Documents that show you are employed in a corporation, company or organization. o Bank account details, like the account number and branch. Along with the income tax returns. o Documents of the present property you are holding or the previous properties that you have owned. o Documents that prove that you have not been in debt nor have any loans against you. ● Thus, these testimonials ensure that the whole process is verified and legal. Some jurisdictions have laid down strict rules to become a property manager. For instance, property management in Hawaii is very rigid with the ground rules. ● The rules are that the property manager must have passed the qualifying exam, must be a native citizen of the country, should not have any criminal cases against him, must have property management experience in the past and must not illegally hold any property.

Consequently, the property management is a legal process to ensure honesty and clarification from both the parties.