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Buying a Property
Acquiring a property of your own would be a life long dream.
But it is not something that happens in a second. Buying
properties need prior thinking, planning and proper execution
of the planning processes. Lot of brainstorming should be
done before you go for a particular property and there is
a need to match your priorities with the facilities of the
If you are going to buy the property through the method
of auction, there is a need to analyze the characteristics
of the sale very carefully, determine a target price which
you can afford and also the various features available in
the case of the particular property. It is always better
not to compromise on anything that is not acceptable for
you, and then repent later. It is also advisable to keep
up the deadlines of the auction process once you come in
terms with the bidding procedures.
The legal systems distinguish property in to two types.
They are Real property and Personal property. Real property
is basically the ownership of property and building and
also includes many legal relationships between owners of
immovable property or real estate. The real immovable property
is necessary for any activity requiring a lot of fixed physical
capital economics is very much related to it.
Personal property on the other hand is any property that
can be moved from one location to another. The examples
can be goods, instruments, security, and any intangible
The basic distinction between the two types is that, in
the personal property, the statutes of limitations or prescribed
periods are essentially limited. In the real property, they
are enforceable for a much longer period of time and mostly
they are registered in government sanctioned land registers.
Properties can also be divided into a narrow way as residential
properties and commercial properties. Residential properties
include flats, blocks, mansion blocks, ground rents, houses,
planning, or just the land. Commercial properties are garage,
stores, office premises, workshops, retrial shops etc. Depending
upon the requirement, the property structure varies so do
the money, transaction process and all other dealings.
The commercial real estate industry has divided the commercial
buildings into four types. They are Class A buildings, Class
B buildings, Class C buildings and Class D buildings. Class
A buildings are fairly new buildings with all basic and
modern facilities available in the required areas. Class
B buildings will be older, probably 10 years or so with
basic services provided.
Class C buildings will be older buildings with small units,
but well maintained and equipped with all the basic facilities
in stable areas. Class D buildings will again be older,
but properly maintained with few amenities. They will be
located in marginal areas.
Whether you are looking for a commercial or residential
property, proper assessment of the premises is necessary.
Some properties would be deserted or redundant were environmental
contamination would further complicate the conditions. There
will also be contaminated properties that are tainted by
nauseating odors or toxic materials.
When buying a particular property by auction or any other
method, it is always better to have an awareness of the
legal systems involved in it to avoid further complexities.