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What Are They? Property Joint Ventures
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by: VeronicaCarrillo
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Word Count: 642
In times of economic crisis property owners go for renting their property instead of selling it. There are various benefits of renting over selling.
A lien is a hold on your property so that is can be used as collateral for money or service you owe to another party. A lien can keep the borrower from selling a piece of property by preventing the transfer of property title to a new party. Liens are often involved in situations in which one person or party has loaned money toward a substantial item in the possession of a borrower, such as in a mortgage. A lender can force the sale of any property that has a lien in order to collect money owed from the borrower. If instead the borrower decides to sell the property, he or she must pay the lien-holder before the property title can be transferred to the buyer.
You can take help of letting agents. This system is quite popular in UK. A letting agent works as a mediator between property owners and tenants. The tenant comes into an agreement with the landlord through the letting agent. The letting agent takes a fee which is generally a fraction of the rental fee. There are several benefits of employing letting agents.
If you have decided to purchase property, you should make sure that there is no lien on the property. A lien on the property may mean that the person attempting to sell the property is not the legally recognized property owner. Therefore, a lien can prevent you from securing a clear title, and you may not fully own the new property you have purchased.
A common misconception is that you cannot reject an applicant because they smoke, becasue they have a money judgment against him/her, or becasue they have been evicted in the past. Smokers, debtors, and people who have been evicted are not members of any protected class under federal or Wisconsin law and therefore your screening criteria can exclude them without violating Wisconsin or federal discrimination laws. Other examples of legal screening criteria in Wisconsin may include the following: (1) Applicant must have gross monthly income of 3 times the monthly rental amount; (2) Applicant must have no unsatisfied money judgments against them; (3) Applicant must have a credit score of at least 600; (4) Applicant must complete all questions on the rental application; failure to answer all questions or provide an acceptable reason for not answering all questions are grounds for denial of your application. What type of screening criteria you have often depends on the location of the rental property, the type of renter you are looking for and a landlord's willingness to tolerate risk. Third, you should run every applicant's name through Wisconsin's Consolidated Court Automation Program (CCAP). This website lists all criminal and civil legal actions filed throughout Wisconsin. By becoming adept with CCAP's search capabilities you will be able to discover if a prior landlord has started an eviction action against your applicant, if your applicant has ever been charged with a crime, or if they have been sued for owing money to someone and whether or not they have satisfied that judgment. Best of all CCAP is free and open to the public (at least as of this writing however one Wisconsin Assemblyman has introduced a bill that if passsed will significantly restrict CCAP's access to landlords).
A mortgage is one type of lien. Therefore, a mortgage is not a loan in and of itself, but rather a way for a lender to secure property rights while the borrower still owes money. Although the term "mortgage" is often used interchangeably with "loan," the two are indeed different. Before deciding to buy or sell property, it is important to be fully informed about legal issues surrounding mortgages and titles to be sure that you fully own the property.
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