Comparables: The Best Way To Understand The Value Of Your Property

A comparable is the best way for a real estate owner to understand where the value of his or her real estate stands. The short hand way to understand a comparable is to understand it as a way to value real estate against other real estate in the area. A piece of property that is relatively in the same frame of value as another is a great way to get a ballpark idea of the value of a property.

It is always important to understand that a comparable should match up with your piece of property as closely as possible. Slight differences can make a big difference in one direction or another. Properties in the same neighborhood with nearly identical space and amenities are the best comparables out there.

Certificate Of Occupancy: A Legal Requirement For Many Buildings

A certificate of occupancy is a very important document from a local government body that states that the building that it is on is in compliance with all related building codes. It verifies that the building is stable enough for human occupation.

This legal document will be required when a new building is constructed, when a building is being used for a dramatically different purpose than what it was intentionally designed for, or when the occupancy of the building changes for commercial or industrial buildings.

Proof can be required in certain circumstances to demonstrate that the building can and should be used as it is under current conditions. Some localities require certain fees or taxes be paid to obtain the certificate of occupancy, so this is something that should be reviewed when going through this process as well.

Agreement Of Sale: The Value Of A Piece Of Paper

An agreement of sale is one of the most basic legal documents that a person can come across related to real estate. It is quite simply an agreement between buyer and seller on the terms of the transaction. The selling price and a variety of other factors may be included on the agreement of sale.

The document seems simple, but it carries a lot of weight with it. It is a transfer of property between two parties. It is one of the biggest moments in the lives of either party in the vast majority of cases. Sometimes a piece of paper like this can have such a wildly important impact on the lives of those who put their names on it. It is worth keeping this document around for the entire duration of the mortgage.