Financial Real Estate
Real
estate or immovable property is a legal term
(in some jurisdictions) that encompasses land along
with anything permanently affixed to the land, such
as buildings.
Real estate (immovable
property) is often considered synonymous with real property
(also sometimes called realty), in contrast with personal
property (also sometimes called chattel or personality).
However, for technical purposes, some people prefer
to distinguish real estate, referring to the land and
fixtures themselves, from real property, referring to
ownership rights over real estate. The terms real estate
and real property are used primarily in common law,
while civil law jurisdictions refer instead to immovable
property.
In recent years, many economists have
recognized that the lack of effective real estate laws
can be a significant barrier to investment in many developing
countries. In most societies, rich or poor, a significant
fraction of the total wealth is in the form of land
and buildings. In most advanced economies, the main
source of capital used by individuals and small companies
to purchase and improve land and buildings is mortgages
-- bank loans
for which the real property itself constitutes collateral.
Banks are willing to make such loans at favorable rates
in large part because if the borrower does not make
payments the lender can foreclose, that is, file a court
action that lets them take the property and sell it
to get their money back. But in many developing countries
there is no effective means by which a lender could
foreclose, so the
mortgage
loan industry as such
either does not exist at all or is only available to
members of privileged social classes.
For people facing foreclosure one of
the solutions it to find a buyer for a
quick house sale, this
way it avoids the cost of having the property repossessed
by the lender.
A Financial Planner or Personal Financial
Planner is a practicing professional who helps people
to deal with various personal financial issues through
proper planning, which includes but not limited to these
major areas: tertiary education planning, retirement
planning, investment planning, risk management and Home
insurance planning, tax planning, estate
planning and business succession planning (for business
owners) and Debt Consolidation. The work engaged in by this
professional is commonly known as personal financial
planning. In carrying out the planning function, he
is guided by the financial planning process to create
a detailed strategy tailored to a client's specific
situation, for meeting a client's specific goals.
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