Tips on Land Agency
It doesn't matter whether you
are a real estate agent or an employee working for the government or a
large corporation. When you have to deal with a large piece of
land, there are many areas you have to be familiar with (at least know
the basics):
1. General Real Property Law
Although lawyers are often involved in
many land transactions, such as land acquisitions; land agents are required to
understand the basic of the land titles, easement and registry act so that they
can be aware of the potential legal problems right ahead of time.
2. Right of Way Issues
When we have to deal with a large piece
of land; soon or later, we will have to deal with the right of way. Land
agent should know how right of way is created, how right of way affect the value
and use of the land, and where the right of way should be created.
3. Valuation
For acquisition, of course we have to
know the value of the land. For leasing, we may have to know the value of
the land in order to come up with a fair rent (income approach). Even when
the land is not sold or lease, land agent may have to know the value of the land
before and after a right of way is created (such as for the purpose of
expropriation).
Professionals deal with unordinary
development such as special easement, air right and flood plane control may have
to know the special valuation methods in order to accurately estimate the value
of the affected land.
4. Environmental Regulations
Contamination and clean up are the
biggest problems that a land owner may have to deal with. Although the
majority of countries uses Polluter Pays Principle (PPP) to determine who is to
be liable for the clean up cost, practitioners should know the risk associated
with contaminated land and how it can affect the value hence advising the owner
(or buyer) effectively.
5. Building Engineering
Sometimes the acquisitions involve
development projects that improvements will be built on the land, such as
equipment, building and parking lot. Land agents may need to know the soil
type, principles of engineering drawings, topographic and property information
in order to assist their clients.
6. Zoning and City Planning
Land agents should know how the zoning
and building requirements affect the value and marketability of lands.
7. Negotiation Skills
Corporate land agents may have to
negotiate with land owners and government officials; government land agents may
have to deal with land owners, politicians and the general public; while agency
land agents may have to work with land owners, government officials and
corporate clients. All of these require good communication and negotiation
skills.
We
will keep on updating this page, please come back later. Please go
to Land Agent
page for more contents.
