Every other state in America has some form of real estate property meaning that it is a way for people to get access to real property for a period of time. A creditor will give a debtor a lien on real estate property meaning that they have complete control of the real estate for a certain period of time. During a chapter 7, Georgia law permits a $10,000 exclusion for people on real estate property meaning that a debtor is permitted to retain property in the total amount of that dollar amount. There are many reasons why a debtor could gain exclusion on real estate property but one of the major reasons is due to personal credit issues.
One of the major issues that can cause a debtor to be excluded from real estate property is due to a bankruptcy filing. A creditor is able to garnish wages or even sell assets to satisfy a debt. Because so many people have had their wages garnished recently the courts have found that they no longer have the right to collect the wages of these individuals. This means that if a person has filed for bankruptcy they may not be able to legally own any real estate during this time.
Many people are familiar with the process of foreclosure and what it means when a homeowner is unable to pay their mortgage. A creditor will then file a notice of foreclosure with the courthouse. Many states in America also use a similar process but the foreclosure process is often much different. The procedure for obtaining a foreclosure order in Georgia is known as an “injudicatory foreclosure”.
Many times people purchase real estate property with the intention of renting or leasing it out. One of the options that many people use is purchasing a new construction real estate property. Georgia is actually one of the states that allow for the purchase of new construction town homes. A town home is basically a house that is built on a piece of land. Town homes can include attached garages, porches, decks, and sunrooms. This is the perfect real estate investment for people who want to live in the woods, enjoy nature, and be closer to their own home.
There are many reasons why new construction real estate developments are such an excellent option. The first of which is that many town homes are designed with a dual purpose. They can be rented out during the summer months and used as a private home during the colder winter months. This makes town homes ideal for homeowners who do not have an immediate need to cash flow, but who would rather spend the money and save it all throughout the year.
The second reason why investing in new construction homes is a smart idea is that many new construction communities are managed by a master landlord. This individual or team handles the upkeep and management of the property, which allows tenants to pay only for the rent that they use. Tenants can also choose to pay a small security fee each month and maintain the property themselves. Many townhomes and Engle Homes real estate developments are also designed with bike and walking paths, as well as playgrounds and dog parks. This ensures that everyone who lives in the community benefits from living close to the outdoors.