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Buy My Home - Why is Proof of Funds Necessary?BY: Andrew Smith | Category: Others | Submitted: 2012-06-25 00:11:07
If you are a Property Buyer and you are interested in purchasing a property, then one thing which is very important should be kept in mind i.e. proof of funds involved in purchasing a property. This is one very important aspect which most of the people ignore while dealing and some people don't have basic information regarding legal rules while buying a house.
This problem mainly occurs whenever there is a demand of Landlord that Sell my house quickly. In the process of quick house sale, sometime property buyers ignore the point of showing proof of funds. This is important to prevent transaction of Black money. Black money is the amount which is generated by people by not paying proper taxes. Black money doesn't mean only money that is generated by criminal or illegal activities. Fair income can also be a part of black money. Fairly earned money turns into black money when proper taxes are not paid.
These days government norms are very strict to prevent transaction of black money. So, especially for property buyers, they should properly maintain their all the documents of tax. If any home buyer has proof of the funds he has paid for purchasing a property then he is legally protected. If not, then he might get income tax raid anytime. Property buyers need to have proper bank statement of last 3 months. This will ensure the buyers that you have fair source of income and all taxes are properly paid. So if you find home buyers, then it is also duty of landlord to check all the required documents.
Another safe method is to get loan from bank because bank sanction loan only if you have legally protected source of income. If you are taking loan then it is better if you have good credit account. This will save lot of time to find a company which can lend you the fund you need. All these rules by government is to ensure that a person with income of $1000/month do not buy a property worth $1,000,000
Article Source: http://www.saching.com/
About Author / Additional Info:
Andrew Smith writes on Find Home buyers. For more information, please visit http://www.professionalpropertybuyers.co.uk
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