What is title insurance?
Title insurance protects the named
insured against loss because of defects, liens,
encumbrances, adverse claims or other matters not shown or
disclosed to the new owner that attach before date of
policy.
What is a wood-destroying
organism inspection report?
A wood-destroying organism inspection report
is a written opinion by a qualified state licensed structural pest
control inspector based upon what was visible and evident at the
time of inspection. The inspection report does not in any way
represent or guarantee the structure to be free from
wood-destroying organisms or their damage, nor does it represent
or guarantee that the total damage or infestation is limited to
that disclosed in the report. Wood-destroying organisms include
subterranean termites, dampwood termites, carpenter ants, wood
boring beetles and wood decay fungus.
What are the hazards of
lead-based paint?
All buyers and sellers are required by law
to receive and read a pamphlet outlining the hazards of lead-based
paint for homes built before 1978. Be sure to ask your real estate
agent for a copy.
What are closing costs?
Closing costs are an accumulation of charges
paid to different entities associated with the buying and selling
of real estate. For sellers, they are usually about 9.5-10% of the
total sales price of a property. Some of the closing costs you
might encounter are: discount points, escrow fee, documentation
fee, homeowners' association fees, pest/rot inspection, real
estate commission and title insurance premium.
What is the difference
between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified" it has been
determined, with a loan officer, what price the buyer can afford
based on the down payment, debts and the amount the mortgage
company will approve for the mortgage. Being "pre-qualified" is
only a determination of probable credit. If "pre-approved",
credit, employment and funds have been approved by the lender.
What should a home
inspection include?
Every inspection should include, but not be
limited to, an evaluation of the following:
- 1. Foundations
- 2. Roof
- 3. Heating and air conditioning systems
- 4. Ventilation
- 5. Common areas (for condominiums)
- 6. Septic tanks, wells or sewer lines*
- 7. Insulation
- 8. Plumbing and electrical systems
- 9. Ceiling, walls and floors
- 10. Doors
- 11. Hazardous materials concerns*
* There may be an additional fee for this.
What property details are
usually included by Listing Services?
Usually, properties listed will include the
following details:
- Location
- Photograph
- Price
- Utilities
- Amenities
- Annual property tax
- Current financing (when assumable)
- Listing company
What pages are generally
included in the Purchase and Sales Agreement?
- Agency Disclosure
- Financing Addendum/Clause
- Earnest Money Receipt
- Inspection/Clause
- Conditions/Disclosures Addendum
- Contingency
- Addendum Outlining Special Conditions
- Lead-Base Paint Notification
- Property Disclosure Form (completed by
Sellers)
What is the difference
between a REALTOR® & Real Estate Agent?
REALTOR®
identifies real estate professionals who are members of the
National Association of REALTORS® and
subscribe to its strict Code of Ethics. Not every real estate
agent is a REALTOR®. A REALTOR®;
may be an appraiser, property manager or involved in some other
aspect of the real estate business.
