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.
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