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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, damp wood 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:
-
Foundations
-
Roof
-
Heating and air conditioning
systems
-
Ventilation
-
Common areas (for condominiums)
-
Septic tanks, wells or
sewer lines*
-
Insulation
- Plumbing
and electrical systems
-
Ceiling, walls and floors
-
Doors
-
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
-
Photo
-
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 based 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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