|
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.
Table of Contents
|