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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, 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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