Answers to
frequently asked questions
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
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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