RENTING
The first step in renting an apartment or other housing, which sometimes includes fees, background and credit checks.
What is the application process?
The agent who represents the buyers best interest in real estate transactions.
Who is a Buyers Agent? ** remember the agents all work for the seller unless you signed a Buyer Agency contract with one! Signing an Offer to Purchase with an agent does not mean they are working for you. **
A cost, when building on fee simple land, that will increase substantially once the home is built.
What are property taxes?
A document signed at the closing transferring ownership from the seller to you. *Keep track of this, it's not like a car title*
What is the deed?
Market Value
The price a willing and able party is willing to pay at the time of the transaction.
The legal document the outlines the rights and responsibilities of the tenant (renter) and landlord.
What is the lease?
A target price range established through an honest and thorough discussion and evaluation of a buyer's current debts, income, spending habits, and assumed credit rating with a lender, prior to a hard credit pull.
What is a pre-qualification?
The person generally responsible for the flow of your construction project.
Who is your General Contractor?
If elected or required, a portion of your monthly mortgage payment is deferred into this type of account to set aside money for annual home owners and property tax payments.
What is an escrow account?
Listing Contract
A contract in which a seller hires a real estate firm to find (procure) a willing and able buyer in exchange for compensation. These contracts may be enforceable if a buyer procured by the listing office purchases the property after the contract expires.
A fee, often equal to the amount of one month's rent, due at the lease signing and refunded at move out if there are no damages or unpaid rent or fees.
What is the security deposit?
An activity carried out by a professional, often required by lenders, which takes place after an accepted offer and observes and records facts and potential defects of the home.
What is a home inspection?
The method of communication that should be used for all contracts, agreements, timelines, change orders, substitutions, expectations, etc.
What is "in writing"?
The ongoing activity of monitoring and actively correcting aging or failing appliances, systems, or cosmetic components of the property to ensure longevity and positive equity.
What is home maintenance?
Preparing your home for sale, including decluttering, depersonalizing, deep cleaning and ensuring the home looks nice inside and out for listing photos and on short notice for showings.
What is staging?
A legal process which shows up on your future background checks in the event the landlord requests that you vacate the unit and engages the assistance of the court.
What is eviction?
What is grading?
The mill rate, and your property's assessed value.
What are factors that are used to calculate your property taxes
Inspections, Financing and Appraisal
What are common contingencies, especially for first time buyers?
An alternative to eviction, which can avoid court fees and impact to your background check.
What is vacating voluntarily when served a notice of non-renewal?
The dollar amount which is the basis for purchase transaction fees such as commissions, loan origination fees, title insurance, transfer taxes, and PMI. This is also the dollar amount that you will pay interest on and will be the basis for property taxes and homeowners insurance after closing.
What is the sales price?
What are
foundation, framing, electrical, plumbing, hvac, doors and windows, roof
A graphic showing the breakdown of progress in paying off your principal balance and interest.
What is an amortization chart?
A way for seller's to protect themselves when making offers on their next home, to avoid making mortgage payments on two homes.
What is the Sale of Buyer's Home Contingency?