Real Estate
This two-word phrase means that the property is being sold to you in its present condition, and that the seller is not responsible for any issue you may have with that condition?
What is as-is condition?
Homebuyers would be wise to factor in the money they’ll need beyond a down payment. These additional fees and expenses, which generally is about 2% of the purchase price.
What are closing costs?
This phrase is latin for 'suit pending' and it may be difficult to close your deal.
What is a Lis Pendens?
Time to open escrow, after that this must be deposited into escrow within three days of acceptance.
What is Earnest Money Deposit (EMD)?
This is the year our broker Gordon Inman was licensed and President Nixon was forced to resign after the Watergate Scandal.
What is 1974?
Whoa, you won't find many of these around this area...but when you measure it out, it is a whopping 43,560 square feet.
What is an acre?
An important ratio that helps home buyers determine how much house they can afford.
What is the Debt to Income (DTI) ratio?
Let's go to Sal, and talk about the commission clause in the Residential Purchase contract
What did we learn from Sal?
time is of the essence, so these documents must be completed to order insurance, payoffs and get appropriate documents notarized for the closing.
What it the escrow opening packages?
I am sure this guy will make it in real estate with this saying, "People do not decide their futures, they decide their habits and their habits decide their futures."
Who is Gary Keller?
Can you imagine getting into escrow. The appraiser is getting the house ready for the buyer's loan. The appraiser noticed this was not installed, but luckily these was one of these in you car. This could prevent additional fees and a possible a delayed closing.
What is a smoke detector?
With this loan program, you can buy a house two years after a discharge of a bankrupcy, or three years after a foreclosure or short sale
What is a FHA loan?
This court proceeding is to validate and distribute a dependents estate to creditors, tax authorities and/or heirs.
What is a probate hearing?
These documents are typically ordered by escrow, since it typically includes a demand and the documents that need to be delivered to Buyers. And there also may be upfront costs that need to be paid by the seller, and the buyer.
What are the HOA Docs?
There was a great real estate office called Landmark Realty in the Terraces, which is now Keller Williams LA Harbor! This was one of the great things that happened this year.
What is 2003?
These types of insurance policies protect the buyer and the lender in case of clouds on title that come up after closing.
What is an owner's policy and a lender's policy?
Let's close!...well in three days because this document must be signed three days prior to signing loan documents for closings.
What is the Closing Disclosure?
This typically happens when the current housing lien gets paid off for the less than the actual balance owed.
What is a short sale?
This type of account is required by lenders. These funds are held in this account until they are disbursed by the mortgage company to pay for your property taxes and insurance... but NO HOA ITS PAID SEPARATELY
What is an escrow impound account?
This 2023 Keller Williams slogan is also quoted in Mary's office.
What is the charge the storm?
This word is used for the practice of buying and usually renovating real estate so as to quickly resell at a higher price?
What is property flipping?
This letter confirms that a client has submitted their loan application, income documents, bank statements and other supporting documents. All of these documents are reviewed and approved, and credit has been run to confirm their purchase price.
What is a pre-approval letter?
Let's go to Sal for a legal corner
What does Sal have to share with us?
This document is the legal document that transfer title from seller to buyer. It needs to be signed and notarized during the escrow period.
What is the Grant Deed?
this group is made up of the top 20% of agents in the office. This dynamic "board of directors" is actively involved in the leadership decisions that make the office more productive and profitable.
What is the Agent Leadership Council (ALC)?