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Answers to Frequently Asked Questions
Many home sellers seem to
wonder about the same thing, so to help you out, we’ve compiled a list of
frequently asked questions sure to assist you in selling your home.
What is title insurance?
Title insurance gives the named insured protection against loss due to:
defects
liens
encumbrances
adverse claims
other matters not revealed or disclosed to the
new owner that attach prior to the date of policy
What is a wood-destroying
organism inspection report?
A wood-destroying organism inspection report is an opinion written by a
qualified, licensed state structural pest control inspector. The report is
based upon what was observable and apparent at the time he or she conducted the
inspection of the home or property.
Note that the inspection
report does not and cannot guarantee the home or property to be clear of
wood-destroying organisms or the damage they can cause, nor does it guarantee
that the total damage or infestation is restricted to that described in the
report.
Wood-destroying organisms
include:
subterranean termites
dampwood termites
carpenter ants
wood boring beetles
wood decay fungus
What are the hazards of
lead-based paint?
A pamphlet, made available to you upon request from your real estate agent, can
outline them for you. Law requires all buyers and sellers to obtain and read
this pamphlet. It describes the hazards of lead-based paint for homes built
before 1978.
What are closing costs?
Closing costs are the total amount of charges paid to different entities
involved in the process of buying and selling real estate. For sellers, closing
costs are usually about 9.5-10% of the total sales price of a property.
The closing costs you might
encounter can include:
discount points
escrow fee
documentation fee
homeowners association fees
pest/rot inspection
real estate commission
title insurance premium
What is the difference
between "pre-qualified" and "pre-approved"?
”Pre-qualified" means that a loan officer has determined the price the
buyer can afford based on the down payment, debts and the amount that will be
approved for the mortgage—in other words, has done a check of probable credit.
"Pre-approved"
means that the lender has approved the buyer’s credit, employment and funds.
What should a home
inspection include?
Every home inspection should include a checkup of the following:
·
Foundations
·
Roof
·
Heating and air
conditioning systems
·
Ventilation
·
Common areas (for
condominiums)
·
Septic tanks, wells or
sewer lines*
·
Insulation
·
Plumbing and electrical
systems
·
Ceiling, walls and
floors
·
Doors
·
Hazardous materials
concerns
Note that hazardous
materials checkups sometimes cost extra, but are obviously worth the extra
money.
What property details are
usually included by Listing Services?
Usually, the following details will accompany the property listing:
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?
Within the Purchase and
Sales Agreement, you’ll find pages detailing the following:
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?
The term REALTOR® refers to real estate professionals who are members of the
National Association of REALTORS®, an organization requiring members to abide
to a firm Code of Ethics. Not all real estate agents are REALTOR®s. As well,
not all REALTOR®s are real estate agents. The organization also includes
appraisers, property managers and individuals involved in other areas of the
real estate business.
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