Many states and mortgage companies require a survey for real estate transactions.
Even if they don’t, though, you should consider getting one.
Easements, encroachments, zoning, and boundary problems are all issues a survey can expose.
Is an option binding? It is for the seller, but not the buyer in most cases.
In a rent-to-own situation the tenant must pay rent according to the contract, but they have the option to actually buy the home.
The buyer may assign a straight options but not rent-to-own or lease purchase agreements.
An option in real estate may be good for investors and renters. They do have disadvantages, though.
There are three basic types: straight, lease, and rent-to-own.
Carefully read your contract and make sure you understand the agreement before you sign.
DOM in real estate measures how long a house has been marketed. It reflects whether the house is priced correctly.
Market conditions and the upkeep of the house also affect this number.
Buyers and sellers both should look at this number with other objective and subjective criteria to determine the true market value of a property.
EMD are good faith funds held in escrow that shows the buyer is serious about the contract for a house.
These funds should be held by a third party, so neither party has access.
The seller has a claim if the buyer walks away without cause, but contingencies in the contract also protect purchasers.
At closing, the money is put toward the closing costs and/or down payment.
An automated valuation tool is not an appraisal, but it can be a valuable tool to help you understand what your home is worth.
It predicts what the price of your house should be based on a mathematical algorithm, which usually includes a hedonic statistical model and a repeat sales index.
Due diligence deposits are different than fees you pay to professionals to ensure the integrity of the property.
It is similar to earnest money because it protects the seller from the buyer canceling the contract without cause.
Few areas have this deposit, so it is a good example why you must do your homework before you buy a house.
Due diligence means that you do your homework on the entire process from beginning to end.
Start by learning about your local market. Then shop around for competent professionals to help you.
Finally, be on top of every issue that arises. Don’t just wait for your agent to advise you, make sure you really understand what is going on.
What does it mean in real estate to be under contract? What happens when after an agreement is signed?
It takes 30 – 60 days to close a transaction because different contingencies need to be met or removed.
Typical contingencies include home inspection, financing, clear title, appraisal, and often home sale.
These are important to protect buyers and make sure that properties are safe and free from major problems.
