Real Estate Transaction

If you are buying a house with an encroachment you learn what the legal definition is. You should also know what your options are for remediation. Finally, if you are buying any house you should have a survey done to learn if there are any encroachments on the property before your deal closes.

When you buy a house as-is you should understand the meaning of the term, know what problems you should look for, and understand the legal definition.

What do you know about real estate closing costs? Find out what taxes, fees, and commissions buyers and sellers must pay at closing.

Learn about recurring and non recurring fees. Also, find out about fee structures special to for sale by owner, short sales, and cash transactions.

Rea estate contracts have clauses that allow both buyers and sellers to back out for good reasons.

Cancelling after the offer is accepted but while the attorneys are still reviewing is acceptable. Other reasons to back out are home inspection issues and the property not appraising for the sale price.

Payments you must make when you close include recurring fees, like insurance, taxes, and interest on your loan.

They also include non-recurring payments, such as property, mortgage and transaction fees.

Learn how to calculate your mortgage costs, property taxes and realtor commissions.

Sellers biggest expense is usually real estate commission. They also pay fees associated with title, a home inspector and taxes.

Often a seller will also pay the buyer’s closing costs. Learn how this process works and what happens to earnest money in this situation.

Sometimes it is a good idea for married couple to buy a house under only one name, but there are drawbacks to this strategy.

Understand the pros and cons of this strategy. Find out about how it affects first time home buyers and who will be on the deed.

The best way to lower your closing costs is to learn exactly what they are. Then, you can go to each vendor and negotiate. Also, don’t be afraid to negotiate with the lawyer and mortgage company.

If you can’t afford your closing costs you may even be able to ask the seller to pay your closing cots. There are disadvantages to this strategy, though.

Buyers often get confused with the relationship between income and credit when buying a house. Banks will look at the total income and the lower credit score when approving a mortgage.

If one spouse has a very low credit score you will get a lower interest rate if you don’t include him/her on the loan. However, you also won’t be able to use his/her income, so you won’t be able to afford a more expensive house.