Existing Homes Residential Real Estate
Buying real estate has come a long way from signs in the front yard and hand shake deals. Now you can find real estate online many states. Residential real estate transactions can be handled with the help of a mortgage broker and realtor or between individuals.
What real estate information is needed to get mortgage?Before agreeing to a mortgage, the lender will need to know the property address, the market value of the real estate, and the desired mortgage loan amount. The title company will investigate the real estate to make sure the title is free of liens and that the person selling the property is the legal owner.
What is a real estate contingency clause?A real estate contingency clause or addendum is special wording within the real estate contract that allows either party to back out if certain events fail to happen. For example, if you had an agreement to buy a house and your financing fell through, the owner may be able to back out of the contract.
What are some common terms within a real estate contract?Understanding your real estate contract is vital to getting what you paid for, and that can be difficult. The residential contract is written using legal terminology that may confuse the layman. Here are some common terms and definitions:
- Market value is the amount that someone is willing to pay for the residential property.
- Purchase price is the amount you have agree to pay for the home. It is synonymous with sales price.
- Escrow is the amount that is deposited with a third party to pay agreed upon costs, such as property taxes and insurance.
- Earnest money is the down payment made when an offer is made on housing. It is usually applied toward the purchase price of the home.
- Closing date is the date when the real estate transaction is finalized and ownership transfers to the buyer.
Single-family dwellings are meant for one family, whether that family consist of one person or ten. Multifamily housing is designed for more than one family. Common types are duplexes and apartments. A house that has been subdivided into individual units, usually complete with a bathroom and kitchen per unit, is considered homes for multiple families even though it was original meant for one family.
What elements are considered in a real property assessment?The market value of a real property is based on many items, such as the square footage, the condition of the roof, curb appeal, the number of rooms, appliance condition, and lot size. It also considers external factors such as whether it is located on a paved road, has city water and sewage, and the desirability of the neighborhood.
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