Complete Guide to Home Selling Tips
WHAT IS TITLE INSURANCE?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.
WHAT ARE THE HAZARDS OF LEAD-BASED PAINT?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask Jorgen for a copy.
WHAT ARE CLOSING COSTS?
Closing costs are an accumulation for charges paid
to different entities associated with the buying and selling of real estate.
For sellers, they are usually about 7% – 7.5% of the total sales price of a property.
Some of the closing costs you might encounter are: discount points, escrow fee, documentation fee, homeowners’ association fees, pet/rot inspections,
real estate commission and title insurance premium.
WHAT IS THE DIFFERENCE BETWEEN “PRE-QUALIFIED” AND “PRE-APPROVED”?
If a buyer is “pre-qualified” it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage.
Being “pre-qualified” is only a determination of probable credit. If “pre-approved”, credit, employment and funds have been approved by the lender.
WHAT INFORMATION IS INCLUDED IN THE LISTING BROCHURE?
Usually, properties listed will include the following details:
- Annual property tax
- Current financing (when assumable)
- Listing Company
WHAT PAGES ARE GENERALLY INCLUDED IN THE PURCHASE AND SALES AGREEMENT?
Typically, the Purchase and Sales Agreement includes:
- Agency Disclosure
- Financing Addendum/Clause
- Earnest Money Receipt
- Conditions/Disclosures Addendum
- Addendum Outlining Special Conditions
- Lead-Base Paint Disclosure
- Property Disclosure Form (completed by Sellers)