Tag: “Real Estate Terms”

The seller’s disclosure form: everything you need to know

When you’re touring a home, you only see a property at its best. When organized, clean, and expertly staged, many homes can seem picture perfect. But what you’re not seeing? The past flooding, the repeated problems with plumbing and the rat infestation? Those are the things that will cost you in the end. That’s where a seller’s disclosure form comes in. Designed to give you insights into a home’s defects -- both past and present

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What is an earnest money deposit?

When you find that perfect home, you’ll have more than just an offer price to hone in on. Before you can actually move in, you’ll also need to figure out your earnest money deposit as a part of your offer. It sounds confusing, but an earnest money deposit (often just called an EMD the real estate industry) is a move of good faith and essentially acts as a down payment on your down payment. You offer it to

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What is a discount realtor?

💡 Did you know that when it comes to buying a home, you actually have options? In fact, you typically have three of them: The traditional route First, you can go with a traditional real estate agent. This is a real estate agent who will meet you, find and send you listings they think you'll like, show you the properties, and walk you through the closing process. In exchange, they'll typically receive a commission of anywhere from 2-3% of the sales

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Breaking it down: understanding home equity

Some real estate jargon can be hard to pin down, like the concept of home equity. Most people know it’s a good thing to have, but when it comes time for the actual definition, well...That’s when things start to get a little murky. Sound all-too-familiar to you? We’ve taken the liberty of breaking down home equity to its simplest terms. Read on below to learn what it is, what it’s used for, and how to

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Low commission real estate agents

Breaking it down: Most real estate agents operate on a commission-based payment model. While traditional agents require a commission of 5 to 7% of the home’s sales price, low commission real estate agents charge a fraction of that -- as much as half. What is a real estate agent commission fee? In most cases, unlike buying a product at the store or online, you won’t pay a flat-fee for your realtor up front. You won’t even pay

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Getting real: decoding real estate listing jargon

As a buyer, looking at property listing descriptions can feel like reading a foreign language. Real estate agents use buzzwords to try and present the properties they’re selling in the best possible light. However, for buyers, it can be hard to tell what those terms actually mean, and, by extension, what you’d actually be getting into if you purchased the home. Luckily, we've compiled a list of the most common listing terms so that you will know what

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First-time FAQ: what does homeowner’s insurance cover?

You probably know that buying a home comes along with the need for a homeowner’s insurance policy. However, many of us don’t know much beyond that when it comes to protecting our property. If you need a little guidance when it comes to the ins and outs of homeowners insurance, you’ve come to the right place. Below is an explanation of what you need to know about your eventual policy, starting with the basics: So, what is

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4 things you need to know about preliminary title reports

If you’re planning on buying a home, it’s probably best that you put your book of the month subscription on pause, 'cause with most major life (and financial decisions), the process of purchasing a home involves a lot of reading. From sellers’ disclosure documents to rent rolls to floor plans to stacks on stacks on stacks of property reports, buyers must sometimes wade through quite a bit of dense documentation before they actually buy a home. Disclosure packages

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What is PMI? Breaking it down

Like many terms in the real estate industry, it can be hard to really get a handle on what a term like "PMI" means, but we’re breaking down the facts behind PMI once and for all. Read on to see what it actually means, how it works, and why it may have gotten a bad rap. So, what exactly is PMI? “PMI” stands for Private Mortgage Insurance. These days, it’s common for lenders to require it

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Breaking it down: the real estate capital gains tax

Are you hoping to sell your house for more than it’s worth? Before you get too excited thinking about what you could do with all that extra cash, don’t forget about one of the two only guaranteed things in life: taxes. Fortunately, though, there are a few things you can do to help keep your income safe. If you want to learn more about how the capital gains tax affects home sales, you’ve come to the right

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Prefab Homes: Here Are The Pros & Cons

Photo of a contemporary pre-fabricated home from Kasita If you’ve seen the success of shows like Tiny House Hunters, you know as well as we do that the fascination with prefab homes is back in full swing. While not every prefab house is a tiny home, these properties -- which by definition are built in sections and then shipped and assembled on site -- do offer a level of flexibility and affordability that’s not often seen with conventional

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Escalation clauses: what are they, and why should you be careful with them?

For many buyers, adding an escalation clause seems like the answer to a big problem: the end to endless negotiations in a bidding war. Especially in seller’s markets like the ones we’re seeing today, this clause may seem like a huge relief. But, there are several considerations before deciding to include one to ensure you've got your best foot forward. What is an escalation clause? An escalation clause is most often seen in markets where multiple offers are

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Breaking it down: accessory dwelling units

With the rising costs of real estate, more home owners and prospective buyers are looking to make the most out of their property. Whether you call them by their proper name -- accessory dwelling units -- or you know them as something else, we're breaking down what the term means, why these units are so popular, and, if you’re interested, how you can go about putting one of your own on your new property. So, what is an accessory

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Navigating a buyer's vs. seller's market: what's the difference?

Let’s be honest: the real estate industry has its own set of lingo. For a lot of us, especially first-time buyers, it can be difficult to determine what all these terms mean and then how to act accordingly. Luckily, though, we’re here to do the decoding so that you don’t have to. Today, we’re tackling the terms “buyer’s market” and “seller’s market” and helping you understand the differences, how it affects your chances of

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