Key Considerations in Real Estate Contracts: What to Pay Attention to Real estate transactions involve complex legal processes, and contracts play an important role in ensuring a smooth and successful transaction. Whether you are buying or selling a property, it is essential to carefully review and understand the contract terms before signing. These are
Real Property vs. Personal Property: Understanding the Distinction in Real Estate Transactions Whether you are buying or selling real estate, you should know the difference between real property and personal property, so you can make an informed decision on the purchase of the property or, as a seller, identify what you want to include
Buying or selling a property is a significant financial decision that requires expertise, market knowledge, and guidance. It's important to find a reliable and experienced real estate agent. A competent agent can help navigate the real estate market, negotiate on your behalf, and ensure a smooth transaction. Here are some tips to help you
Tax Proration and the Importance of Filing for Homestead In real estate transactions, tax proration refers to the allocation of property taxes between the buyer and the seller based on the portion of the tax year that each party owns the property. Understanding Tax Proration When a property is sold, the buyer takes on
Title insurance provides protection to both property owners and lenders against potential title defects or claims. Two types of policies are commonly involved: owner's title insurance and lender's title insurance. While they serve different purposes, understanding the distinction between the two is important when you are buying a home: Owner's Title Policy: An owner's
Title Insurance: Protecting Your Property Investment When purchasing a property, it's not always required but highly recommended you buy title insurance. Title insurance is a policy that provides protection to both homebuyers and mortgage lenders against potential losses due to defects in the property's title. It offers peace of mind by safeguarding your investment
Understanding Your Loan Estimate: What's Included and How to Read It When financing the purchase of a new home, an important document you will receive is the Loan Estimate. This document outlines the key terms and costs associated with your mortgage loan, helping you compare offers from different lenders and make an informed decision.
Understanding your mortgage payment - PMI and MIP explained: When obtaining a mortgage, homebuyers often come across various fees associated with their monthly payments. Two common fees are Private Mortgage Insurance (PMI) and Mortgage Insurance Premium (MIP). Although they serve a similar purpose, it's essential to understand the differences between these fees and when
When you are financing a home purchase, there are certain services you can shop for to potentially save yourself some money. Here are the services you can shop for: Mortgage Lenders The first service you'll need when financing a home purchase is a mortgage lender. Lenders offer different types of mortgage loans, including conventional,
Buying a home? Chances are you are financing the purchase, in which case you'll need to apply for a mortgage. It helps to know about the different options you have for financing: Conventional Mortgages A conventional mortgage is a loan not backed by a government agency such as FHA, USDA, or VA. These loans