Key Takeaways A warranty deed guarantees the seller owns the property and has the legal right to sell it — the strongest form of deed protection a buyer can get. A statutory deed assumes ownership but does not guarantee it — closer to a quitclaim than to a full warranty deed. Even with a warranty […]
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Key Takeaways Applying for a mortgage triggers a hard credit inquiry that typically reduces your score by 5–10 points temporarily — a minor and short-lived impact. Taking on a large new debt (the mortgage) initially increases your debt-to-income ratio and may slightly lower your score — but on-time payments begin rebuilding it quickly. Avoid opening
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Key Takeaways Real property includes land and everything permanently attached to it — structures, crops, mineral rights, water rights, and air rights. Personal property (chattel) is movable and not part of the real property — appliances, furniture, and equipment are personal property unless specifically included in the sale. The distinction matters in real estate contracts:
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Key Takeaways A mortgage broker is an intermediary who matches borrowers with lenders — they do not lend their own money but access wholesale rates from multiple lenders. Brokers are paid by lenders (lender-paid compensation) or by borrowers (borrower-paid) — the CFPB prohibits brokers from charging both on the same transaction. The main advantages of
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Key Takeaways An escrow agent is a neutral third party who manages funds, paperwork, and title work for both the buyer and the seller during a real estate closing. The agent reviews the contract, verifies that contingencies are met, conducts the title search, issues title insurance, and disburses funds at closing. A smooth escrow depends
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Key Takeaways Ownership interest defines the nature and extent of your rights in a property — fee simple (full ownership), leasehold (temporary right to occupy), easement (limited use right), and others. Fee simple absolute is the highest form of ownership — you own the land, structures, and air rights with no restrictions except government regulations.
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Key Takeaways A CLUE Report (Comprehensive Loss Underwriting Exchange) lists all home insurance claims filed on a property over the past seven years. Insurance underwriters use CLUE Reports to set premiums and decide whether to issue a policy at all. Buyers can request a CLUE Report on a home before they buy to spot hidden
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Key Takeaways Off-market properties are not listed on the MLS — they’re sold through agent networks, direct-to-seller marketing, auction platforms, or pocket listing relationships. Advantages for buyers: less competition, more time for due diligence, and potentially better pricing when a seller values privacy or speed over maximum exposure. The MLS exists to provide maximum exposure
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Key Takeaways Most lenders want your monthly mortgage payment to be at or below 30% of your gross monthly income before they approve a loan. Down payments range widely — conventional loans often allow 5–10%, FHA goes as low as 3.5%, and qualifying VA and USDA loans can go to 0%. Closing costs typically run
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