A warranty deed is when a person selling a plot of land, a house, or a property, can guarantee they own the rights and title of the land and that this person is legally allowed to sell the property to you. Warranty deeds are not the same as quitclaims as a quitclaim is when the …
Yes buying a house will impact your credit score negatively at first, but if you make payments on time regularly then buying a house will have a positive impact on your credit score. At first, when you apply for a loan, your lender will issue a hard inquiry which will negatively impact your credit score. …
Real property is defined as the ownership of a property (also known as a parcel), including the land and everything that is attached to the land or property whether it is natural or artificial. Basically anything that is physically nailed down to the property or grows on the property and has roots in the ground …
A mortgage broker is a person that comparison shops home loans for you so that you can save time and find the best deal possible. Mortgage brokers may work independently or on behalf of a larger brokerage. And while your real estate agent will likely have a broker recommendation for you, working with an independent …
What is a Mortgage Broker? And What Do They Do? Read More »
An escrow agent is the person who handles all escrow services when you buy or sell a home, such as distributing money between the buyer and seller and managing all of the necessary paperwork to help you close. Escrow agents help make sure that all financial documents are completed in a timely and accurate manner. …
What is an Escrow Agent? How Are They Part of Real Estate? Read More »
Ownership interest in a property defines your rights as an owner of a property or that you have a claim to the property. Ownership is the highest form of interest and typically gives you the full rights as an owner to do what you please with the property, within the limits of the law. You …
A CLUE Report, otherwise known as a Comprehensive Loss Underwriting Exchange Report, is a document that provides a list of all insurance claims that have been made on a house. CLUE Reports are used by insurance companies to determine whether or not they want to cover your home, how much they want to cover your …
Off-market in real estate means that a house is for sale but is not listed on multiple listing services (MLS). Only licensed real estate professionals will have MLS access so if a house is listed as 0ff-market it may mean that the house is also for sale by owner. But there are plenty of times …
The cost to buy a house varies depending on where you live, the demand for the type of house you want to buy, closing costs, and how good of a negotiator you are. One important thing to keep in mind is that the monthly payment you’ll make on your mortgage should be no more than …
An escrow balance is the amount of money a lender sets aside to pay for homeowners insurance, mortgage insurance, future interest, and property tax payments. As most of these payments are often made on an annual or semi-annual basis, your lender will bundle all of these payments together in an escrow account to be paid …
