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 …
Underwriting in real estate is the process of a third party determining how much risk a lender or insurance company is willing to take on a person. There are three types of underwriters in real estate: Mortgage underwriter Title insurance underwriter Homeowner’s insurance underwriter Each of these underwriters are tasked with ensuring you and the …
Unimproved land (sometimes known as vacant lots or more commonly raw land) is land that does not have any active services or public utilities running through it like water lines, electricity or even street access from the public roadways. Improved land is different from unimproved land in that it will have at least a few …
You’ve been searching and searching for the perfect home for your family. You’ve scoured listings and gone on tours and open houses. And finally you’ve found “the one.”! Now it’s time to make an offer on the house that will get accepted. And that is what this guide will help you do. Below you’ll learn …
How to Make an Offer on a House That Gets Accepted Read More »
If you’re stuck between paying down the balance on the principal or escrow on your mortgage, always go with the principal first. By paying towards the principal on your mortgage, you’re actually paying on the existing debt, which brings you closer to owning your home. On the other hand, escrow is essentially third-party funds to …
Should You Pay a Mortgage Principal or Escrow First? Read More »
Your dream home is now listed as contingent. While that sounds like a bad thing, it doesn’t necessarily mean you won’t end up being able to buy this property. The term contingent doesn’t exactly come across as inviting, but it’s nothing to keep you up at night. Contingent is just a real estate term and …
What Does it Mean When the House You Want is “Contingent”? Read More »
