Key Takeaways A real estate purchase agreement (also called a sales contract or purchase and sale agreement) is a legally binding contract that specifies price, contingencies, closing date, and other terms. The effective date is when the last party signs and delivers — all contingency timelines run from the effective date, not the date of […]
Real Estate Purchasing Agreements Explained Read More »
Key Takeaways Real estate tax (also called real property tax) is levied on land and structures by local governments; personal property tax is levied on movable assets like vehicles. In the DMV, real estate tax rates vary significantly: DC has relatively low rates with high assessed values; Virginia counties like Fairfax and Loudoun have moderate
Real Estate vs. Property Tax – What’s the Difference? Read More »
Key Takeaways FSBO (For Sale By Owner) sellers save the listing agent commission but take on marketing, negotiation, contract management, and legal compliance responsibilities themselves. FSBO properties must still use a title company for the closing — the title search, title insurance, and settlement are not services the seller can perform themselves. Pricing is the
10 Ways to Sell Your FSBO (For Sale By Owner) House Fast Read More »
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
What is a Warranty and a Statutory Deed? Read More »
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:
What is Real Property? Read More »
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
What is an Escrow Agent? How Are They Part of Real Estate? Read More »
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
What is a CLUE Report? And How to Order One. Read More »
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
What is Off-Market in Real Estate? Read More »
Key Takeaways Selling costs typically include agent commission (2.5–3% per side), transfer taxes, title and settlement fees, prorated property taxes, and any negotiated seller concessions — often 8–10% total. Capital gains taxes apply to profits above the primary residence exclusion ($250,000 single, $500,000 married filing jointly for homes owned and occupied for 2 of the
How Much Does It Cost to Sell A House? Read More »
Key Takeaways ‘Contingent’ means the seller has accepted an offer but the sale depends on one or more conditions being met — financing, inspection, appraisal, or sale of the buyer’s home. A contingent home may still accept backup offers — if the primary contract falls through, the backup moves to the front of the line
What Does it Mean When the House You Want is “Contingent”? Read More »
