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Key Terms to Know When Buying a Home
Turn your dream of home ownership or moving up into a reality,
but do it right. The real estate market is a difficult one, and
should not be entered casually. There are so many legal/real
estate terms, contracts, listing agreements, disclosure
statements, title documents, etc. Getting as much good home
buying advice and becoming an intelligent homebuyer is one of
the best things you can do to avoid making costly mistakes. Do
your homework, know your real estate terms, get your hands on as
much expert information as you can, and hire a good agent. With
this in mind, the following items are important elements for a
homebuyer's core knowledge.
Buyer's Agent
Buyer's Agent is the real estate broker or licensed agent with
who created a legal contract with a buyer to become the
exclusive buyer's representative in searching and negotiating
for real property. An exclusive buyer agent has, by code of
ethics, your interests in mind with the planning and evaluating
property, negotiations, financing, inspections, etc.
Exclusive Agency Listing
This is a common type of real estate listing agreement. A
specific broker is given the exclusive right and authorization
to market the seller's property. A key to this agreements is
that if the property is sold while the listing is in effect, the
seller must pay the broker a commission regardless of who sells
the property. Therefore, this type of listing agreement offers
the best opportunity for brokers to earn a commission. The
Exclusive Agency Listing is also known as an exclusive right to
sell listing.
Debt-to-Income Ratio
The debt-to-income ratio is a percentage figure used in the
lending industry to estimate how much (as a percentage) of your
monthly income will be going to pay your monthly debt payments
(and how much you can afford). The debt-to-income ratio is
easily calculated by dividing your fixed monthly debt expenses
by your gross monthly income. It is calculated by taking your
prospective monthly debt payments (PITI, auto loans, credit
cards, student loans, personal loans, alimony, child support,
etc.), divided by your gross monthly income. A percentage of
less than 40% is considered to be a good debt service
indicator.
Earnest Money
Earnest Money (escrow deposit) is the specific monetary funds
provided to bind an real estate sales agreement or some other
transaction requiring a deposit. The deposit acts as evidence of
good faith in purchasing real estate. The amount of earnest
money varies based on the type of property being purchased and
local market conditions, but is truly one mort part of the sales
contract that must be agreed to by both parties. The seller or
broker places the money in an escrow or trust account until
closing, when it becomes part of the funds applied to the
purchase price. Earnest money is forfeited by the buyer if they
fail to carry out the terms of the contract agreement. In the
event the property does not close, the sales agreement spells
out the conditions under which buyer would forfeit the earnest
money.
Grant Deed
The grant deed (or just deed) is the legal document that is used
as mechanism to transfer ownership of real estate from
one party
(grantor) to the new owner (grantee). The grantor will sign the
deed as part of the closing and the deed will be notarized by
your title agent officer (acting as a qualified notary public).
The conveyance through a deed (by gift or sale) is considered a
voluntary act of an owner.
Lead Paint Disclosure
In March of 1996, the Environmental Protection Agency (EPA) and
the Department of Housing and Urban Development (HUD) published
a final rule, Lead; Requirements for Disclosure of Known
Lead-Based Paint and/or Lead-Based Paint Hazards in Housing, (61
FR9064-9088). This final rule requires persons selling or
leasing most residential housing built before 1978 to provide
purchasers and renters with a federally approved lead hazard
information pamphlet and to disclose known lead-based paint
and/or lead-based paint hazards.
Purchase and Sale Agreement
Ah...you find the house you want to call home and you will make
your offer by submitting a contract for purchase and sale
agreement. This is your blueprint for the entire transaction.
The contract defines both parties' legal relationship and spells
out their rights and duties.
Sellers Disclosure
In the purchase and sale of an existing home, the sellers must
complete a seller's disclosure statement regarding the home.
Disclosures cover a variety of topics, including the condition
of title, the availability services, flood issues, easements,
zoning, and details regarding the history and the condition of
the house. Unless the buyer waives review of this statement, the
seller must deliver a completed statement to the buyer for
review prior to or within a certain time after the purchase and
sale agreement has been signed by both parties. The buyer then
may elect to terminate the transaction by giving timely and
appropriate notice to the seller. If the buyer does not object,
then the disclosures are deemed to be acceptable to the
buyer.
Most state laws mandate that disclosures be on special forms the
seller must sign and date. Also note, that if there is a real
estate broker or agent involved in the transaction, and if they
have personal knowledge of any latent defects, the agent is
legally obligated to disclose those defects to the potential
purchaser, regardless of whether the seller discloses or
disclaims.
Title Insurance
Title insurance is the insurance which protects both the lender
and/or the homeowner against loss resulting from any defects in
the chain of title or claims against a property that were not
uncovered in the title search, and were not specifically listed
as exemptions to the title coverage on the title insurance
policy. Potential defects may run to through fee history (chain
of title) and to any lien encumbrances.
About the author:
http://www.HomeBuyingIntelligenceMagazine.com
provides articles, guides, and quizzes about home buying and
selling. Test your knowledge with free real estate quizzes
available at: http://www.HomeBuyingIntelligenceMagazine.com/qui
z-zone.cfm.
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