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Feb 12, 2024 · The Basics of a Real Estate Transaction. At its core, a real estate transaction is simply the process of transferring ownership of a property from one party (the seller) to another party (the buyer). But many intricate steps occur behind the scenes to make this transfer of ownership possible. Here is a basic overview of the key phases:
Nov 13, 2023 · A Realtor is a real estate agent who is a dues-paying member of the National Association of Realtors. NAR members are held to a high standard of professionalism and adhere to a strict code of ethics. Refinance. If a borrower takes out a new loan on the same property, it’s called a refinance.
Aug 16, 2023 · For buyers, seller concessions can reduce upfront closing costs or make a home purchase more affordable. For sellers, concessions can make their home more attractive to buyers to help close the deal. The amount offered and what seller concessions can be used for depends on the state of the real estate market, type of mortgage, the condition of ...
Mar 20, 2023 · 26. Equity. A percentage of the home’s value owned by the homeowner. 27. Escalation clause. A clause or addendum to a real estate contract or offer that states a buyer is willing to raise his or her offer price to a predetermined amount if the seller receives a higher competing offer for the property.
- Step One: Find A Trusted Real Estate Agent and Lender
- Step Two: Find Or List Your Home
- Step Three: Sign The Contract and Open Escrow
- Step Four: Complete Inspections
- Step Five: Review The Title Commitment with Your Title Agent
- Step Six: Send Any Necessary Information and Paperwork
- Step Seven: Deliver Invoices/Info to The Lender/Escrow Officer
- Step Eight: Deposit Closing Funds
- Step Nine: Sign Loan Documents/Closing Paperwork
- Step Ten: Get Your Keys
Finding an agent or lender in today’s modern world is both easier and more difficult than years before. It’s easy to find options through online research without ever picking up the phone, but there are also many more options to compare. Be diligent in your search, shop around, and compare the agents and lenders available to you. Your real estate a...
Your real estate agent will be able to help list or find your home on the internet by utilizing the Multiple Listing Service (MLS) and their expertise with other online platforms. If you’re buying, doing research on your favorite neighborhoods, location or market conditions, and must-haves in a home is a great idea as well. Your agent will be vital...
There will be a lot of factors to consider about the contract, such as home renovations, contingencies, and what the overall timeline should look like before signing. The negotiation process can be lengthy at times, so make sure you’re communicating everything to your agent on either side of the table. Repairs that need to be completed may also be ...
As mentioned earlier, a home inspection (and possibly other inspections) followed by repairs is a common step in the real estate transaction process. As a buyer, you’ll want to ensure the inspection is completed on your behalf. You may negotiate with the seller about any repairs that need to be made prior to move-in. In some instances, the repairs ...
It’s not uncommon for many homebuyers and sellers to be confused about the role of the title agent in a real estate sale due to the brevity of their interactions. But they play a vital role in ensuring a home is free and clear of defects or essentially marketable. There are many encumbrances such as unpaid taxes, utilities, or other fees that could...
Now comes the fun part: reviewing the paperwork and sending any necessary information to your real estate agent, title company, and lender. You’ll need to respond promptly to these requests to avoid delays and both the buyer and seller will have a lot to review.
The verification process varies by state, but invoices for paperwork completion will need to be sent to the respective parties. Once the aforementioned papers are signed, the new deed will be prepared for the buyer and sent to the recording jurisdiction.
Another area in which the title agent or company plays a role is to provide the closing disclosure outlining all the closing costs due beforehand. The information may be confusing, so don’t be afraid to ask about it if you’re unsure. Once you’ve reviewed the closing disclosure, you must wire the funds to the title company before closing. Be wary of...
Once the title work is complete and the lender clears the deal to close, it’s time to sit down at the closing table. You’ll meet with a closing agent from the title company who will review everything with you, so don’t be afraid to ask questions. You’ll need a little patience as the process requires a lot of paperwork. Make sure to bring the follow...
You signed all the paperwork, the due diligence is done, and the funds have been wired either to the seller or received from the buyer – that’s it. The keys are yours and you can now officially move into your new home! Now that you’ve seen the process broken down, you should feel more confident to tackle the purchase or sale of a property. While Pr...
Jan 5, 2024 · In real estate transactions, the inspection period is pivotal in ensuring a fair and informed deal for buyers and sellers. This crucial phase allows potential buyers to thoroughly examine the property, uncover issues, and negotiate terms based on their findings. It's important to note that buyers can cancel the transaction for any reason during this period, even if it has nothing to do with ...
Sale Price (median/mean): The price at which homes across various geographies were sold. Sale-to-List Ratio (mean/median): Ratio of sale vs. final list price. Percent of Sales Below/Above List: Share of sales where sale price below/above the final list price; excludes homes sold for exactly the list price.
