FAQ
2. What is a wood-destroying organism inspection report?
3. What are the hazards of lead-based paint?
5. What is the difference between "pre-qualified" and "pre-approved"?
6. What should a home inspection include?
7. What property details are usually included by Listing Services?
8. What pages are generally included in the Purchase and Sales Agreement?
9. What is the difference between a REALTOR® & Real Estate Agent?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.
2. What is a wood-destroying organism inspection report?
A wood-destroying organism inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisms or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisms include subterranean termites, dampwood termites, carpenter ants, wood boring beetles and wood decay fungus.
3. What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy.
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For sellers, they are usually about 9.5-10% of the total sales price of a property. Some of the closing costs you might encounter are: discount points, escrow fee, documentation fee, homeowners’ association fees, pest/rot inspection, real estate commission and title insurance premium.
5. What is the difference between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified" it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of probable credit. If "pre-approved", credit, employment and funds
have been approved by the lender.
6. What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation of the following:
Foundations
Roof
Heating and air conditioning systems
Ventilation
Common areas (for condominiums)
Septic tanks, wells or sewer lines*
Insulation
Plumbing and electrical systems
Ceiling, walls and floors
Doors
Hazardous materials concerns*
* There may be an additional fee for this.
7. What property details are usually included by Listing Services?
Usually, properties listed will include the following details:
Location
Photograph
Price
Utilities
Amenities
Annual property tax
Current financing (when assumable)
Listing company
8. What pages are generally included in the Purchase and Sales Agreement?
Agency Disclosure
Financing Addendum/Clause
Earnest Money Receipt
Inspection/Clause
Conditions/Disclosures Addendum
Contingency
Addendum Outlining Special Conditions
Lead-Base Paint Notification
Property Disclosure Form (completed by Sellers)
9. What is the difference between a REALTOR® & Real Estate Agent?
REALTOR® identifies real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not every real estate agent is a REALTOR®. A REALTOR® may be an appraiser, property manager or involved in some other aspect of the real estate business.
If you require additional information or need help, please feel free to call us at 248-609-7108.
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