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What is title insurance?
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.
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.
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.
What are closing costs?
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.
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.
What should a home inspection include?
Every inspection should include, but not be limited to, an evaluation
of the following:
- 1. Foundations
- 2. Roof
- 3. Heating and air conditioning systems
- 4. Ventilation
- 5. Common areas (for condominiums)
- 6. Septic tanks, wells or sewer lines*
- 7. Insulation
- 8. Plumbing and electrical systems
- 9. Ceiling, walls and floors
- 10. Doors
- 11. Hazardous materials concerns*
* There may be an additional fee for this.
What property details are usually included when listing
on fsboatl.com?
Properties listed will include the following details:
- Location
- Photograph (Post up to 10 Color Photographs)
- Price
- Directions (Standard Map and Satellite Imagery)
- Amenities
- Current Financing (when assumable)
- Contact Information
- Counter (Track the Number of Potential Buyers)
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)
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