Real Estate Vocabulary - E

 

• Earnest money deposit - A deposit made by the potential home buyer to show that he or she is serious about buying the house.  

• Easement - A right of way giving persons other than the owner access to or over a property.

• Encroachment - An improvement that intrudes illegally on another's property. 

• Equal Credit Opportunity Act (ECOA) - A federal law that requires lenders and other creditors to make credit equally available without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs. 

• Estate - The ownership interest of an individual in real property. The sum total of all the real property and personal property owned by an individual at time of death. 

• Eviction - The lawful expulsion of an occupant from real property. 

• Executor - A person named in a will to administer an estate. The court will appoint an administrator if no executor is named. "Executrix" is the feminine form.

Stay tuned to my blog for more real estate vocabulary and visit my website for more information on finding your dream home! 


Source: RealEstateABC

Make the Right Green Changes!

Many homeowners have decided to start making green changes to their homes. While this can be beneficial, making the wrong green changes can end up costing you more.

If you're looking to make green changes to manage your energy costs, look into these three things to help you get the most for your money:

1. Seal and insulate duct-work that runs through unheated spaces. By insulating rooms like the garage or the attic, you can improve your heating system by 20%!

2. Invest in a programmable thermostat. You can save an average of 8% on your energy bill by having your thermostat programmed to certain temperatures throughout the day, especially when you aren't home.

3. Seal air leaks. Air can leak out of your doors and windows if they aren't sealed and caulked properly. This lost air can cost you an extra 10% on your energy bill.

Remember, these home changes will come at some expense, but done properly they will save you tons of money in the long run!

As always, I thank you for visiting my blog! Visit my website for more great information on available homes and properties in the South Florida area!

Housing Affordability at Record Highs

It's no secret that many people have been waiting for just the right time to invest in a home, and right now seems to be that time. Housing affordability was at a record high through the second quarter of this year, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Although tight credit conditions and our sluggish economy are posing roadblocks for potential buyers, many cities across the country are seeing stabilization and even recovery in their housing markets.

Among the most affordable housing markets in the US are in:

-Syracuse, NY
-Indianapolis, IN
-Dayton, OH
-Lakeland, Fl
-Winter Haven, Fl

Conversely some of the least affordable housing markets in the US right now are in:

- New York, NY
- San Francisco, CA
- Redwood City, CA
- Los Angeles, CA
- Honolulu, HI

Do your research when searching for your new home to learn as much as you can about the housing market in your area. And remember, I am here to help!

Let's Be Fair...

Today's Real Estate vocab lesson is brought to you by the keyword fair.

Fair Credit Billing Act : A federal law that governs credit and charge card billing errors. If a credit or charge card company violates any provision, consumers can sue to recover damages.

Fair Credit Reporting Act. : A federal law passed in 1971 that regulates the activity of credit bureaus. It is designed to prevent inaccurate or obsolete information from staying in a consumer's credit file and requires credit bureaus to have reasonable procedures for gathering and maintaining information.

Fair Debt Collection Practices Act. : A federal law passed in 1977 which outlaws debtor harassment and other types of collection practices. The act regulates collection agencies, original creditors who set up a separate office to collect debts, and lawyers hired by the creditor to help with collections.

Fair Housing Act : Landmark federal law passed in 1965 and amended in 1988 that makes it illegal to deny rent or refuse to sell to anyone based on race, color, religion, sex or national origin. The 1988 amendment expanded the protections to include family status and disability.

Stay tuned for more and visit my website for all of your home buying and selling needs!

Source: Housing Trends

Escrow - What is it?

An escrow is a deposit of funds or deed by one party for the delivery to another party upon completion of a particular condition or even, such as closing on your home.

No matter which side of the purchase you are on, you want the assurance that no funds or property will change hands until all instructions in the transaction have been followed completely and accurately. The escrow holder has the obligation to safeguard the funds/documents while in their possession, and to disburse them only when all provisions of the escrow have been complied with.

There are four mail principals to the escrow - the buyer, the seller, the lender and the borrower. These principals cause the escrow instructions to be created, signed and delivered to the escrow officer. It a broker is being used, he/she will normally provide the escrow officer with the necessary information, instructions and documents. The escrow officer processes the escrow in accordance with the instructions provided. Once all conditions of the escrow have been met, the escrow can be considered closed.

The duties of the escrow holder include:

• Following the instructions of the principals
• Handling the funds/documents in accordance with instructions
• Paying all bills as authorized
• Responding to authorized requests from the principals
• Closing the escrow when all terms and conditions have been met

For more information on an escrow, contact me today!

Source: RealEstateABC

First Time Home Buyer Tips

So you're ready to buy your first home! Check out some of these first-time home buyer tips before you get started!

1. Check the selling prices of similar homes in the area you'd like to purchase. Finding out what surround homes are worth will give you a good idea of the price range you'll be looking at.

2. Use a mortgage calculator to see what you can afford and what your payments would be.

3. You home costs should add up to about 1/3 of your total income each month. Do the numbers to see what your total monthly housing cost would be, to ensure you look for a home you can afford.

4. Find out what the upfront costs are for the home you want to purchase. Closing costs can add up, so plan ahead

5. Speak to a reputable real-estate agent, like me, Deena Landsman! I can help you learn more about the currently real estate climate and help you find what you're looking for!

6. Consider unexpected costs such as new appliances, roof repairs, plumbing issue, etc. Remember, when you are a home owner, you can't run to your landlord to have these things fixed. You are now responsible for taking care of them yourself.

Remember, you don't have to go it alone! Give me a call and I'll be right by your side!

Real Estate Vocabulary - D

Here are some more important real estate key words to help you in your home search or sale!



Debt-To-Equity Ratio - The relationship of the loan and equity components which, for example if the debt is $80,000 and the equity is $20,000, there would be a debt ratio of 4:1 or the equivalent to an 80% loan to value ratio.

Declaration of Homestead- A recorded document that protects a homeowner from foreclosure by certain judgment creditors.

Delinquent Mortgage - A mortgage that involves a borrower who is behind on payments. If the borrower cannot bring the payments up to date within a specified number of days, the lender may begin foreclosure proceedings.

Down Payment - The upfront cash commitment paid by the buyer. It makes up the difference between the sales price of a property and the loan amount obtainable.

Dual Agent - An agent who represents both parties in a transaction.

Due Diligence - The making of every reasonable effort to perform one's contractual obligations. Example - A prospective home-buyer signed a sales contract contingent on the sale of her present residence.

Due-On-Sale Clause - Provision in a mortgage or deed of trust calling for the total payoff of the loan balance within the event of a sale or transfer of title to the secured real property. A contract provision which authorizes the lender at its option to declare immediately due and payable sums secured by the lender's security instrument upon a sale of transfer of all or any part of the real property securing the loan without the lender's prior written consent.

Dwelling - A place where people live such as apartments, hotels, mobile homes, nursing homes, and single-family houses.

For more information, visit my website!

Source: RealEstateWords