Thinking About Buying a Home? Understand The Terms.

Be familiar with the following terms when buying a home:

AMENDMENTS:  A change – either to alter, add to, or correct – part of an agreement without changing the principal idea or essence.

APPRAISAL:  An estimate of value of property resulting from analysis of facts about the property; an opinion of value.

ASSUMPTION:  Taking over another person’s financial obligation; taking title to a parcel of real property with the buyer assuming liability for paying an existing note secured by a deed of trust against the real property.

BENEFICIARY:  The recipients of benefits, often for a deed of trust; usually the lender.

CLOSE OF ESCROW:  Generally the date the documents are recorded and title passes from Seller to Buyer.  On this date, the buyer becomes the legal owner, and title insurance becomes effective.

COMPARABLE SALES:  Sales that have similar characteristics as the subject real property, used for analysis in the appraisal.  Commonly called “comps”.

DEED OF TRUST:  An instrument used in many states in place of a mortgage.

DEED RESTRICTIONS:  Limitations in the deed to a parcel of real property that dictate certain uses that may or may not be made of the real property.

EARNEST MONEY DEPOSIT:  Down payment made by a purchaser of real property as evidence of good faith; a deposit or partial payment.

EASEMENT:  A right, privilege or interest limited to a specific purpose that one party has in the land of another.

HAZARD INSURANCE:  Real estate insurance protecting against fire, some natural causes, vandalism, etc., depending upon the policy.  Buyer often adds liability insurance and extended coverage for personal property.

IMPOUNDS:  A trust type of account established by lenders for the accumulation of borrower’s funds to meet periodic payments of taxes, mortgage insurance premiums and/or future insurance policy premiums, required to protect their security.

LEGAL DESCRIPTION:  A description of land recognized by law, based on government surveys, spelling out the exact boundaries of the entire parcel of land.  It should so thoroughly identify a parcel of land that it cannot be confused with any other.

LIEN:  A form of encumbrance that usually makes a specific parcel of real property the security for the payment of a debt or discharge of an obligation.  For example, judgments, taxes, mortgages, deeds of trust.

MORTGAGE:  The instrument by which real property is pledged as security for repayment of a loan.

PITI:  A payment that combines Principal, Interest, Taxes, and Insurance

POWER OF ATTORNEY:  A written instrument whereby a principal gives authority to an agent.  The agent acting under such a grant is sometimes called an “Attorney-In-Fact”.

PURCHASE AGREEMENT:  The purchase contract between the Buyer and Seller.  It is usually completed by the real estate agent and signed by the Buyer and Seller.

QUITCLAIM DEED:  A deed operating as a release, intending to pass any title, interest, or claim which the grantor may have in the property, but not containing any warranty of a valid interest or title by the grantor.

RECORDING:  Filing documents affecting real property with the County Recorder as a matter of public record.

REALTOR:  A Realtor is a licensed real estate agent and a member of the National Association of Realtors, a real estate trade association.  Realtors also belong to their state and local Association of Realtors.

REAL ESTATE AGENT:  A real estate agent is licensed by the state to represent parties in the transfer of property.  Every Realtor is a real estate agent, but not every real estate agent has the professional designation of a Realtor.

LISTING AGENT:  A key role of the listing agent or broker is to form a legal relationship with the homeowner to sell the property and place the property in the Multiple Listing Service.

BUYER’S AGENT:  A key role of the buyer’s agent or broker is to work with the buyer to locate a suitable property and negotiate a successful home purchase.

MULTIPLE LISTING SERVICE (MLS):  The MLS is a database of properties listed for sale by Realtors who are members of the local Association of Realtors.  Information on an MLS property is available to thousands of Realtors.

TITLE COMPANY:  These are the people who carry out the title search and examination, work with you to eliminate the title exceptions you are not willing to take subject to, and provide the policy of title insurance regarding title to the real property.

ESCROW OFFICER:  An escrow officer leads the facilitation of your escrow, including escrow instructions preparation, document preparation, funds disbursement, and more.

(Source – First American Title Home Buyer’s Guide)

 

 

 

 

 

 

 

Perfect for 1st Time HomeBuyer or Investor In Lincoln, CA!

Spring seems to be here and with the nice weather last week,  there has been quite a lot of real esate activity. Last week we signed listing agreements with 3 couples that have asked us to sell their homes. All three are under $200,000 and in great condition. Here are the details:

2002 Rickenbacker Lane

 

2002 Rickenbacker Lane, Lincoln, CA 95648-Well designed floor plan at Lakeside in Lincoln. You’ll love the open feel of the kitchen and family room areas. Warm, neutral paint colors, tile counter with extended backsplash, built-in microwave, alarm system and much more! Full back yard landscaping with stamped concrete patio, mow curb and auto sprinklers. Located in a nice new, friendly neighborhood and just down the street from a park. Close to schools and community sports fields. Listed at $179,999, all offers will be considered.

 

 

 

222 D Street
222 D Street

222 D Street, Lincoln, CA 95648-A recent remodel on this cute bungalow in downtown Lincoln makes it move-in ready! Hardwood flooring, carpet, custom paint, central heat and air, crown molding, wainscoting, and more. You’ll love the bright and spacious kitchen with oak cabinets, white appliances, tile flooring, gas cooktop and decorative tile countertops. Great location close to McBean Park. This home also has a detached garage with alley access and an inviting front porch. Great price and perfect for the first-time homebuyer. Listed at only $109,999.

 

 

1300 Hudson
1300 Hudson Circle

1300 Hudson Circle, Lincoln, CA 95648-Move in ready! This richly appointed home is located close to schools and parks and has all the right upgrades. Granite counter tops, stainless appliances, gorgeous cherry wood cabinets and so much more. You’ll love the spacious master and functional floorplan. Other features include upstairs laundry and finished garage with epoxy floors. Don’t delay, own a home with a lower monthly payment than rent! Listed at only $149,999

Call or email today if you have any questions about any of these homes. 916 408-2222.


<!–

–>

Enhanced by Zemanta