A buydown happens when the borrower purchases a lower interest rate by paying a premium called a “point.” If you expect to increase your earnings in the future but want a lower payment now, a buydown may be a helpful option.
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An appraisal is required to gather the estimated value of a piece of real estate. During the home sale, the mortgage lender sends out an appraiser to get a professional opinion of the value of the property. This helps the lender decide if the property is worth the amount of the loan the potential buyer is seeking. Considering real estate as a career? View our upcoming classes here tocrres.com/register #RealEstate #NewCareer #OnlineLearning
The fees associated with finalizing a real estate transaction. Both the buyer and seller will have expenses during the closing process. Closing costs normally include an application fee, inspection fees, homeowner’s insurance, property taxes and the agents’ commission. Considering a career in real estate? Check out our upcoming courses here: tocrres.com/register
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When a seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale. Contingencies might include the buyer selling their home, receiving mortgage approval, or reaching an agreement with the seller on the home inspection.
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Before buying a home, one of the things that might be required in order to obtain financing is a letter of intent. This is a document that states the buyer's intent to purchase a particular piece of property. It is used to justify a real estate contract and often accompanies the deposit of earnest money. View our upcoming real estate pre-licensing courses here: tocrres.com/register #RealEstate #NewCareer #OnlineLearning
A chain of title is a document containing all previous property owners, listed in chronological order from the first owner to the present owner.
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Its that time again! Let's put your real estate knowledge to the test! Which of the following hazards requires a federal disclosure form in a residential purchase? Radon Lead-based paint Formaldehyde Asbestos Answer: 2 Interested in a career as a real estate agent? Visit www.tocrres.com/register to get started today. #RealEstate #NewCareer #Education #OnlineLearning
Encroachment occurs when all or part of a building, fence, driveway, or other installation illegally goes beyond its owner's land and covers adjoining owner's land or a street or alley. A physical check of the land or a survey are frequently used to reveal encroachments. A survey reveals where all improvements on a property are located, as well as if any improvements extend beyond the lot lines. If a building encroaches on a neighbor's property, the neighbor may be able to su
What is the intent of the federal fair housing law? 1. To allow the neighbors to choose buyers based on race and nationality 2. To allow people to buy a home in whatever neighborhood they can afford 3. To ensure that all neighborhoods are integrated 4. To maintain a status quo in most neighborhoods Answer:2 Interested in a career as a real estate agent? Visit www.tocrres.com/register to get started today. #RealEstate #NewCareer #Education #OnlineLearning
The New Jersey Real Estate Commission, a division of the Department of Banking and Insurance, is composed of eight members appointed by the governor. Five are real estate brokers who have been licensed as such for at least 10 years; two are chosen from the general public; and one represents a department of the state government. All members serve three-year terms, except the governmental member, who serves at the pleasure of the governor. The governor has the right to remove a
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There are several different financing arrangements are possible between buyer and seller other than a traditional mortgage. Here are 3 of the more common arrangements. Land contracts and seller financing: The buyer receives a deed to the property but makes agreed-upon payments to the seller rather than a lender until the entire amount is paid, at which point the seller releases a satisfaction of the mortgage lien. Lease-option: The buyers are tenants who have a legally bindin
A sublease is the re-renting of property by an existing tenant to a new third party for a portion of the tenant’s existing lease contract. Subleasing may or may not be allowed under the conditions of the original lease, and it may be subject to extra restrictions as imposed by the jurisdiction. Even if a sublet is permissible, the original tenant is still responsible for the lease agreement's responsibilities, such as monthly rent payment. Interested in a career as a real est
If you've ever been involved in any kind of real estate transaction, you've probably heard the word escrow. By definition, it is a transaction in which a third-party provider holds the funds associated with a real estate transaction until a specified condition is met. You can think of the escrow process in New Jersey as an intermediate step during the home buying process. In a typical transaction, the buyer will make an earnest money deposit to demonstrate to the seller that
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A property survey confirms the legal description and boundary lines of a property. It also identifies any other limitations or easements that may be associated with the property. While your property can legally be surveyed at any time, establishing the boundaries of your land is a vital component of the home purchase process. Interested in a career as a real estate agent? Visit www.tocrres.com/register to get started today. #RealEstate #NewCareer #Education #OnlineLearning
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By definition, "As is" signifies that real property is acquired with whatever flaws it may have, and that the grantor is relieved of any obligation to reimburse the purchaser for losses or damages incurred as a result of the condition of the property transmitted. In New Jersey, when a seller signs a sales contract that states "as is," it signifies that the seller intends to transfer (or sell) the property in its current form, including any existing flaws, and will not make an
The history of ownership of a piece of property is referred to as the Chain of Title. Titles are typically registered for land and real estate, personal property (such as a vehicle), or businesses. Normally, titles are registered and maintained with a centralized registry or authority agency. The chain of title follows the history of ownership from the present owner to the original owner. It is critical to keep meticulous and correct title documents in order to establish owne