Attorney David Soble provides a brief review of potential conflicts of interest that real estate advisers may have in the real estate transaction. Buyers and sellers will benefit from a quick overview of what to consider.
The document discusses different types of listing agreements that can be used between real estate brokers and property owners. It provides details on open listings, net listings, exclusive agency listings, and exclusive right to sell listings. The most commonly used type is the exclusive right to sell listing, as it guarantees the listing broker will receive a commission no matter who sells the property. The document also outlines the typical steps and components involved in completing a listing agreement and presentation for a property.
The lawyers at Cohen LLP have an extensive track record in corporate and commercial law, mergers and acquisitions, corporate governance, residential real estate, corporate relocations, and Wills and Estates. Contact at (416) 380-7550
1. The document discusses the process of making an offer on a property from submitting the initial offer to the seller accepting the offer.
2. It provides guidance on presenting the offer to the seller, including justifying any price lower than the listing price, and discussing the buyers and property features to help sell the seller on accepting the offer.
3. The seller then has the choice to accept, reject, or counter the initial offer, and the process may involve multiple counteroffers between the buyer and seller until terms are agreed upon and the offer is accepted.
Based in East Rockaway, New York, Marc Rovner is an attorney focused on real estate title insurance. Attorney Marc Rovner has a particular focus on indemnity insurance and property title defects, and has taught continuing legal education classes in the area of title insurance.
As detailed in an American Bar Association article, title insurance protects the insured party only as far as covered title defects go. In cases where such a defect has been resolved by the insurer, there is no further obligation or compensation due to the insured for that issue.
In Golden First Mortgage Corp. v. Alleyne, an owner obtained title and mortgage on a property, but the mortgage and deed were somehow not recorded. Upon ascertaining this, the lender initiated an action to have an equitable mortgage placed on the property, or, if necessary, have the seller draw up a replacement deed. After being recorded, the insured owner/borrower would be able to execute a replacement mortgage.
The owner went a different route than filing a claim for coverage with the insurer, and instead filed a third-party complaint, seeking damages from the title insurer for failure to receive good title on the property. Ultimately, the court decided that a new mortgage and deed should be recorded as a way of remediating the title defect.
The court agreed with the title insurer that this new deed cured the defect in the owner’s title, as title insurance only indemnifies (compensates for harm or loss) against diminished property value from title defects, and doesn’t cover consequential damages. In other words, once the title insurer establishes that the owner-insured has title over the property, there isn’t any further obligation to pay for losses under the policy.
The document provides guidance for real estate agents on capturing phone calls from prospective buyers, qualifying buyers, and conducting property showings. It recommends that agents obtain the caller's name, phone number, and reason for calling to capture phone leads. When showing properties, agents should sell the neighborhood, create a favorable ambiance, and follow rules of conduct. After showings, agents should try to obtain the buyer's offer or set up another appointment to continue working with the prospective client.
This document summarizes key points from a real estate continuing education course, including rules for obtaining credit, course goals, and guidance on topics like property disclosure requirements, agency duties, and handling issues that may arise in transactions. Key laws, ethics, and case precedents that agents must follow are also addressed. The document provides answers to multiple choice questions testing understanding of these topics.
This document discusses real estate disclosure laws that require agents and sellers to disclose all material facts about a property to buyers. It covers what must be disclosed, including agency relationships and property conditions. Agents must disclose their agency status in writing, allow the principal to elect the type of agency, and then confirm the agency in writing. Sellers must complete a transfer disclosure statement disclosing all known defects to buyers, and agents must disclose any property inspections.
The document provides instructions for completing a 10-page California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA) form. It outlines the key sections of the form including offering terms, financing details, contingencies, costs, disclosures, and other contractual terms. Additional forms that may accompany the RPA-CA are also listed, such as termite inspection and broker compensation agreements.
The document discusses different types of listing agreements that can be used between real estate brokers and property owners. It provides details on open listings, net listings, exclusive agency listings, and exclusive right to sell listings. The most commonly used type is the exclusive right to sell listing, as it guarantees the listing broker will receive a commission no matter who sells the property. The document also outlines the typical steps and components involved in completing a listing agreement and presentation for a property.
The lawyers at Cohen LLP have an extensive track record in corporate and commercial law, mergers and acquisitions, corporate governance, residential real estate, corporate relocations, and Wills and Estates. Contact at (416) 380-7550
1. The document discusses the process of making an offer on a property from submitting the initial offer to the seller accepting the offer.
2. It provides guidance on presenting the offer to the seller, including justifying any price lower than the listing price, and discussing the buyers and property features to help sell the seller on accepting the offer.
3. The seller then has the choice to accept, reject, or counter the initial offer, and the process may involve multiple counteroffers between the buyer and seller until terms are agreed upon and the offer is accepted.
Based in East Rockaway, New York, Marc Rovner is an attorney focused on real estate title insurance. Attorney Marc Rovner has a particular focus on indemnity insurance and property title defects, and has taught continuing legal education classes in the area of title insurance.
As detailed in an American Bar Association article, title insurance protects the insured party only as far as covered title defects go. In cases where such a defect has been resolved by the insurer, there is no further obligation or compensation due to the insured for that issue.
In Golden First Mortgage Corp. v. Alleyne, an owner obtained title and mortgage on a property, but the mortgage and deed were somehow not recorded. Upon ascertaining this, the lender initiated an action to have an equitable mortgage placed on the property, or, if necessary, have the seller draw up a replacement deed. After being recorded, the insured owner/borrower would be able to execute a replacement mortgage.
The owner went a different route than filing a claim for coverage with the insurer, and instead filed a third-party complaint, seeking damages from the title insurer for failure to receive good title on the property. Ultimately, the court decided that a new mortgage and deed should be recorded as a way of remediating the title defect.
The court agreed with the title insurer that this new deed cured the defect in the owner’s title, as title insurance only indemnifies (compensates for harm or loss) against diminished property value from title defects, and doesn’t cover consequential damages. In other words, once the title insurer establishes that the owner-insured has title over the property, there isn’t any further obligation to pay for losses under the policy.
The document provides guidance for real estate agents on capturing phone calls from prospective buyers, qualifying buyers, and conducting property showings. It recommends that agents obtain the caller's name, phone number, and reason for calling to capture phone leads. When showing properties, agents should sell the neighborhood, create a favorable ambiance, and follow rules of conduct. After showings, agents should try to obtain the buyer's offer or set up another appointment to continue working with the prospective client.
This document summarizes key points from a real estate continuing education course, including rules for obtaining credit, course goals, and guidance on topics like property disclosure requirements, agency duties, and handling issues that may arise in transactions. Key laws, ethics, and case precedents that agents must follow are also addressed. The document provides answers to multiple choice questions testing understanding of these topics.
This document discusses real estate disclosure laws that require agents and sellers to disclose all material facts about a property to buyers. It covers what must be disclosed, including agency relationships and property conditions. Agents must disclose their agency status in writing, allow the principal to elect the type of agency, and then confirm the agency in writing. Sellers must complete a transfer disclosure statement disclosing all known defects to buyers, and agents must disclose any property inspections.
The document provides instructions for completing a 10-page California Residential Purchase Agreement and Joint Escrow Instructions (RPA-CA) form. It outlines the key sections of the form including offering terms, financing details, contingencies, costs, disclosures, and other contractual terms. Additional forms that may accompany the RPA-CA are also listed, such as termite inspection and broker compensation agreements.
Joe Dent provides buyer agency services to help home buyers realize their dreams. As a buyer agent, he will arrange property showings, provide financing information, assist with paperwork and closing, represent the buyer's interests in negotiations, and structure offers to the buyer's advantage. Joe uses a system to help buyers through the homebuying process with loan preapproval, property searches tailored to their criteria, and making offers on homes using his negotiation expertise. He provides these services free of charge to buyers.
This document outlines the 10 steps for buying a new home:
1) Understand agency relationships and determine if you need a buyer's agent, seller's agent, or transaction broker.
2) Determine your needs and wants in a home.
3) Review property listings on MLS, realtor websites, and other sites.
4) Schedule viewings of 5-6 homes and take notes on properties.
5) Make a decision on an offer based on price, market analysis, and fit with needs.
6) Submit an offer with an earnest money deposit and preapproval letter.
7) Review title commitment and seller disclosures.
8) Schedule inspections and decide on requests to
Five ways to avoid headaches with tenants(finished)RandyBett
Thoroughly check a tenant's background, educate yourself on tenant and landlord rights, and keep open lines of communication. Be clear about tenant responsibilities before signing a lease. Protect yourself by ensuring the property and tenant meet your criteria before renting. Effective management of tenants is key to a profitable real estate investment.
The document provides guidance to real estate agents on communicating with and advising home sellers throughout the listing and sales process. It recommends that agents clearly explain listing timelines, marketing plans, and home staging tips to sellers. It also stresses the importance of constant communication, conducting property tours, and providing weekly status reports to keep sellers informed and involved.
Basics of Real Estate Disclosures in Arizona & The Legal Consequences of Misr...Jackson White, P.C.
This document discusses real estate disclosure requirements and misrepresentation in Arizona. It provides examples of facts that must be disclosed to buyers, such as structural issues, plumbing problems, or termite infestations. It also outlines disclosure forms required for different property types like commercial, vacant land, and residential. The legal consequences of misrepresentation are explained, along with case examples where sellers, brokers, inspectors were found liable for failing to disclose or providing misinformation.
Home Buyer Guide for Maria Morton's ClientsMaria Morton
The document provides an overview of the home buying process, explaining key steps like understanding market conditions, finding and making an offer on a home, negotiating the offer, conducting inspections, resolving any issues found, and going through the closing process. It also discusses the roles of real estate agents and how they can help guide buyers through the purchase. The document aims to educate home buyers on how to navigate the home buying process from start to finish.
This document provides information for home buyers on the home buying process. It discusses reasons for buying a home, benefits of ownership, and outlines an 8-step roadmap for purchasing a home. The roadmap includes hiring an agent, getting preapproved for a loan, shopping for homes, making an offer, negotiating, inspections, closing on the property, and post-closing tasks. It also covers types of financing, distressed properties, and the roles of different industry professionals in the process.
This document provides an overview of dual agency and brokerage relationships under Massachusetts law. It defines key terms like agency, principal, client, and fiduciary. It explains the requirements for dual agency, including obtaining written consent from both buyer and seller. A dual agent's duties are to treat both clients honestly and impartially by disclosing defects and presenting all offers. The document outlines different types of brokerage relationships like seller agency, buyer agency, and designated agency. It also discusses proper disclosure of relationships and compensation methods.
Adam Leitman Bailey and Andrew Jorges were invited to lecture on Common Ways Deals Die and How Brokers Can Bring Them Back to Life for Town Residential.
The document discusses selling bankruptcy claims and the process involved. It explains what claims trading is, the documents required for a claims sale such as a claims agreement, and requirements under bankruptcy procedure 3001(e). It outlines the process for objections and provides tips to minimize risks when selling a claim.
A short tutorial on how to go about purchasing a home. The process includes choosing the right buyer's agent to represent you to closing costs, inspections and closing.
The document discusses the services provided by a real estate agent to home buyers. The agent will work as the buyer's agent to find the right home, negotiate the best price, and handle all the details of the home buying process. This includes creating a customized home finding plan, conducting a market analysis of comparable properties, submitting offers and negotiating on the buyer's behalf. The agent also assists buyers with getting pre-approved for a mortgage and guides them through the steps of completing the home purchase.
What You Need To Know Before Selling Your Bankruptcy Claimppphilbin
The document discusses selling bankruptcy claims and the process involved. It outlines what claims trading is, the documents required for a claims sale such as a claims agreement, and procedures under Federal Bankruptcy Rule 3001(e). Buyers can be brokers, passive investors, or active investors looking to own bankrupt company assets. Sellers should have legal counsel review documents and be aware of representations and warranties buyers may require.
GUIDE - Sellers - Guide to selling a HomeJosie Boyter
This document provides guidance on preparing a home for sale through staging. It recommends fixing any repairs, deep cleaning, de-cluttering by removing unnecessary items, using neutral decor, addressing odors, and staging furniture to emphasize space. Staging can increase a home's perceived value, make it more competitive, and reduce time on the market according to research. The goal is to allow buyers to visualize living in the home.
The document discusses the foreclosure crisis and opportunities for buying foreclosed homes. It began with the bursting of the dot-com bubble and lowering of interest rates fueling a housing boom. Risky lending practices led to many homeowners defaulting on mortgages when housing prices dropped. This created a surge in foreclosures, presenting opportunities for investors and homeowners to purchase properties cheaply and potentially profit from future price increases. However, the document warns that buying foreclosures requires expertise and strategy to negotiate well with banks and avoid potential pitfalls.
The document provides information on the process of buying a property, including choosing a property, making an offer, negotiating with the seller, completing necessary inspections and paperwork, and attending the closing. Key steps include finding a property, making an offer, negotiating any counteroffers, signing a contract, conducting inspections, working with attorneys to review documents and clear title, and attending the closing to transfer funds and ownership.
This document provides information about home buying and working with Lawyers Title of Arizona. It discusses Lawyers Title's services, advantages to home ownership like building equity and tax benefits, and an overview of the typical home buying process. It also includes checklists for buyers to consider when purchasing new homes, previously owned homes, or undeveloped land. The document defines important terms and outlines typical closing costs and which party usually pays certain fees.
The document provides an overview of the home buying process including getting approved for a mortgage, determining needs, searching for a home, conducting due diligence like inspections, making an offer and negotiating, and completing the closing. It highlights common pitfalls like not being pre-approved, overextending on affordability, rushing the process, and not having representation. It also describes resources available on the William Raveis website to aid in the process.
This document discusses the importance of title insurance when purchasing a home. It explains that a title search and title insurance protect homeowners from legal claims on the property's ownership. A thorough title search examines public records to uncover potential title defects, while title insurance covers hidden defects that aren't found. The document recommends hiring a real estate attorney to perform the title search and issue title insurance, as they are trained in real estate law and can help resolve any issues. It also outlines the costs and process of obtaining title insurance.
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
Joe Dent provides buyer agency services to help home buyers realize their dreams. As a buyer agent, he will arrange property showings, provide financing information, assist with paperwork and closing, represent the buyer's interests in negotiations, and structure offers to the buyer's advantage. Joe uses a system to help buyers through the homebuying process with loan preapproval, property searches tailored to their criteria, and making offers on homes using his negotiation expertise. He provides these services free of charge to buyers.
This document outlines the 10 steps for buying a new home:
1) Understand agency relationships and determine if you need a buyer's agent, seller's agent, or transaction broker.
2) Determine your needs and wants in a home.
3) Review property listings on MLS, realtor websites, and other sites.
4) Schedule viewings of 5-6 homes and take notes on properties.
5) Make a decision on an offer based on price, market analysis, and fit with needs.
6) Submit an offer with an earnest money deposit and preapproval letter.
7) Review title commitment and seller disclosures.
8) Schedule inspections and decide on requests to
Five ways to avoid headaches with tenants(finished)RandyBett
Thoroughly check a tenant's background, educate yourself on tenant and landlord rights, and keep open lines of communication. Be clear about tenant responsibilities before signing a lease. Protect yourself by ensuring the property and tenant meet your criteria before renting. Effective management of tenants is key to a profitable real estate investment.
The document provides guidance to real estate agents on communicating with and advising home sellers throughout the listing and sales process. It recommends that agents clearly explain listing timelines, marketing plans, and home staging tips to sellers. It also stresses the importance of constant communication, conducting property tours, and providing weekly status reports to keep sellers informed and involved.
Basics of Real Estate Disclosures in Arizona & The Legal Consequences of Misr...Jackson White, P.C.
This document discusses real estate disclosure requirements and misrepresentation in Arizona. It provides examples of facts that must be disclosed to buyers, such as structural issues, plumbing problems, or termite infestations. It also outlines disclosure forms required for different property types like commercial, vacant land, and residential. The legal consequences of misrepresentation are explained, along with case examples where sellers, brokers, inspectors were found liable for failing to disclose or providing misinformation.
Home Buyer Guide for Maria Morton's ClientsMaria Morton
The document provides an overview of the home buying process, explaining key steps like understanding market conditions, finding and making an offer on a home, negotiating the offer, conducting inspections, resolving any issues found, and going through the closing process. It also discusses the roles of real estate agents and how they can help guide buyers through the purchase. The document aims to educate home buyers on how to navigate the home buying process from start to finish.
This document provides information for home buyers on the home buying process. It discusses reasons for buying a home, benefits of ownership, and outlines an 8-step roadmap for purchasing a home. The roadmap includes hiring an agent, getting preapproved for a loan, shopping for homes, making an offer, negotiating, inspections, closing on the property, and post-closing tasks. It also covers types of financing, distressed properties, and the roles of different industry professionals in the process.
This document provides an overview of dual agency and brokerage relationships under Massachusetts law. It defines key terms like agency, principal, client, and fiduciary. It explains the requirements for dual agency, including obtaining written consent from both buyer and seller. A dual agent's duties are to treat both clients honestly and impartially by disclosing defects and presenting all offers. The document outlines different types of brokerage relationships like seller agency, buyer agency, and designated agency. It also discusses proper disclosure of relationships and compensation methods.
Adam Leitman Bailey and Andrew Jorges were invited to lecture on Common Ways Deals Die and How Brokers Can Bring Them Back to Life for Town Residential.
The document discusses selling bankruptcy claims and the process involved. It explains what claims trading is, the documents required for a claims sale such as a claims agreement, and requirements under bankruptcy procedure 3001(e). It outlines the process for objections and provides tips to minimize risks when selling a claim.
A short tutorial on how to go about purchasing a home. The process includes choosing the right buyer's agent to represent you to closing costs, inspections and closing.
The document discusses the services provided by a real estate agent to home buyers. The agent will work as the buyer's agent to find the right home, negotiate the best price, and handle all the details of the home buying process. This includes creating a customized home finding plan, conducting a market analysis of comparable properties, submitting offers and negotiating on the buyer's behalf. The agent also assists buyers with getting pre-approved for a mortgage and guides them through the steps of completing the home purchase.
What You Need To Know Before Selling Your Bankruptcy Claimppphilbin
The document discusses selling bankruptcy claims and the process involved. It outlines what claims trading is, the documents required for a claims sale such as a claims agreement, and procedures under Federal Bankruptcy Rule 3001(e). Buyers can be brokers, passive investors, or active investors looking to own bankrupt company assets. Sellers should have legal counsel review documents and be aware of representations and warranties buyers may require.
GUIDE - Sellers - Guide to selling a HomeJosie Boyter
This document provides guidance on preparing a home for sale through staging. It recommends fixing any repairs, deep cleaning, de-cluttering by removing unnecessary items, using neutral decor, addressing odors, and staging furniture to emphasize space. Staging can increase a home's perceived value, make it more competitive, and reduce time on the market according to research. The goal is to allow buyers to visualize living in the home.
The document discusses the foreclosure crisis and opportunities for buying foreclosed homes. It began with the bursting of the dot-com bubble and lowering of interest rates fueling a housing boom. Risky lending practices led to many homeowners defaulting on mortgages when housing prices dropped. This created a surge in foreclosures, presenting opportunities for investors and homeowners to purchase properties cheaply and potentially profit from future price increases. However, the document warns that buying foreclosures requires expertise and strategy to negotiate well with banks and avoid potential pitfalls.
The document provides information on the process of buying a property, including choosing a property, making an offer, negotiating with the seller, completing necessary inspections and paperwork, and attending the closing. Key steps include finding a property, making an offer, negotiating any counteroffers, signing a contract, conducting inspections, working with attorneys to review documents and clear title, and attending the closing to transfer funds and ownership.
This document provides information about home buying and working with Lawyers Title of Arizona. It discusses Lawyers Title's services, advantages to home ownership like building equity and tax benefits, and an overview of the typical home buying process. It also includes checklists for buyers to consider when purchasing new homes, previously owned homes, or undeveloped land. The document defines important terms and outlines typical closing costs and which party usually pays certain fees.
The document provides an overview of the home buying process including getting approved for a mortgage, determining needs, searching for a home, conducting due diligence like inspections, making an offer and negotiating, and completing the closing. It highlights common pitfalls like not being pre-approved, overextending on affordability, rushing the process, and not having representation. It also describes resources available on the William Raveis website to aid in the process.
This document discusses the importance of title insurance when purchasing a home. It explains that a title search and title insurance protect homeowners from legal claims on the property's ownership. A thorough title search examines public records to uncover potential title defects, while title insurance covers hidden defects that aren't found. The document recommends hiring a real estate attorney to perform the title search and issue title insurance, as they are trained in real estate law and can help resolve any issues. It also outlines the costs and process of obtaining title insurance.
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
This document summarizes a first time homebuyers workshop presented by Arletha (Candy) Myers, a realtor. The workshop covers understanding who real estate agents represent, the process of a homebuyer deciding to purchase and selecting an agent, an overview of the home buying process, and congratulations at the end. Contact information is provided for Arletha Myers and her real estate brokerage.
This document provides an overview of the home buying process. It discusses determining readiness and affordability, shopping for a home and loan, the roles of real estate agents and attorneys, important terms in sales agreements, and required inspections. Key steps include assessing finances and monthly budget, getting pre-approved for a loan amount, finding an agent to represent your interests, reviewing the sales agreement terms carefully, and arranging inspections for issues like pests or lead-based paint in older homes. Taking time on these initial stages helps ensure finding the right home and loan within one's means.
This document provides information to help buyers through the process of purchasing a home, including:
- Working with a real estate agent to find the right home and make an offer
- Understanding financing and pre-qualifying for a loan amount
- Going through the escrow process where terms are carried out by a neutral third party
- Signing documents and fulfilling conditions to complete the transaction by the closing date
RE/MAX Results complete buyers guide. Whether you are a first time home buyer or a seasoned veteran in home purchasing...this guide will give you a complete through understanding of the home buying process. If you are in the Greater Kansas City area and are remotely interested in Real Estate...this is a must have!
What is Caveat Emptor or Buyer Beware?Kevin Vitali
Caveat Emptor is an old common law term meaning let the buyer beware. Unbeknownst to a buyer a seller is under no obligation to to disclose the condition of their home to a potential buyer.
The document discusses the services provided by Nicki Conway & Associates to help buyers through the home buying process. It outlines how the realtor will treat clients with respect, represent their best interests, provide expertise on local markets and designations, and guide them step-by-step from initial search to closing. Various home buying options and considerations are also covered, including short sales, loan preapproval, open houses, and title insurance.
10 Secrets to Successful Private Lending - July 2015Derk Hebdon
The document provides contact information for Derk Hebdon regarding joint venture real estate deals. It then discusses criteria for evaluating private lending deals, including maintaining a conservative loan-to-value ratio, obtaining first lien position, getting a promissory note, ensuring the lender is named as an additional insured on the property insurance, and purchasing lender's title insurance. The document is focused on strategies for private lenders to protect themselves and their investment.
This document provides reasons why using a REALTOR is beneficial when buying or selling real estate. It notes that REALTORS are licensed real estate agents who are also members of the National Association of REALTORS and abide by its code of ethics. The document lists 12 reasons why using a REALTOR is advantageous, including that they can help determine financing options, find qualified home inspection professionals, market the property, assist with negotiations, and handle issues that come up through the closing process.
This document provides guidance for buyers on navigating the property purchase process with Higgins & Welch Real Estate. It discusses selecting the right real estate agent to represent the buyer's interests, preparing for meetings with lenders by gathering financial documents, and general tips for making offers and going through closing. The real estate team at Higgins & Welch strives to provide exceptional service to help buyers find the right home and secure the best financing.
Hiring An Agent And Finding Deals - Updated 2/5/09Scott Schang
Hiring a Real Estate Agent is a serious and important financial decision.
We discuss how Real Estate Agents get paid, how to hire, what is an Agency relationship, what are the Fiduciary duties of an agent.
We also discuss the use of the internet to advertise homes for sale and collect information for sales call. We will show you how to find accurate information and avoid the high pressure sales calls that can follow if you fill out the wrong form.
Title insurance protects homeowners and lenders from legal issues with the ownership of a property that may not be evident from public records. Proposed legislation in North Carolina would limit the ability of contractors to place liens on properties if the property is sold before the lien is filed, removing title insurance coverage for "hidden" liens. Contractors are urged to file liens early and oppose this legislation to maintain their rights to place liens on properties.
10 Practical Steps of Home Buying Process. HOME BUYING: Master the Process. Learn the tips and secrets only realtors and lenders know!” What I learned closing 1,500 successful mortgage and real estate transactions worth over $1 BILLION!.
This document provides information about the roles of various parties involved in the home buying and selling process in Arizona. It discusses the roles of real estate agents/realtors, escrow officers, loan officers, inspectors, and others. The realtor represents the buyer or seller, helps negotiate the deal, and guides them through the process. The escrow officer coordinates the contract and closing, orders title reports, and ensures all conditions are met. The loan officer qualifies the borrower and processes the loan. Using realtors provides advantages like assistance finding the right home, negotiating, and ensuring the process goes smoothly.
This document provides an overview of the home buying process, including determining affordability and readiness, shopping for a home and loan, and the closing process. Key points covered include:
- Factors to consider in determining if you are ready to buy a home and what price range is affordable based on income and expenses.
- Roles of real estate agents, attorneys, and lenders in the home buying process.
- Important terms to consider in a sales agreement such as the mortgage clause, settlement costs, and inspections.
- Steps for shopping for a loan including different loan types and programs, the Good Faith Estimate, and settlement services.
- Details on closing including the HUD-
Similar to Not So Fast! Potential Conflicts of Interests In The Real Estate Transaction (20)
Discover Yeni Eyup Evleri 2, nestled among the rising values of Eyupsultan, offering the epitome of modern living in Istanbul.
With its spacious living areas, contemporary architecture, and meticulous details, Yeni Eyup Evleri 2 is poised to be the star of your happiest moments. Situated in the new favorite district of Eyupsultan, claim your spot and unlock the doors to a peaceful life alongside your loved ones. Nestled next to the historical and natural beauties of Eyupsultan, embrace the comfort of modern living and rediscover life.
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Yeni Eyup 2 offers 1+1, 2+1, and 3+1 apartment options designed to meet different needs. Find an option suitable for every lifestyle and open the doors to a comfortable life in your dream home.
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The SVN® organization shares a portion of their new weekly listings via their SVN Live® Weekly Property Broadcast. Visit https://svn.com/svn-live/ if you would like to attend our weekly call, which we open up to the brokerage community.
BEST FARMLAND FOR SALE | FARM PLOTS NEAR BANGALORE | KANAKAPURA | CHICKKABALP...knox groups real estate
welcome to knox groups real estate company in Bangalore. best farm land for sale near Bangalore and madhugiri . Managed farmland near Kanakapura and Chickkabalapur get know more details about the projects .Knox groups is a leading real estate company dedicated to helping individuals and businesses navigate the dynamic real estate market. With our extensive knowledge, experience, and commitment to excellence, we deliver exceptional results for our clients. Discover the perfect foundation for your agricultural aspirations with KNOX Groups' prime farm lands. These aren't just plots; they're the fertile grounds where vibrant crops flourish, livestock thrives, and unique agricultural ventures come to life. At KNOX, we go beyond selling land we curate sustainable ecosystems, ensuring that your journey toward agricultural success is seamless and prosperous.
AVRUPA KONUTLARI ESENTEPE - ENGLISH - Listing TurkeyListing Turkey
Looking for a new home in Istanbul? Look no further than Avrupa Konutlari Esentepe! Our beautifully designed homes provide the perfect blend of luxury and comfort, making them the perfect choice for anyone looking for a high-quality home in the city.
With a wide range of apartment types available, from 1+1 to 4+1, we have something to suit every need and budget. Each apartment is designed with attention to detail and features spacious and bright living areas, making them the perfect place to relax and unwind after a long day.
One of the things that sets Avrupa Konutlari Esentepe apart from other developments is our focus on creating a community that is both comfortable and convenient. Our homes are surrounded by lush green spaces, perfect for enjoying a peaceful stroll or having a picnic with friends and family. Additionally, our complex includes a variety of social and recreational amenities, such as swimming pools, sports fields, and playgrounds, making it easy for residents to stay active and socialize with their neighbors.
https://listingturkey.com/property/avrupa-konutlari-esentepe/
Serviced Apartment Ho Chi Minh For RentalGVRenting
GVRenting is the leading rental real estate company in Vietnam. We help you to find a serviced apartment for rent in Ho Chi Minh & Saigon. Discover our broad range of rental properties in Vietnam.
For more details https://gvrenting.com/
Recent Trends Fueling The Surge in Farmhouse Demand in IndiaFarmland Bazaar
Embarking on the journey to acquire a farmhouse for sale is just the beginning; the real investment lies in crafting an environment that contributes to our mental and physical well-being while satisfying the soul. At Farmlandbazaar.com, India’s leading online marketplace dedicated to farm land, farmhouses, and agricultural lands, we understand the importance of transforming a humble farmland into a warm and inviting sanctuary. Let's explore the fundamental aspects that can elevate your farmhouse into a tranquil haven.
2. As if purchasing or refinancing a
home wasn’t stressful enough, the
key professional players in a real
estate transaction don’t necessarily
have their client’s best interest in
mind, according to real estate and
finance attorney David Soble of
Proven Resource. Contractual
limitations, professional conflicts of
interest, and lack of proper professional
guidance are prevalent throughout the
real estate transaction.
ProvenResource.com
3.
4. First, never waive the right to a home
inspection.
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Second, purchasers should select
their own home inspector.
Third, avoid blurring the distinction
between an appraisal and an
inspection.
HOME INSPECTORS
5. An appraisal is a professional opinion
as to the value of the subject property.
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While the appraiser may note
deficiencies in the property’s condition,
it cannot ever be mistaken for a home
inspection.
An inspection should consist of a
thorough examination of a homes
mechanical and structural condition.
HOME INSPECTORS
6. A home inspectors liability is often
limited to the cost of the inspection
itself, and no more.
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So an inspector who fails to note a leaky
roof may only be liable for $300, the
average cost of an inspection.
Therefore, if a specific item is
questionable, call on a licensed
contractor to delve further and give
you peace of mind.
HOME INSPECTORS
7. It is not surprising that many legal issues
involved with real estate transactions
involve the real estate agent as they are the
center of the transaction.
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But understand an agents limitations. Work
with a buyers agent or sellers real estate
agent, but not both.
Known as a "dual agent", the real estate
agent is responsible for representing both
parties.
REAL ESTATE AGENTS
8. There is absolutely no way that a
professional can represent the
competing interest of a buyer and seller.
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Purchasers can remove the potential for
conflict of interest by hiring their own
buyer’s agent.
Finally, understand that a sellers agent
has their professional duty to the seller.
Not the buyer.
REAL ESTATE AGENTS
So tread carefully. Purchasers should not
disclose information to a sellers agent
that they don't want the seller to know.
9. Residential lenders are required to
disclose all of the third party vendors
that they intend to use in a transaction.
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Appraisers and title companies are third
party vendors and loan applicants are not
legally required to use them.
Find a licensed appraiser or title
company before you apply for your
mortgage.
LENDING OFFICERS
10. Also, get "pre-approved" by a lender
before going house hunting.
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Purchasers should avoid using the real
estate agents lender referral unless they
are having difficulty securing a mortgage
on their own.
Loan officers often rely on referrals
from agents and they can, and will
discuss your finances and credit with
the agent.
LENDING OFFICERS
11. Buying a home requires home insurance.
After closing on the property, keep the
insurance agent informed of significant
changes planned for the home.
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When making any material structural changes
that involves wiring or plumbing, or any other
change that requires pulling a building permit,
don’t skimp, pull the permit.
No matter how handy a homeowner may be,
if there is a fire, flood or other home disaster,
the insurance company could deny your
claim because your improvements were
done without a permit.
INSURANCE AGENTS
This is true even when homeowner repairs
were not the direct cause of a structural
problem.
12. It is standard in the real estate industry to
secure title insurance with a home sale or
refinance. In a sale, the seller customarily
pays for an owners policy for the buyer equal
to the purchase price.
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If the buyer financed the purchase, then a
lender’s policy in the amount of the mortgage
is paid for by the buyer.
Review the title policy. Title insurance has
exceptions and exclusions which is based
upon what is revealed in the public real
estate records.
TITLE AGENTS
A buyer needs to know these exceptions as it
could impede their ability to sell their
property in the future.
13. Moreover, when a buyer purchases a home
below market value, they should purchase title
insurance equal to the home value, not the
purchase price.
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For example, a buyer who purchases a home
for $75,000 and valued at $100,000, would
be exposed to $25000 in the event of a title
claim. No one is ever precluded from
purchasing more title coverage.
Finally, If there is a title issue, consult with a
real estate attorney as no other real estate
professional is qualified to comment on the
legal consequences of clouded title.
TITLE AGENTS
14. While is sounds self -serving, for most people,
purchasing real estate is one of life’s most
significant legal and financial transactions.
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Hiring a real estate agent costs about 3 to 6
percent of a home’s purchase price. Secure
home financing cost anywhere from 1 to 3
percent of the loan amount.
Why people sign a purchase agreement, a
mortgage loan agreement, or sign off on
warranties, title schedules, insurance
declarations, or other various third party
legal agreements, without the expertise of a
real estate attorney, is puzzling.
REAL ESTATE ATTORNEYS
15. ProvenResource.com
Real estate transactions are all about legal contracts
in the end. A loan officer is not an attorney. A real
estate agent is not attorney. A neighbor or cousin, may
or may not be an attorney. Don’t skimp. And when any
real estate professionals pushes or "encourages" a
home buyer to forgo legal advice, then that in itself is a
pretty good sign that a real estate attorney is needed.
READ MORE ABOUT FINANCIAL RELIEF HERE:
http://www.provenresource.com/
16. Since 1990, attorney David Soble has represented
lenders, loan servicers, consumers and business
owners in real estate, finance and compliance matters.
For over 25 years, he has been involved in thousands
of real estate transactions and has successfully
negotiated and saved millions for his business and
consumer clients.
ABOUT THE AUTHOR
ProvenResource.com
31800 Northwestern Hwy.
Suite 350
Farmington Hills, MI 48334
Phone: (888) 789-1715
Disclaimer: You should not rely or act upon the contents of this article without seeking advice from your own, qualified attorney.