What is an Escrow Account?
An escrow account refers to the financial instrument, managed by a third party, holding in escrow various funds (see above) involved in a...
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ngramuglia3
May 22, 20231 min read
What is a Real Estate Purchase Contract?
A real estate purchase contract or REPC (pronounced “rep see”) is a legally binding document that outlines the terms and conditions of a...
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ngramuglia3
May 22, 20231 min read
What is a Home Inspection?
A home inspection usually occurs after a home is in contract — that is, buyer and seller have signed an initial agreement. Conducted by a...
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ngramuglia3
May 22, 20231 min read
What is a Conventional Sale?
A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what...
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ngramuglia3
May 22, 20231 min read
What is a Conventional Sale?
A conventional sale is when the property is owned outright (has no mortgage remaining) or the owner owes less on their mortgage than what...
17 views1 comment
ngramuglia3
May 15, 20231 min read
What is Under Contract?
Being under contract refers to a prospective buyer and seller reaching an agreement on a property. At this early stage, both parties are...
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ngramuglia3
May 15, 20231 min read
What is Right of Refusal?
A lease or contract might include "right of first refusal" to note that an individual has the right to put an offer on a property before...
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ngramuglia3
May 15, 20231 min read
What is Pre-Approval?
The pre-approval process involves a potential lender or bank reviewing an individual's finances, including their income, assets, and...
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ngramuglia3
May 15, 20231 min read
What is Fair Market Value?
Fair market value is the amount a property would sell for in a competitive market, or when a seller and buyer can agree on the price of a...
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ngramuglia3
May 15, 20231 min read
What is an Exclusive Listing?
An exclusive listing is when a seller commits to working with one specific broker and a designated agent on the sale of a property. ...
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ngramuglia3
May 15, 20231 min read
What is Equity?
Equity is calculated by taking the difference between the amount owed to a lender and the market value of a property. Considering a...
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ngramuglia3
May 8, 20231 min read
What is Easement?
An easement grants someone the legal right to use another person’s real estate for a specific purpose while leaving the title in the...
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ngramuglia3
May 8, 20231 min read
What is a Breach of Contract?
A breach of contract is a violation of any term or condition included in your real estate contract. This can apply to sellers or buyers...
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ngramuglia3
May 8, 20231 min read
What is a Bill of Sale?
A bill of sale records the transfer of a property from a seller to a buyer. The seller typically signs this document at closing. The bill...
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ngramuglia3
May 8, 20231 min read
What is Assessed Value?
Assessed value is the dollar value placed on a home by the local municipality, which then decides how much a homeowner owes in property...
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ngramuglia3
May 8, 20231 min read
What is an Adjustable-Rate Mortgage?
An adjustable-rate mortgage (ARM) is a mortgage with an interest rate that goes up or down based on market conditions. There's usually a...
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ngramuglia3
May 8, 20231 min read
What Are Closing Costs?
Closing costs are the other expenses associated with the sale of a home. or example, the buyer has a variety of fees connected to...
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ngramuglia3
May 1, 20231 min read
What is a Conventional Mortgage?
Conventional mortgages are funded by private lenders rather than government-backed agencies. Most often, these loans are then sold to...
6 views2 comments
ngramuglia3
May 1, 20231 min read
What is Due Diligence?
Due diligence is the period of time when a buyer examines a home’s condition and contract terms before becoming legally obligated to...
12 views1 comment
ngramuglia3
May 1, 20231 min read
What is an Exclusive Listing?
An exclusive listing occurs when a seller contractually agrees to work with only one broker. In contrast, an open listing means the...
1 view0 comments
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