Viewing: Real Estate

Boca Raton FL Condos

First Time Buyer Condominiums are a good way to get into the housing market if you can’t afford to buy a house or prefer this type of lifestyle. Condos are also great if you don’t want to spend a lot of time doing yard work or maintenance. One important thing to remember about a condominium is that you don’t actually own the unit you live in nor the lot. You own the air space inside the walls, ceiling and floor…

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Consumer Real Estate Directory

Real Estate Associations & Organizations AHA – American Homeowners Association ASA – American Society of Appraisers ASFMRA – Society of Farm Managers and Rural Appraisers BOMA – Building Owners & Managers Association CRE – Counselors of Real Estate ERC – Employees Relocation Council FREA – Foundation of Real Estate Appraisers IREM – Institute of Real Estate Management Mortgage Bankers Association NAHB – National Assoc. of Home Builders NAIOP – National Association of Industrial and Office Properties NAR – National Association…

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Florida Real Estate Contracts

Contract Knowledge Buying a home, you are entering into a legally binding contract that must be clearly understood both in terms of rights and obligations. Today’s real estate contracts are quite lengthy. Agents are trained to understand and explain the contract along with the reports that are involved in a real estate transaction. Have your agent give you a sample contract to read over prior to you making your first offer. Get explanations to areas you don’t understand. This will…

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Credit Reports and FICO Scores

Good FICO Scores = Best Loan Rates FICO scores (credit score) are what the vast majority of American mortgage lenders use to evaluate home loan applicants’ creditworthiness. The scores are based on a number of factors that analyze the electronic credit files maintained on virtually all adults in the U.S. The scores range from the 300s to around 850, with higher scores indicating lower risk. Many lenders reserve their most favorable quotes of rates and fees for applicants in the…

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Florida Real Estate Disclosures

Mandatory Disclosures Required With ever increasing mandatory disclosure obligations being placed on sellers of real estate, it can be difficult to keep-up with new requirements. Below is a summary of disclosures required in residential transactions (1-4) units. Many of these disclosures are required on commercial transactions also. Local residential disclosures may exist also, therefore it is always prudent to inquire about such requirements before escrow closes. Required Disclosures TDS (Transfer Disclosure Statement) The law requires a seller to provide prospective…

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Real Estate Escrow Accounts

What is Escrow? Escrow is the depositing of funds and documents by the parties to a transaction with an impartial or neutral third party. It takes orders from sellers, buyers, lenders, inspectors and others setting out the terms and conditions under which further delivery is to be made. Many escrows are done through title companies which provide reports and title insurance. Escrow enables the parties in a real estate transaction to reduce the risk. The Escrow Holder Acts as: A…

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Boca Raton Real Estate Appraisals

Why a Real Estate Appraisal? There are many reasons why you need a real estate appraisal. Reduce property taxes, probate, estate planning, divorce settlements are some. The most common one is to obtain a mortgage. Most lenders are required by federal and state laws and current banking regulations to obtain an appraisal for most loans secured by real estate. As of Jan. 1, 1993, all appraisals made for mortgage loans from federally insured lenders and other federally related transactions must…

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Real Estate Foreclosures

All of us want a bargain There are no better bargains in real estate today than the purchase of distressed properties at substantially less than fair market value. The process is not complex, but success in this field requires a large amount of time to research and a more modest amount of money. Five Ways to Acquire In general, there are five basic ways to acquire foreclosures at discounted prices. All but one of them permit the buyer to pay…

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Geological Disclosures

Geological Hazards M any home buyers may be unaware that official geologic and flood hazard maps have been developed by local, state, and federal agencies to delineate areas which may be subject to floods or geologic hazards. Real estate brokers and agents in Florida have undertaken part of the responsibility of informing buyers about potential geologic hazards. This geologic disclosure is just one of the many services provided for buyers and sellers by their agent. As a result, buyers are…

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Holding Title on Boca Raton Real Estate

Five Methods of Holding Title: Tenancy in Common Sole Ownership Community Property Joint Tenancy Community Property with Right of Survivorship Tenancy in Common The following are definitions of common vesting as an informational overview. Consumers should not rely on these as legal definitions. We urge you to carefully consider your titling decision prior to closing, and to seek counsel to obtain the most suitable ownership choice for your particular situation. Sole Ownership Sole ownership may be described as ownership by…

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