Know These 6 Real Estate Terms before Buying a Candlewood Lake Home
Purchasing a Candlewood Lakeand Lake Lillinonah property is a major milestone in life. For many people,
buying a home is on top of their lifetime to-do-lists, and maybe their list of
financial fears too. Being prepared can alleviate the fear or stress that
usually goes with the home buying experience. Take control of the home buying process by familiarizing yourself with the following real estate terms:
1. Earnest Money
Earnest money refers to the
deposit made to a seller which shows the buyer’s good faith in the real estate
transaction. Basically, it tells the seller that you are a serious and
committed buyer. Earnest money also allows the buyer additional time when
seeking financing. It is typically held jointly by the seller and buyer in a
trust or escrow account.
2. Credit report
A credit report is a
detailed written account of an individual’s credit history. This is prepared by
a credit reporting agency. Credit bureaus collect information and create credit
reports based on that information. Credit reports generally include information
on loans, credit cards, and other bills and accounts, as well as a record of
the individual’s addresses and employers. Lenders use the credit report, along
with the other details specified, to determine the loan applicant's’
creditworthiness.
3. Adjustable rate mortgage
Adjustable rate mortgage is
the opposite of fixed rate mortgage. This type of mortgage has a variable
interest rate, depending on the prevailing rates as set by the country’s
monetary authority. The interest rate applied on the outstanding balance varies
throughout the life of the loan. Usually, the initial interest rate is fixed
for a period of time, after which it resets periodically, often every year or
even monthly.
4. Homeowner’s Association
Homeowner’s association is
an organization composed of neighbors concerned with managing the common areas
of a subdivision or a condominium complex. The association makes and enforces
rules for the properties in its jurisdiction. These associations collect
monthly dues and take on issues such as garden, pool, and fence maintenance,
noise abatement, snow removal, parking area upkeep, repairs, and dues. The
monthly dues are used to pay for upkeep of common areas like parks, tennis
courts, elevators and swimming pools and can levy special assessments on
homeowners when the association lacks sufficient reserves to pay for unexpected
repairs.
5. Multiple Listing Service
Multiple Listing Service
(MLS) refers to a computer-based service that provides real estate
professionals with detailed listings of most of the homes currently on the
market. The MLS allows real estate professionals to see one another’s listing
of Candlewood Lake real estate for sale. Under this arrangement, both the
listing and selling brokers benefit by consolidating and sharing information,
and by sharing commissions.
6. Home Inspection
Before purchasing any
Candlewood Lake home, one of the things you should do is to have the property
checked out by a professional home inspector. The home inspection is an
examination of a real estate property's condition that is usually performed in
connection with the property's sale. The home inspector will assess the
condition of a property's roof, foundation, heating and cooling systems,
plumbing, electrical work, water and sewage, and some fire and safety issues.
Moreover, the inspection will look for evidence of insect, water or fire damage
or any other issue that may affect the value of the property.
Know these terms today and
talk to your trusted real estate professional for any clarifications you may
have. Check out
www.CandlewoodLakeHomesforSale.com today to see the latest real estate listings
in the area.
No comments:
Post a Comment