Real estate commissions are a percentage of the money made from a home sale taken by real estate agents. Because commissions are a percentage, agents make more money selling an expensive home than selling a cheaper property. This is why it is in an agent’s best interest to sell a property for the highest amount […]
Contingent and Pending are both statuses you’ll see on a home listing when an offer has been made, but they mean different things legally. Pending means a contract is made and the buyer can’t back out, whereas Contingent means the seller must meet certain requirements for the sale to be finalized. These contingencies can include […]
If you’ve found your home has a cracked foundation, you’re likely wondering how bad it is and how much it will cost to fix it. The good news is that not every crack needs fixed, the bad news is that some foundation cracks are indicators of more serious issues that are too expensive to repair. […]
Deeds are legally binding documents which transfer ownership of property from one person to another. It’s important for you whether you’re a grantor (the seller) or a grantee (the buyer) to know about the different types of deeds in real estate because each one can protect you during and after the transaction. Fun fact: There […]
In real estate, the difference between grantor vs. grantee is that the grantor is the person who transfers a property they own to a grantee, the receiver. So why not just say seller and buyer? Because there is legal meaning behind the titles “Grantor” and “Grantee” when it comes to the deed. A deed is […]
Title insurance is an insurance policy that protects a homeowner or lender if somebody puts a claim against the property being purchased. Title insurance policies are there to protect you as the buyer after you have closed on the property from any issues that were not discovered during a title search. There are two types […]
A probate sale in real estate is when a house belonging to a deceased person is being sold; ‘probate’ being the legal process after someone dies. In probate, courts distribute the deceased’s property in accordance with their will. You will come across one of two people at this stage, the executor and the administrator. An […]
A distressed property is a home where the homeowner has fallen behind on a few (usually three) mortgage payments to their lender, or there is an impending lawsuit coming to the property. When this happens, the lender may take steps to protect themselves from a financial loss by filing a “lis pendens” notice on the […]