A Contract is Born
The Appraiser Coach
FEBRUARY 22, 2022
What makes a contract a contract? Is it the legal prose, the professional typesetting, or the date across the top? I’m no lawyer, but my mentor once told me that. Read More.
Unwrapping what to expect in your home inspection, appraisal and closing
Housing Wire
JUNE 11, 2021
What’s the difference between a home inspection and an appraisal? Before you get overwhelmed, take comfort that critical milestones of home inspection, appraisal and closing processes are all great ways to get more acquainted with your prospective new home. Home Inspection. Have you budgeted for closing costs?
Inspection 
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Real Estate Sales Agreements: Understanding Your Contract
Movoto
APRIL 8, 2024
This is a legally binding agreement between the buyer and seller that helps ensure the sale will be completed according to the contract’s outlined conditions. Real estate purchase contracts come into play to protect both parties and move the sale forward, helping prevent either party from wasting the other’s time and money.
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What Does Under Contract Mean in Real Estate?
Raleigh Realty
FEBRUARY 24, 2022
What Does 'Under Contract' Mean in Real Estate? You've decided to buy a home and whether it's your first home or your tenth you're likely to stumble across homes that are listed as 'under contract' on the real estate listing. Then, you look at the status and that other shoe finally has a chance to drop: it's "under contract."
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What Is a Land Contract In Ohio? Full Guide [2021 Update]
The Robert Weiler Company
JANUARY 2, 2021
Are you familiar with a land contract in Ohio, as well as the state-specific requirements? What is a land contract in Ohio, really? Essentially, a land contract is an alternative financing option if you’re investing in: Farmland or raw land. So, what is a land contract agreement, and how does it work? A home or condo.
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Why Buyers Shouldn't Waive Inspection Contingencies
Eppraisal
OCTOBER 26, 2021
Some are waiving appraisals and others are even offering to waive inspection contingencies. Inspection Contingencies Defined When buyers and sellers agree on all the terms of a real estate contract, it is signed and delivered to all parties. Some buyers like to have the roofs inspected by roofing companies.
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5 best Arizona real estate schools for 2024
Housing Wire
DECEMBER 8, 2023
Prospective Arizona real estate agents must fulfill a 90-hour prelicensing program from an Arizona Department of Real Estate (ADRE)-approved school and pass a six-hour contract writing course , for a total of 96 class hours. Course includes contracts used in real estate transactions with samples and practical contract completion exercises.
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Home Inspections vs Home Appraisals
D Fritz Appraisals
AUGUST 12, 2019
What’s the Difference Between a Home Inspection and a Home Appraisal? If you’re in the market for a new home, the terms “home appraisal” and “home inspection” are more than likely to come up at some point as you zero in on a property you want to buy. What Is a Home Inspection? What Is a Home Appraisal?
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How a Seller’s Home Inspection Can Net You More Money When You Sell
Eppraisal
AUGUST 19, 2022
Home buyers almost always have a professional home inspection performed by a licensed inspection company when they purchase a home. However, it is not a bad idea for sellers to have a home inspection, or pre-listing home inspection, performed as well. This way, you will have fewer negotiations with your buyer.
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ProTip: Optimizing Signature Fields
GoForrmz
AUGUST 14, 2023
Digital Signature Form Field: The classic Signature form field is a generic, non-E-SIGN Act-compliant digital signature that is best suited for anything that isn’t legally binding. The fields are stylized differently for the sake of legibility and ease of use for form creators.
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Options for Buyers Wishing to Inspect a Seller’s Home
Will Springer Realtor
MARCH 1, 2022
A home inspection is almost always the best route to take before purchasing a property. In a competitive market, however, buyers recognize that submitting an offer with a request to conduct a traditional inspection can hurt their chances of winning a bidding war. This is the best option when a traditional inspection is not viable.
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7 Takeaways: Due Diligence Fee and Earnest Money in Real Estate
Raleigh Realty
AUGUST 17, 2021
Understanding Due Diligence and Earnest Money in North Carolina Real Estate When you go under contract on a home in North Carolina you are going to encounter terms like Due Diligence and Earnest Money. It's important to note that real estate contracts and laws change depending on what state you are in. Due Diligence: What Is it?
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The hybrid appraisal is here. Who benefits?
Housing Wire
JULY 12, 2022
Luke Tomaszewski, an appraiser doing home inspections in the aftermath of the housing bust, was traveling as much as an hour across Chicago just to snap exterior photos of bank-owned properties. At $50 to $100 per inspection, according to ProxyPics, it’s certainly less expensive than sending an appraiser. An offer comes in at 5 p.m.
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Just Put in an Offer on a Home? Here's What to Expect
Eppraisal
OCTOBER 23, 2023
Your bid may need to be higher, your contract contingencies may be undesirable or other buyers may have more attractive financing requirements. You can say no to the counteroffer, accept it or propose new changes to the contract. Arriving at a verbal agreement differs from being in a contract.
Why You Should Use a Real Estate Attorney to Sell Your Home
Lamacchia Realty
FEBRUARY 2, 2023
WHY YOU SHOULD USE A REAL ESTATE ATTORNEY TO SELL YOUR HOME As a home seller you may think you are saving money by not hiring an attorney to guide you through the legal aspects of your sale but in actuality, it could end up costing you more not to! Again, this is a legal document that needs to be done right!
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Pros and Cons of Selling Your Home As-Is
Cleveland Appraisal Blog
AUGUST 11, 2022
Therefore, you don’t have to fix or account for any issues that might be discovered in a professional home inspection issued by the buyer. The type and range of information you have to provide in the seller’s property disclosure will, of course, depend on the legal regulations of the state where you have the property.
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The Role of an Attorney in a Real Estate Transaction
Eppraisal
JULY 19, 2022
Contract Review Whether you are a home buyer or a home seller, once you sign a contract it is time to hire a real estate attorney. Most real estate contracts call for a specific amount of time, typically five to 10 business days, for attorney review. It is advised that you forward the inspection reports to your attorney.
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4 Ways to Help Manage Client Expectations
McKissock
JULY 6, 2022
I would recommend including at least property access, financial outcomes, and potential roadblocks from contract to closing. For sellers, they need a clear understanding of what showings, open houses, and inspections could entail. They should be educated on loan costs, contract fees, inspection expenses, etc.
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7 Takeaways: What Does Contingent Mean in Real Estate? (Video)
Raleigh Realty
MARCH 31, 2021
In every market though, things happen where homes that are under the contract may not reach the closing table and the contingency clause usually protects the buyer and sometimes the seller in the event the parties decide to terminate. The seller does not have the ability to accept another offer. What Does Pending Mean in Real Estate?
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Commercial Property Manager Maintenance Tips for Every Season
The Robert Weiler Company
SEPTEMBER 20, 2020
Inspect Equipment for Safety. Call upon a professional when inspecting the HVAC system. Summer is the best time to renegotiate contracts, plan for significant repairs, and take care of pesky pests. Review Finances and Renegotiate Contracts. Inspect and Clean Debris. Better to be safe than sorry!
9 Things to Know Before Selling a Home For Sale by Owner
Raleigh Realty
MARCH 23, 2021
And while that may be enticing, there are many other costs and legal repercussions that are associated with selling a home that will be the full responsibility of the seller if a real estate agent is not involved. For example, buyers may make an offer on your home that is contingent on your house passing a home inspection.
USPAP Myths for Appraisers
Appraisal Today
JANUARY 5, 2024
Arouse the suspicion of an entire neighborhood when inspecting comparable sales. You’ll learn key ways to work on eliminating bias and reduce your legal risk. But the speaker can tell us about the legal side, such as “bad” allegedly biased appraisers in the news. Legal topics are very popular with appraisers.
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What Does "As Is" Really Mean
Eppraisal
SEPTEMBER 30, 2021
Many real estate contracts have this provision written in as an optional paragraph. The buyers and sellers need to initial the paragraph to make it part of the contract terms. Sometimes sellers think that "as is" means that the buyers are waiving the inspections. However, it's the legality of the situation.
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How Surplus & Excess Land Work
Cleveland Appraisal Blog
JANUARY 7, 2021
However, what if the car salesman said that the buyer would have to sign a contract stating that they could not resell the second car? In that analysis we must determine if the use of the land is legally permissible, physically possible, financially feasible and most profitable. They would just have to figure out a way to use it.
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For Sale By Owner (FSBO): A Comprehensive Guide for 2023
Listing Spark
OCTOBER 9, 2023
Understand buyer motivations, be open to reasonable offers, and consider seeking legal advice for more complex negotiations. Legal and Paperwork: Familiarize yourself with local and state laws regarding disclosures, contracts, and other legal requirements. Negotiation Skills: Brush up on your negotiation skills.
Ways Home Buyers Can Get Their Offer Selected
Hank Miller Team
FEBRUARY 27, 2022
Princes are conventional loans with as much down as possible Offer 3-4 in earnest money and deposit it within a day of contract Waive contingencies like inspection, appraisal, and financing Learn what is key to seller and try to accommodate them Keep things simple, no nonsense stipulations or asks This is the market right now (late 2/22).
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How to Find a Property Manager Company in Ohio
The Robert Weiler Company
MARCH 29, 2023
With regularly scheduled inspections, potential issues are discovered early on before it turns into an emergency. Also, you can sometimes obtain maintenance services at a discounted rate when the work is contracted through the property management company. Reduce legal concerns. Save time, money, and energy.
The Many Shades of Earnest Money
Eppraisal
JULY 12, 2022
Earnest money is the money a buyer offers to have deposited at contract time to show he is earnest or serious about purchasing the home. How Earnest Money Works When you submit an offer to purchase a home, part of the contract deals with earnest money. What Happens to the Earnest Money if the Contract is Canceled?
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The Real Estate Transaction: Part 2 - From the Eyes of the Seller
Eppraisal
DECEMBER 23, 2022
Inspection Period After the contract is signed and delivered to all parties, it becomes a fully executed contract. The contract allows the buyer a certain number of days to have home inspections performed. You'll have to make your home available for these inspections as there may be more than one.
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Selling a home as-is: What you need to know in 2022
Listing Spark
DECEMBER 2, 2022
Unfortunately a contract’s “as-is” clause can be confusing for some sellers. The “as-is” clause on a standard Texas TREC contract can be confusing for some home-sellers. A buyer might check the box in the contract that says they are purchasing the home as-is.
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Practical Tips for Working With AMCs
Appraisal Today
NOVEMBER 4, 2022
Our office updates AMCs on every scheduling attempt with details, every inspection appointment set and completion, and any materials needed ASAP in the assignment. Appraisers tend to get annoyed with constant emails from the AMC about inspection date, completion, report submission, etc. Property inspection date. Effective date.
New Year, New You: Transforming Your Appraisal Career in 2023
McKissock
JANUARY 6, 2023
An assessor may contract with an independent fee appraiser to help identify property characteristics, measure properties, confirm the building’s condition and quality of construction, or review assessment disputes from taxpayers. These may be full-time jobs or contracted services.
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7 Problems to Watch Out for During a Home Renovation
Eppraisal
OCTOBER 20, 2023
To prevent plumbing problems, hire a licensed plumber with a strong track record to inspect your existing system before starting the project. Inspect for water seepage — a common issue in older homes where water can infiltrate from the roof, walls and leaky plumbing lines.
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Purchasing & Developing Land - Part 2 - The Process of Purchasing Land
Eppraisal
JANUARY 29, 2023
In this posting, we will follow the acts of contract negotiation and legal settlement when undeveloped land changes ownership. Other information on the land is there, too: square footage/acreage, legal address, assessed value and the last sales price, to name a few. Subsequently, the process of conveyance must proceed.
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Final Walkthrough Before Closing
Eppraisal
FEBRUARY 25, 2022
A critical step in the home buying process is the final walkthrough of the house, before it officially and legally becomes yours. The purpose of a final walkthrough is to be sure the home is in the same or better condition than it was when you signed a contract. Inspect the electricity by turning on and off all lights and ceiling fans.
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Pre-Appraisal Checklist for Homeowners
D Fritz Appraisals
MARCH 16, 2021
The benchmark for your home’s worth, an appraisal is a legal document that determines the fair market value of a property. Home inspection reports (current and previous). If you’re unsure about the difference between each, we have a helpful blog post on home inspections vs. home appraisals. Plot/blueprint or property survey.
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Fannie Mae: No Appraisals Required? 3-10-23
Appraisal Today
MARCH 31, 2023
First, “third party” inspections. And, with this inspection a traditional appraisal is no longer a requirement for the mortgage loan. Secondly, the 3rd party inspection is sent to a licensed appraiser. The average contract interest rate for 30-year fixed-rate mortgages backed by the FHA increased to 6.56
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Find Out What Really Happens When You Waive Contingencies to Score a Home
Realtor
DECEMBER 7, 2019
Contingency: Home inspection. The right to get a full, professional home inspection—and flee into the night if new and horrifying info comes to light—is a crucial contingency. Like a general inspection contingency, which gives you the right to void the contract, but not to ask for repairs. Fear factor: 4. Abort mission.
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Pros and Cons to Selling a House As Is
PennyMac
SEPTEMBER 6, 2023
Buyers will have an inspection done and the cost of some repairs or updates, especially those regarding safety, often falls to the seller. Less hassle and negotiating A home inspection that uncovers a lot of issues can cost a decent amount of money upfront. Selling as is means you can usually avoid those possibly expensive repairs.
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Tempted To Waive Contingencies to Score a Home? Watch Out for These Dangerous Repercussions
Realtor
DECEMBER 7, 2019
Contingency: Home inspection. The right to get a full, professional home inspection—and flee into the night if new and horrifying info comes to light—is a crucial contingency. Like a general inspection contingency, which gives you the right to void the contract, but not to ask for repairs. Fear factor: 4. Abort mission.
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The REO Guide: 10 Steps to Buying a Bank-Owned Home
PennyMac
DECEMBER 22, 2020
The lender initiates legal proceedings against the borrower to foreclose on the property. Your agent should also be able to tell you if you need to hire anyone else, such as an attorney or an inspection service, depending on your state and situation. Depending on the lender, you may need to submit special contract forms or paperwork.
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Say What? Home-Buying Lingo You Should Know
Zillow
JULY 15, 2019
American Society of Home Inspectors (ASHI) : A not-for-profit professional association that sets and promotes standards for property inspections and provides educational opportunities to its members. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more.
NFT mania and the future of the home sale
Housing Wire
MARCH 7, 2022
The NFT representing ownership of an LLC representing ownership of a house is 100% legally meaningless. between signing a contract to buy a home and purchase closing is 50 days, according to a September 2021 report from ICE Mortgage Technology. Propy said it is not against the home inspection process. Or, how it may not.
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Warehouse Space in Columbus, Ohio: 17 Actionable Steps to Find, Lease & Organize Your Next Hub
The Robert Weiler Company
APRIL 5, 2023
LawDepot™ explains a sublease as, “… a legally binding contract between a tenant and a new tenant… The sublease gives the subtenant the right to share or to take over the rented premises from the first tenant.” Do they have any legal problems? office, inspection station, docking)? Consider subleasing.
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