Good news on the energy efficiency front related to residential real estate: homes have become much more energy efficient! In 1978, all residential properties consumed 10.58 quadrillion Btu. In 2005, the number stood at 10.55 quadrillion Btu. That may not seem like any progress at all until you realize that during that time frame: The average square footage of a house increased by 32%. …
The quick facts on earnest money When you execute a contract to buy a home, you will offer some earnest money to the seller. The contract specifies when you need to provide the earnest money to the seller or seller’s agent and this is normally within a few days of contract execution. This check will be cashed within 24 to …
You need to schedule inspections on the house you are buying. 2. You have to get your inspections done prior to the Inspection Objection Deadline found in Section 2 of the contract. 3. Read our report HERE re: inspections. We consider the inspection process to be one of two of the most important steps in a home purchase …
Ask your agent if he/she is aware of any existing home warranties that may be in effect or available for the house you are buying. Here are some possibilities: New Home Warranties: New home builders typically provided some kind of extended warranty covering the structure of a home for 5 to 10 years. The remaining term on such warranties usually transfers …
Buyers and sellers are obligated to make accurate disclosures and representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers. Sellers are obligated to disclose latent property defects to buyers. A latent defect …
If you are buying a property with another person, you have to decide how you want to hold title to the property. If you are the sole purchaser of the property, you can ignore the rest of this post. The two options for holding title are: (1) Joint Tenants or (2) Tenants-In-Common. A basic difference is what happens when an …
It’s time to make sure that your home owner’s insurance is in place. Even if you are buying a condo or townhouse or any property where the hazard insurance on the structure is being paid by a home owner’s association, you’ll still need to obtain what is commonly called “condo” insurance — it covers certain interior real estate items, your …
The exact amount of cash you need to bring to closing is typically not known until within 24 to 48 hours of closing. At that time, you’ll need to be able to go to your financial institution to get a cashier’s check for that amount. Alternately, you’ll need to contact your financial institution to have the money wired to the …
Federal law requires sellers to provide a lead-based paint disclosure to the buyer if the seller’s house was “permitted” prior to January 1, 1978. As part of that disclosure, the buyer acknowledges receipt of the government publication entitled “Protect Your Family from Lead in Your Home”. At this point, your CHR agent won’t know if you will buy a house, …
Radon is a colorless and odorless gas produced by the radioactive decay of uranium. It has been linked to lung cancer. Radioactive materials in the soil decay and give off radon gas and the gas gets into a house through crawl spaces, sump pump pits, joints and cracks in basement slabs or sub-floors. The EPA has set a standard of …
Do you plan to sell your house in 3 years? 5 years? 8 years? Many homeowners have a sense of when they are likely to make their next move. It may be due to kids completing school and moving out, retirement or any number of factors. If this applies to you, then making strategic improvements to your property now is …
A home owner recently called one of our agents for input. He and his wife were thinking about adding solar panels to their home. It turned into a fascinating conversation over a three-week period and resulted in identifying key factors to consider in making this decision. Here’s the summary of issues to contemplate: Environmental Care: Climate change is a controversial topic, but it …