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Answers to Frequently Asked Questions About Inspections, Title, etc.
Information for Sellers
What is title insurance?
Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims, or other matters not shown or disclosed to the new owner that attach before date of policy.
What is a wood-destroying organism inspection report?
A wood-destroying organisim inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisims or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisims include subterranean termites, dampwood termites, carpenter ants, wood-boring beetles, and wood decay fungus.
What are the hazards of lead-based paint?
All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy.
What are closing costs?
Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For Sellers, they are usually about 9.5-10% of the total sales price of a property. Some of the closing costs you might encounter are: discount points, escrow fees, documentation fee, homeowners' association fees, pest inspection fees, real estate commission, and title insurance premium.
What is the difference between "pre-qualified" and "pre-approved"?
If a buyer is "pre-qualified," it has been determined, with a loan officer, what price the buyer can afford, based on the down payment, debts, and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of your probable credit. If the buyer is "pre-approved," his/her credit, employment and funds have been approved by the lender.
What should a home inspection include?
Every home inspection should include, but not be limited to, an evaluation of the following:
- Foundations
- Roof
- Heating and air conditioning systems
- Ventilation
- Common areas (for condominiums)
- Septic tanks, wells or sewer lines (there may be an additional fee for this)
- Insulation
- Plumbing and electrical systems
- Ceilings, walls and floors
- Doors
- Hazardous materials concerns (there may be an additional fee for this)
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