A real estate agent is someone who has obtained a license to sell property in a particular state, while a Realtor is a member of the National Association of Realtors, a professional organization for real estate agents that requires members to adhere to a strict code of ethics.
A good investment property typically has a low purchase price relative to the potential rental income it can generate. You should also consider factors like location, the condition of the property, and potential for appreciation in value.
A home inspection is an evaluation of a property's overall condition, including its structural integrity, plumbing, electrical systems, and more. It's important because it can uncover any potential issues or hidden problems that could be costly to fix down the line.
Real estate agents typically charge a commission, which is a percentage of the sale price of the property they help to sell.
The process for buying a home typically involves finding a real estate agent, getting pre-approved for a mortgage, searching for properties that meet your criteria, making an offer, negotiating the price and terms of the sale, and closing the deal.
A fixed-rate mortgage has a set interest rate for the life of the loan, while an adjustable-rate mortgage has an interest rate that can fluctuate over time based on market conditions. Fixed-rate mortgages are generally considered more stable, while adjustable-rate mortgages can offer lower initial interest rates.
A title search is an examination of public records to ensure that the person selling the property actually has the legal right to do so. It's important because it can uncover any liens or other claims against the property that could affect the sale or ownership.
A buyer's market is a real estate market in which there are more properties for sale than there are buyers, giving buyers more bargaining power. A seller's market is a real estate market in which there are more buyers than there are properties for sale, giving sellers more bargaining power.
A home warranty is a type of insurance policy that covers the cost of repairs or replacements for certain home systems and appliances. Whether or not it's worth it depends on the specific coverage and cost of the policy, as well as the condition of the home and its systems.
There are several ways to improve the value of your property, such as renovating or updating the kitchen and bathrooms, adding curb appeal with landscaping or a fresh coat of paint, and making energy-efficient upgrades to the home's systems. It's also important to keep the property well-maintained and in good condition.
A home appraisal is an assessment of a property's value, usually conducted by a licensed appraiser. It's important because it helps determine the fair market value of the property, which is essential for securing a mortgage or selling the property.
A contingency is a clause in a real estate contract that outlines certain conditions that must be met before the sale can be completed, such as a satisfactory home inspection or the buyer obtaining financing. Contingencies can affect the home buying process by adding additional requirements and potentially delaying the sale.
A real estate investment trust is a type of investment that allows individuals to invest in real estate without actually owning physical property. REITs typically own and operate income-producing properties, such as apartment buildings or shopping centers, and investors receive a portion of the income generated by the properties.
A short sale is a type of sale in which the proceeds from the sale of the property are less than the outstanding mortgage balance, and the lender agrees to accept the proceeds as full repayment of the debt. A foreclosure is a legal process in which the lender takes possession of the property and sells it to repay the debt.
A lease agreement is a legal contract between a landlord and a tenant that outlines the terms and conditions of the lease, such as the rent amount, the length of the lease, and any restrictions or requirements. It should also include details such as the security deposit amount, the responsibilities of each party, and any rules or regulations for the property.