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Key Real Estate Terms To Know When You Want To Sell Your House Fast in Columbia SC

July 16, 2022 by tarjetavitual.com
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If you’re planning to sell your home quickly and quickly in Columbia SC, there are some terms in the real estate industry that you need to know. Below, we’ve listed some of the terms that you could encounter when selling your home within Columbia SC. We invite you to contact us with any concerns or else you’d like to learn about selling. We’re happy to address any questions you may have. 

Appraised Price

An appraised value refers to an assessment of the property’s worth by an appraiser who is a professional. It can be performed in the mortgage origination process or by the seller or buyer privately to determine what the worth of the house is. A property appraisal appraisal is also a good idea to calculate tax benefits or following divorce.

Assessed Value

The appraised value of a property can determine the amount that homeowners will have to pay for property taxes. The appraiser for the property will take into consideration the location of the property as well as the information about inspections of the house, and recent sales of homes within the region.

Carrying Costs

The cost of carrying are the expenses you face every month in order to maintain your home. These include things like tax payment as well as insurance premiums, utility bills, and maintenance expenses.

Clear Title

Clear title means the property is free of ownership rights to the property, and there aren’t any liens that are attached to the house.

Comparative Market Analysis

A Comparative market analysis, also known as a CMA can provide details to determine the worth of the home. It will take into consideration the most recent sale prices to assist determine what your home is worth today.

Contingencies

A contingency is an stipulation in the contract which has to be fulfilled before the contract becomes legally binding and legal. Looking to sell your house fast for cash? We beat the other guys’ offers. read more

Covenant

A covenant is a formal agreement which one party offers an alternative party certain assurances. One example is covenants of warranty in a guarantee deed.

Delinquency

Delinquency occurs when a homeowner is in default on their loan. It is the time when a lender is able to initiate the collection process, possibly starting foreclosure.

Disclosures

The disclosure document is form of documentation that the seller offers to the buyerwith a document that lets them know of any issues or problems regarding the property. Failure to report a problem in your home could be considered to be fraud.

Encumbrance

An encumbrance is a right against the property, which limits its use or transfer. A lien on property is considered an encumbrance.

Foreclosure

A foreclosure happens when a homeowner fails pay their mortgage usually over a period of 90 days. The homeowner waives every right to their property, and the house becomes the property by the lender.

Inclusions

Inclusions are the personal items that are part of the sale of the house. It can include things such as furniture, appliances or even outdoor objects.

Market Value

Market value is the price of the property where the parties are not under pressure to conclude the deal and all information about the house are available. It is calculated by calculating the average of the most expensive price a buyer could pay and the lowest amount the seller is willing to agree to.

Mechanic’s Lien

A mechanic’s lien can be described as a lien against the property that will guarantee the payment of laborers, contractors as well as those who provide materials.

Negative Amortization

In the case of amortization, it’s about the process of paying off the credit, negative amortization occurs when the monthly payments you’re making aren’t enough for the interest, and the amount you owe is higher as opposed to lower.

Quitclaim Deed

A quitclaim deed transfer the right to real property’s interest from one owner to another.

Sale-Leaseback

A sale-leaseback is when a purchaser purchases the property, and then lends it to owner.

Short Sale

A short sale happens when a homeowner is able to sell their home at a lower price than the amount owed and allows the lender to recuperate a portion of the costs of the loan in lieu of foreclosure.

Title

The title is a reference to the legal owner and can legally utilize the property. Like a car it’s how you prove ownership of the property.

Title Defect

A title defect occurs where there is an unjust claim that is not in the ownership chain. It can implications on who owns legal rights to the property.

Waiver

The voluntary surrender of the right, claim or privilege. It eliminates the liability of the other party to the agreement.

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