RE/MAX Real Estate

Useful Real Estate Information

The place to look for Grand County Real Estate Information. 

If you want more please feel free to contact me.

1. What is a Legal Description? - The written description of a piece of land giving all pertinent information such as land lot, subdivision name, Block, parcel, acreage, etc. that comprises a legal and sufficient description of a particular property.  For a real estate contract to be binding it must include an accurate legal description.

2. What is Multiple Listing Service  (MLS)? -  Multiple Listing Service is composed of hundreds of database computer systems located throughout the USA for real estate agents to showcase their available real estate listings that are for sale and for lease.  Multiple Listing Service listings in most cities are now available for viewing by the public on MLS.com.  Only a REALTOR® who is a members of the local MLS may disply his or her listings on this system.

3.What is a Closing - It is the transaction where title passes from seller to buyer and the seller is paid. The settlement statement shows all costs incurred and gained by both parties.

4. What are Closing Costs? – The expenses incurred in obtaining the property and transferring title to the new owner.  This may include, but is not limited to attorney’s fees, points, title charges, credit report fee, document preparation fee, mortgage insurance premium, inspections, survey, appraisals, prepayments for property taxes, deed recording fee, and homeowners insurance. Follow this link {  Common Closing Costs for Buyers }  for a list of buyer's common closing costs.

5.When may a room be considered a bedroom?  In order for a room to be considered a bedroom it must contain a closet.

6. What is Title Insurance? - An insurance policy that may be purchased to protect the new owner from any liens or clouds against the title.  In order to issue title insurance, the issuer will perform a title search in the county records.  Since title is searched at the time of closing, title insurance is usually less expensive at the time of closing, rather than if a buyer called the title company at a later time, as an additional title search would have to be performed prior to issuing the insurance.

7. What is a Ten Thirty One Exchange  (1031 Exchange)? – A means of deferring capital gains taxes on real estate exchanges for like kind properties. This is allowed under the U.S. Internal Revenue Code, Section 1031. Under certain circumstances a 1031 Exchange may be use for purchasing a second home.

8.What is happening to all of the trees? - We suspect you are talking about all the red and brown lodge pole pines Yes, many of these pine trees are dying. It is part of a natural process associated with the years of drought that have occurred all over the west followed by an infestation of bark beetles. These beetles target the larger trees. They bore into the tree in order to lay their eggs. The process damages the trees ability to survive. It is made worse by the fact that the beetles carry bacteria that also infects the tree. The bacteria clog the tubes that carry water and nutrients up the tree from the roots. The tree dies from lack of moisture.
This is a natural process that occurs periodically. We know this has happened in our area before since there are some historical homes that have beetle wood paneling dating back 100 years. It is part of a forest regeneration cycle.
After the large pine trees die, there is more open space and sunlight. This results in the growth of more young trees (both pine and aspen) as well as more grass and wild flowers. We are already seeing this regeneration taking place in areas that have been cleared of the dead trees!
There are benefits to this process. Since the younger trees are not as tall, many home sites have better views. The increased grass lands are also supporting many more animals and birds. Yes, it is different, but not necessarily all bad.

9. What is Escrow? - Escrow is a process that provides for a fair and equitable transfer of propety and monies between the parties of a real eatate transaction. Escrow opens when the buyer and seller sign a sales contract, commonly called a real estate purchase agreement and receipt of deposit. The contract, along with any additional instructions, serves as instructions for the escrow officer. Escrow also assures that the a lender releases any  home purchase funds at or about the same time that the deed is recorded to reflect new ownership. Escrow includes depositing, with a neutral necessary to complete the transfer.

10.What is an Easement? A legal document on certain property giving persons other than the owner the right of way, access and limited use or enjoyment of the land involved. (Example, power companies sometimes need a right of way for power lines.)  Closing documents and/or land surveys will describe and show such easements. These easements must be acceptable to the mortgage company before the buyer can consummate a binding closing.

11 What is a Home Inspection? -   An inspection made by a third party (or the buyer) for a statement of condition on the property, i.e. structural and mechanical conditions.  Many contracts to purchase are contingent on the buyer having a home inspection performed within a certain time period prior to closing.

12. What is a Listing Contract (also called Listing Agreement)?- A real estate broker (or agent, acting on behalf of the broker) and a seller sign this agreement in order to give the broker the rights to advertise the property and represent the seller.  The seller's real estate is then listed for sale, most often in a multiple listing service.  In most cases the payment of a commission to the brokerage is contingent upon the agent procuring a satisfactory buyer for the property within the time frame of the Listing Contract.  The commission is then paid to the broker from the seller’s proceeds at closing. 

13. When Is a Real Estate Agent a REALTOR®? -  A real estate agent is a REALTOR® when he or she becomes a member of the NATIONAL ASSOCIATION OF REALTORS®, The Voice for Real Estate®,the world's largest professional association. The term "REALTOR®" is a registered collective membership mark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION OF REALTORS® and abides by its strict Code of Ethics.

14. What is a Plat? – A map that is drawn to scale of a specific piece of land that shows the shape, acreage, etc.  The plat  illustrates the geographic boundaries of the  property.

15. What is a Survey? - The measurement of a parcel of real estate by a licensed surveyor.  It shows the specific details about the measurement, shape, size and location of the property.


16. What is a Contingency? - A condition that must be met before a contract is legally binding, or before a sale is to be completed. The contingency provides an out or an escape from performing if the condition is not met.

17. What is a Subdivision - A tract of land divided into lots suitable for homebuilding purposes. Some states and localities require that a subdivision plat be recorded. Click here to view information on Grand lake area {Subdivisions}.  Subdivisons are named for identification and most often the lots have common characteristics.  Additionally, a subdivision may have a Home Owners Association and/or have rules on the kinds and sizes of structures that me be constructed.

18. Why Use A REALTOR®? Not every real estate agent or broker is a REALTOR®. That term and the familiar Block “R” logo are trademarked by the National Association of REALTORS® and can only be used by those are REALTOR® members through their local association of REALTORS®. While all REALTORS® are state-issued licensees as agents or brokers, the major difference between a “real estate licensee” and a REALTOR® is that REALTORS® have taken an oath to subscribe to a stringent, enforceable Code of Ethics with Standards of Practice that promote the fair, ethical and honest treatment of all parties in a transaction. Non-member licensees have taken no such oath and are not morally bound to the ethical practices and principles set for in the REALTOR® Code. For that extra measure of peace of mind, ensure the individual seeking to represent you is both a real estate licensee and a REALTOR®.  Follow this link {  The Value Of A Realtor}  for more information on what a REALTOR does for a transaction.

 


 

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