Find Real Estate Agents and Homes for Sale

Real Estate News --> Vermont News

Vermont Gas Celebrates Green Up Day

That is the equivalent to the annual energy use of 30,000 homes. “Vermont Gas’ enthusiastic employees who clean up litter the day before Green Up Day help lighten the load for others in South Burlington, draws attention to the big day, and encourages ...

Archived Story

If you are a first-time home buyer, it may seem like your real estate agent is speaking a foreign languageBefore you get too deep in the process, familiarize yourself with some of the lingo.", baynoteOrOutbrain:"outbrain", commenting: "false", partnerInfo: {"partner": {"source": "","info": []}} }; var disqus_identifier = "f4906887-75f4-4931-884f-1c9e62169295"; var disqus_category_id = ""; var disqus_developer = 1; REAL ESTATE Navigate the real estate market with these 6 lingo tips Published June 26, 2012 NewsCore Facebook0 Twitter0 Email Print  (iStock) If you are a first-time home buyer, it may seem like your real estate agent is speaking a foreign languageBefore you get too deep in the process, familiarize yourself with some of the lingoHere are six words to know: Appraisal: The determination of the worth of something by a professional, in this case the market value of a propertyAn appraiser uses an analysis of local market data along with the characteristics of the propertyYour bank or other lender may refuse to loan you money if the appraisal price is subpar compared to the loan requestA home inspection is not the same as an appraisal Closing: The last stage in the transfer of propertyThe buyer, seller, their attorneys and the settlement agent will meet, usually in a formal setting, to sign some papers and seal the dealAccording to the National Association of Exclusive Buyer Agents (NAEBA), this is when the buyer and/or seller will pay the closing costs, which include charges for obtaining the mortgage loan, prepayment of taxes and insurance, and other fees Contingency: Conditions that have been built in to a real estate purchase or sale agreement that must be met before the sale can be completed and legally bindingFor example, an appraisal contingency would allow the buyer to back out of a contract without penalty if the appraisal price is not enough to secure a mortgage "This is by far the most important term or phrase to understand," says Zachary Schorr, the lead real estate attorney at Los Angeles-based Schorr Law Disclosures: The seller is required to provide the buyer with certain information (disclosures)The number and types of disclosures vary by region, but they may include information about conditions affecting the value or enjoyment of the propertyThe seller may know of an earth-shaking construction project that is about the start around the corner, which would impact the enjoyment of the property "While the term 'disclosure' is fairly common, the legal effect of these disclosures is important," Schorr says"Buyers must read the disclosure statements in great detail." A buyer will have a hard time bringing about legal action over a leaky roof if the seller told them about the roof situation in the disclosure statement, Schorr says Escrow: Funds, securities or other assets held by a neutral third party (an escrow company or agent) on behalf of the other two parties (in this case the buyer and the seller)The buyer will deposit the payment in an escrow account, proving to the seller that he or she will be able to uphold the other end of the dealThe escrow service will pay the funds to the seller once certain conditions pertaining to the sale have been met Mortgage: A loan that helps you purchase your houseYou sign a contract promising to pay back the loan with interest over a certain number of yearsA mortgage is likely the largest debt you will ever take on, and if you don't repay it, the lender can take back your property and sell itThe components of your monthly mortgage payments may be referred to as PITI:  principal (the money that goes into paying down the loan), interest (which is paid to the lender for letting you borrow the money), (property) taxes and  (homeowner's) insurance Buying a house and looking for a word that isn't here? Check out the Federal Trade Commission's comprehensive glossary of real estate lingo Trending in Real Estate 1 Neighbors all paint their homes bright colors, say it boosts their mood 2 Why you shouldn't mow the law every week 3 Beach house formerly owned by Bernie Madoff hits market for $21 million 4 Silicon Valley property featuring burned home selling for $800G 5 Ben Affleck buys $19 million mansion half a mile from Jennifer Garner Site Index Sections Home Video Politics U.S. Opinion Entertainment Tech Science Health Travel Lifestyle World Sports Weather On Air Tools Live Video Trending Newsletters Alerts Podcasts Radio Apps & Products About Careers College Students Fox Around the World Advertise With Us New Terms of Use (What's New) New Privacy Policy Ad Choices Help Email Newsroom Media Relations Closed Captioning Policy Follow Facebook Twitter Google+ Instagram RSS Newsletters Fox News Back to Top This material may not be published, broadcast, rewritten, or redistribut

Trending Vermont News:

  • Why These 10 Cities Are Best For Growing Food
  • Vermont teachers say they feel ‘attacked’ by policymakers
  • Group Urges Town Meeting Votes on Vermont Climate Agenda
  • The Internet Mocks Donald Trump for Sniffling and Drinking a Lot During Presidential Debate
  • Real Estate in Vermont, IL
  • Should companies involved in PFOA contamination pay for water line extension?
  • Firing Line: Gun Bills on Fast Track in Vermont
  • Why Vermont's largest power company is helping customers go off the grid
  • Statement from Vermont Department of Labor Commissioner on Bourbeau Custom Homes decision
  • Commercial real estate reporter Hoyle leaving Triangle Biz Journal
  • Richmond, VT Homes For Sale & Real Estate
  • Texas Dogs Arrive in Vermont
  • Real Estate Transfers, April 8-21
  • Report calls for migration to increase Vermont’s workforce
  • How Trump took middle America
  • Built Capital: Middlebury, VT
  • Leahy promises a fight over cuts to heating aid, other programs
  • Bond Sale To Provide Up To 650 Affordable Homes In Vermont
  • Burst pipe closes Vermont CARES in Burlington
  • Essex police digging in Currier search