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FAQs

What Do I Need to Know About Mandatory Homeowners’ Associations?

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The property you buy may require you to be a member in one or more owners’ associations (HOA). You may obtain subdivision information (the restrictions applying to the subdivision, the bylaws and rules of the owners’ association, and a resale certificate). You may be required to pay […]

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Is a Home Warranty Worth the Cost?

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A home warranty could be a valuable protection for your finances and your peace of mind… Whether you are buying your first home or selling a home and moving into another. Many buyers opt to purchase home warranties, which average $350 to $500 for a basic warranty […]

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What Homeowners’ Insurance Discounts Am I Missing?

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Homeowners insurance isn’t a topic that most people like to think about… Except as the funny/scary ‘Mayhem’ ads for Allstate. For first-time homebuyers the prospect of adding home insurance to the other long list of costs can seem daunting. Yet homeowners’ insurance isn’t just required for your […]

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What Do I Need to Know About Insurance?

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Real estate insurance protects owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime. The time to obtain insurance and warranty coverage is at closing, so speak with a REALTOR® or insurance broker prior to closing. Be sure to […]

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What is a Property Survey?

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A survey identifies the location of boundaries, major improvements, fence lines, drives, encroachments, easements, and other items on the property. You should obtain a survey early enough in the transaction to help you identify any encroachments, encumbrances to title, or restrictions. Your contract will typically contain a […]

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How are Property Taxes Prorated at Closing?

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Typically, a buyer and seller agree to prorate a property’s taxes through the closing date. Property taxes are due and payable at the end of each calendar year. The escrow agent will estimate, at closing, the taxes for the current year. If the seller is qualified for […]

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Do I Need Flood Insurance?

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Lenders who make loans on properties located in special flood hazard areas typically require the owner to maintain flood insurance. Additionally, some properties may lie in the floodway. Check with your REALTOR® for information that about flood hazard areas and floodways in more detail. You are encouraged to buy […]

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What is an Appraisal?

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An appraisal is a valuation of the property. An appraiser renders an estimate of value as of a certain date under assumptions and conditions stated in the appraisal report. Typically, a buyer’s lender requires an appraisal to verify that the loan is secured by property that is worth […]

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