Many times you may hear that a homeowner is “under water“? If the current market value of your house is less than the amount you still owe on the mortgage, then you are “under water”. For example if the current market value of your house is $150,000 and you owe $250,000 on the mortgage, you could not make a profit. This is when some homeowners consider a short sale.
No. The Seller’s Property Disclosure form is not a legal requirement. However, it is strongly recommended that Florida Real Estate Agents have their Sellers use the form. Sellers have a duty to disclosure any property defects they know about that would materially affect the property’s value to the buyer and that aren’t readily observable to the buyer.
A trade fixture is an item of personal property attached to real property that is owned by a tenant and is used in a business. It is legally removable by the tenant.
Erosion is the gradual loss of land due to natural forces . It is the process of eroding or being eroded by wind, water, or other natural agents.
The measure of the effectiveness of insulation is its resistance to heat flow, or R-value. The higher the R-value, the better the energy efficiency. The Department of Energy has established minimum R-values based on zip codes. R-values are additive. As an example, if a home has an R-19 insulation in the ceiling and the owner wants to get up to a R-30, adding more insulation rated R-11 will achieve the target.
There are two parties to a mortgage: (1) the mortgagor, or borrower (debtor), and (2) the mortgagee, or lender (creditor). The mortgagor owns the property and the mortgagee owns the mortgage.
A Lis Pendens means “a suit pending”. When litigation is initiated involving a specific parcel of real property, a lis pendens usually is filed with the clerk of county in which the property is located.
Effective January 1st, 2009, a condominium association may require unit owners to maintain hazard and liability insurance for their unit and require them to provide evidence of a current policy upon request.
Hazard insurance protects a property owner from specified losses, fire, windstorm or other natural events. A property owner will receive compensation to cover the cost of any damaged incurred by such events if the specific event was covered within the policy. Typically a Lender will want a borrower to pay for the first year’s premium at closing.