Entries for the ‘cooperative’ Category

What is the R Value of Insulation?

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 [...]

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Who are the Parties to a Mortgage?

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.

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What is a Lis Pendens?

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.

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What is Asbestos?

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What is a Credit Report?

A credit report details the credit history and current credit status of an individual.  A credit report is used as a primary tool in determining credit worthiness.

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What is a Proxy?

A proxy is written authorization for one person to act or vote for another at a meeting of the association.

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What is Lien Priority?

If there are two or more liens on a property, the priority of liens determines the order in which the liens will be satisfied if the property must be sold.  The priority of most liens is the date and time that the lien was recorded in the public records.  Real estate (property) tax liens and [...]

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What Does The Term Realtor Mean?

As a home buyer, you should know that the term Realtor identifies a licensed professional in real estate who is a member of the National Assocation of Realtors.  Not all licensed real estate brokers and salespersons are members of the National Association and only those who are can identify themselves as Realtors.

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What is an Escalator Clause?

An Escalator Clause is a clause in a contract, lease or mortgage that allows for increases in wages, rent, interest based fluctuations in certain economic indexes, costs or taxes.

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What is a Prepayment Clause?

A  prepayment clause allows the borrower to pay off part or all of the debt, without penalty or other fees, prior to the majority.  A prepayment clause usually stipulates conditions and terms under which the mortgage loan may be prepaid.

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