Entries for the ‘cooperative’ Category

What is the Affiliated Business Arrangement Disclosure?

When a lender, real estate broker or other closing participant refers a borrower to an afilliate for a settlement service, RESPA requires the referring party to give the borrower an Affiliated Business Arrangement Disclosure.  This form explains to the borrower, that they are not required, with certain exceptions, to use the affiliate and are free [...]

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What Does GFE Stand For?

GFE is a Good Faith Estimate and is a document that a Lender is required to prospective Borrower when they apply for a mortgage loan.  The GFE is an estimate of all closing costs and fees required for the proposed mortgage loan.

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What Does RESPA Stand For?

RESPA stands for Real Estate Settlement Procedures Act and is a consumer protection law intended to ensure that buyers are informed regarding the amount and type of charges they will pay at closing.    The Real Estate Settlement Procedures Act (RESPA) insures that consumers are provided with more helpful information about the cost of the mortgage [...]

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What is the Annual Percentage Rate (APR)?

The annual percentage rate (APR) includes the interest rate and other loan costs and represents the true yearly cost of credit.

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What is the Americans With Disabilities Act?

The Americans with Disabilities Act (ADA) of 1990 is a federal statute designed to remove barriers that prevent qualified individuals with disabilities from enjoying the same employment opportunities that are available to persons without disabilities.   The ADA requires that multifamily dwellings be designed and constructed so that the public and common-use portions of the dwelling [...]

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What is the Fair Housing Act?

The Fair Housing Act declares a national policy of fair housing throughout the United States.   The Fair Housing Act (as amended in 1988) created protected classes of people and prohibits discrimination when selling or renting residential property when based on the following: race color religion sex handicap status (mental or physical) familial status (families with [...]

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Why is it Important to Get Pre-qualified or Pre-approved Before Viewing Properties?

IMPORTANCE OF A PRE-QUALIFICATION OR PRE-APPROVAL LETTER Prior to viewing properties with a Realtor, it is important that you provide a current pre-qualification letter stating the loan amount that you can afford.   If you’re serious about buying a home get pre-qualified before you start viewing homes. When you pre-qualify for a mortgage, the lender calculates [...]

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What are Building Codes?

Building codes protect the public health and safety from inferior construction practices.  Building codes set minimum standards for materials and quality of workmanship, sanitary equipment, electrical wiring, fire prevention, and so forth.  Florida has a statewide building code called the Florida Building Code.

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What is Mutual Assent?

Mutual assent refers to an agreement that is indicated by an offer and accepted terms.  The parties must come to a meeting of the minds, meaning they must reach an agreement on all terms in the contract.   One party (the offeror) makes an offer, and the other party (the offeree) accepts that offer.  A complete [...]

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What is Consideration?

Consideration is a legal concept which means something of value that is given in exchange for something else.  People often think of consideration as the money exchanged by the parties.  Legally, however consideration is the obligation that each party makes to the other to make the contract enforceable.   Each party to the contract must obligate himself/herself by [...]

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