Entries for the ‘Selling’ Category

What is Situs?

Situs refers to where something is physically located.   Situs is the actual or assumed location of a property for purposes of taxation.  A parcel’s street address is its situs address.  The word situs is latin for “site” (or location)

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What is a Municipality?

A municipality is an incorporated area of the county such as a City, Town or Village.

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What is a Sale-leaseback?

A sale-leaseback is a transaction where a company sells the real estate it owns and then leases the same space back on a long-term lease.    This is a popular way to free up capital for business expansion

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What is the Commission Paid at Settlement?

The commission paid at settlement (closing) is the total commission to be paid.  It may be charged to the Buyer, the Seller, or both

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When Do Conflicting Demands Occur?

Conflicting demands occur when the Buyer and Seller make demands regarding disbursing of escrowed property that are inconsistent and can not be resolved. If a Broker, who maintains an escrow account, receives conflicting demands on escrowed property, the Broker must notify the FREC, in writing, within 15 business days of receiving the conflicting demands unless [...]

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What is a Deposit?

A deposit is defined as a sum of money, or its equivalent, delivered to a real estate licensee as earnest money, payment, or partial payment in connection with a real estate transaction.  An earnest money deposit may be in the form of cash, currency, or any medium of exchange or securities that can be converted [...]

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What is an Escrow Account?

An Escrow Account is an account for the deposit of money a disinterested third party holds in trust for others. For a mortgage loan, an escrow account is one that is established to hold seperate funds for the purpse of paying bills such as homeowner’s insurance and property taxes.

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What is a No Brokerage Relationship?

A Buyer or a Seller can choose not to be represented by a real estate Broker.    The Broker can facilitate the sale or the purchase of real property without entering into either a single agent or transaction broker relationship.   Florida law does not require that prospective Buyers and Sellers be represented.   A real estate licensee [...]

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What is Assignment?

Assignment refers to a transfer of rights and duties under a contract.   A person who assigns or transfers legal rights in a contract to another party or person is called the Assignor.  The person to whom legal rights in a contract are transferred or assigned is called the Assignee.

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What is the Current FHA Seasoning Waiver?

FHA extends the 90-day seasoning waiver.   On Friday, January 28, 2011, HUD announced the extension of the 90-day seasoning waiver. There are 4 things you should know about the waiver:  1. The extension is effective for all sales contracts executed on or after 2/01/2011 through 12/31/2011 unless otherwise extended or withdrawn by FHA 2. All [...]

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