Entries Tagged ‘Buying’

What is an Opinion of Title?

An opinion of title is an attorney’s professional opinion of the condition of title.  This is based on examination of the recorded documents pertaining to the property.    If at a later date, the title to the subject property is found defective, the Buyer may find it difficult to be reimbursed for damages unless the Attorney [...]

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What is a FICO Score?

FICO is the most commonly used credit score today and is named after the company that developed it, Fair Isaac Corp.   FICO scores range from 400 to 900 and the lower the score, the great the risk of default.  FICO score consists of the following components: 35 percent of the score is determined by payment [...]

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What is the Rescission Period for a Condominium Unit?

If you are looking to purchase a condominium, be aware of the rescission period.  For a brand new condominium, a Buyer may rescind a purchase contract within 15 days.  For a resale condominium unit, a Buyer may rescind within three business days.   This time period begins when the Buyer signs the contract or is given [...]

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What is Polybutylene?

Polybutylene (PB) is a plastic resin that was used for water supply pipes for about 20 years, starting in 1978.   It was cheap, easy to install, and substituted for copper pipe in nearly 25 percent of all homes built during that period.   Due to the low cost and ease of installation, polybutylene piping systems were [...]

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Is the Seller’s Real Property Disclosure Form Required?

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 [...]

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What is a Trade Fixture?

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.

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What is Erosion?

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.

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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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