Entries Tagged ‘Selling’

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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What Does CERCLA Stand For?

CERCLA stands for the Comprehensive Environmental Response, Compensation, and Liability Act.   It is extremely important to landowners, brokers, developers, and operators.  CERCLA assigns potential liability for the cleanup of hazardous substances to any “potentially responsible person” (PRP) including: present owners and operators of the contaminated site persons who owned or operated the site at the [...]

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What Does it Mean to be “Under Water”?

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 [...]

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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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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 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 Are the FHA Loan Limits for My Area?

FHA loan limits restrict the size of mortgages that can be insured by the Federal Housing Administration (FHA).   You can look up the FHA loan limits for your area.

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