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Brent DeRobertis 1801 Reston Parkway Suite 300 Reston, VA 20190 (571) 435-8028 bderobertis@cbmove.com |
FirstResidence.com |
What is the normal time elapsed from ratified contract to settlement?
About 30 days. Top
Who has the right to choose the settlement company?
The Purchaser. The seller may have his own attorney. Top
Should there be any fees to prequalify for a loan?
Most lenders do not charge upfront fees. Some may attempt to charge to keep you from shopping around. Top
Let a mortgage professional help you determine that. There are too many factors that determine the interest rate and the financing programs available to you. Make sure you deal with a lender that will inform you of all your financing options not just the ones that they offer. Top
Townhouse or Condo? What's the difference?
One is a style of building and one is a type of ownership. Condominium refers to the type of ownership, not the style of the structure. In a condo, as an individual owner, you do not own your own parcel but rather are a part owner of the entire development. Exclusively, you own the interior of your unit. The Townhouse, an attached, multi level, single family dwelling could be owned fee simple (land and building) or condo (interior only). Top
These are fees paid at closing. They commonly include lender's, title company's, and real estate brokers' fees; termite inspection expenses; recording; taxes and escrow accounts for them; and HOA dues. Top
How much will closing costs be?
For buyers about 2 to 3% of purchase price. For sellers, the real estate brokerage fees plus about an additional ½% of sale price. Top
Do I have to come up with any funds when I submit an offer for a property?
Yes. It is called an earnest money deposit. In Virginia a contract must have consideration to be legally binding. Top
Typically it is put in an escrow account. The amount is credited towards your closing costs at settlement. Should the contract be legally voided it is returned to you pending the written release of all parties of the contract. Should you breach the contract you are subject to forfeiting some or all of the deposit. Top
Is now a good time to buy or sell?
No doubt that there are buyer's markets and seller's markets. In any cycle there are intelligent transactions to be made based on location, type of property, and personal motivation. Top
What is the role of Homeowners/Condo Associations in the process?
Properties in owners associations require the seller to provide the purchaser an updated set of disclosure documents. It is expected that the property will be turned over free of violations and that dues and assessment fees are up to date. The lender and Title Company will question the associations as well. Top
Where can I find out more about Buying or Selling a home?
Coldwell Banker Residential Brokerage makes available both information about buying and information about selling a home. Top
