A purchase agreement demonstrates a buyer’s intent to purchase a piece of property and a seller’s intent to sell that property. The document outlines the terms and conditions of a sale and holds each party legally accountable to meeting their agreement.
The total number of homes that went pending in San Diego following the contingency period. A sales is considered “pending” if all contingencies have been met and the buyer and seller are moving toward closing.
A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.
Seller concessions are closing costs that the seller has agreed to pay. Sometimes, buyers ask the seller to contribute to specific closing costs; other times, it is simply a flat percentage of the total closing costs.
This value expresses how long it would take all of the currently active listings in San Diego to be bought up if no new homes came on the market. When the data is tabulated monthly, this metric is calculated by dividing the number of active listings by the number of home sales.
When a property owner violates the rights of a neighbor by building or adding on to a structure that extends onto a neighbor’s land or property line, that is called encroachment.
A mortgage is the agreement between a borrower and a lender giving the lender the right to the borrower’s property if the borrower is unable to make loan payments (with interest) within an agreed upon timeline.
A bi-weekly mortgage payment means a homeowner pays their monthly mortgage payment in two monthly installments instead of one. With a bi-weekly mortgage, you’ll make 26 payments per year instead of 12.
While real estate agents focus on the buying and selling of a certain property, loan officers deal with the financial side of obtaining a mortgage. A loan officer will help you make sound financial decisions and obtain the right home loan for you.
A home equity line of credit, or HELOC, is a line of credit secured by a home. Many use it as a revolving credit line for large expenses or debt consolidation.
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