Frequetly Asked Questions
Many times we all have questions about the real estate law. Here are a few common questions that are asked and if I didn't cover all of them, please reach out to me at anytime and I'll do my best to give you an answer or I'll get back with you asap.
What is the MLS?
Answer: The MLS is localized database of all homes listed for sale with Real Estate Brokers in a particular area. In the MLS, a Listing Broker offers compensation to a Buyer’s Broker in an effort to induce the Buyer’s Broker to bring their buyer-clients to view and potentially purchase the listed home. The compensation offered is called the cooperating commission. All commissions are paid by the home seller.
What is a Buyers Agent?
Answer: If you work with a buyer's agent, you are the agent's client. You and the buyer's agent sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the Buyer's Agent is the agent of the buyer.
The Buyer's Agent works in the interests of the homebuyer, but also must know how to work with the listing/selling agent. A buyer's agent works on your behalf to help you find the right home at the best price.
How long will my home be listed?
Answer: I will list your home in the MLS from 6 to 12 months. If you need longer than 12 months, any and all renewals are always free of charge. You may cancel your listing at any time. There are no cancellation fees.
When will my listing be live on the MLS?
Answer: I guarantee that your listing will be live on the MLS within 24 hours of when the contract have been signed. Within 2 days you will be live with your own property domain website. Once this is complete I will forward the live listings to your preferred contact method.
What is the Fair Housing Act?
Answer: A policy that opposes discrimination in housing based on race, color, religion, sex, handicap, familial status sexual orientation, gender identity, and national origin.
What is Eminent domain?
Answer: It refers to the process by which the government may seize private property with proper compensation, but without the owner’s consent. The Fifth Amendment to the Constitution stipulates:
that the property must be claimed for “a public use;” and,
that "just compensation" must be provided to the property owner.
In order to claim eminent domain over a property for the purposes of economic development, the government must establish that the property is “blighted."
What is a Section 1031 Like Kind Exchange?
Answer: Since 1921, U.S. tax law has recognized that the exchange of one investment or business-use property for another of like-kind results in no change in the economic position of the taxpayer, and therefore, should not result in the immediate imposition of income tax. The exchange rules permit the deferral of taxes, so long as the taxpayer satisfies numerous requirements and consummates both a sale and purchase within 180 days.
What Is a Fraudulent Misrepresentation?
Answer: fraudulent misrepresentation is the most serious form of misrepresentation and only occurs either where the seller intentionally lies about the property or makes a recklessly uncertain statement about the property. An intentional misrepresentation in real estate is an actual lie.
What is a CMA?
Answer: The most common method that real estate agents use to determine value is by completing a comparative market analysis also known as a CMA. There are several factors a real estate agent should take into consideration when completing a comparative market analysis. With a Waterfront property it is location, body of water, frontage & amenities. With a lot it is again location & wether its buildable and a home will be based from sq.ft, style of home, age & location.
What is Pre-Qualified?
Answer: Loan pre-qualifying helps you determine the home price you can afford and presents you as a genuine prospect to the seller. A lender typically uses the 28% formula (your monthly mortgage can't exceed 28% of your monthly income) in approving your loan. Planning your actions and getting pre-qualified will keep you out of the panic mode and allow you to take advantage of opportunities. A thorough plan will save both time and money!
What does RSPS stand for?
Answer: Resort & Second-home Property Specialist...I have skills that one needs to specialize in buying, selling or managing second homes in a resort and vacation destination. I help buyers and sellers make informed decisions about second-home properties for use for vacation or investment. I know the tax rules, how to proceed with permits and licenses and most importantly what important amenities one must have to lead to a successful business.
Why do I need a REALTOR?
Answer: There are 8 reasons...1) Real Estate is a FULL TIME Job 2) Realtors have full access to large NETWORKS 3) Realtors avoid EMOTIONAL Sales 4) Some Realtors may choose to NOT SHOW a For Sale By Owner (FSBO) 5) Realtors are trained to have MARKET & NEGOTIATING SKILLS 6) A Realtor reduces the exposure to LEGAL RISKS 7) Realtors are trained to ask questions & follow the procedures to bring you a qualified buyer 8) MOST IMPORTANT...the FSBO is emotionally attached, by hiring a Realtor to sell your home this will take this crucial factor off of your shoulders.