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Viewing posts for the category FAQ Seller

What is a contract contingency?

August 10, 2011

A contract contingency in a real estate transaction is a written condition that must be met in the purchase agreement before the property can sell.  

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What is title insurance?

August 7, 2011

According to the California Department of Insurance, Title insurance is a contractual obligation that protects against losses that occur when title to a property is not free and clear of defects (e.g. liens,  encumbrances and defects that were unknown when the title policy was issued).

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What is escrow?

August 6, 2011

Escrow is a service which provides the public with a means of protection in the handling of funds and/or documents. Escrow enables the buyer and the seller to transact business with each other through a neutral party, thereby minimizing their risk.

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What is a balloon payment mortgage?

August 5, 2011

A balloon payment mortgage is a type of mortgage that does not fully amortize over the term of the loan.  

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What does it mean to be in default?

August 4, 2011

To be in default on a real estate mortgage means that a borrower has ceased to make their required monthly payments.

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What is the loan principal?

August 4, 2011

The loan principal is the total amount of money owed on a loan.  On a standard, fixed-rate, fully amortizing loan, your loan principal will gradually go down as you make your monthly payments.  

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