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Easements are an important tool for land ownership as they permit an individual or an entity to use another’s property legally. Easements are a type of contract that allows the legal use and ownership of land without an individual or entity owning it. The easement is usually a contract that defines the type of activities allowed on the property.
There are three different types of easements – public, prescriptive, and private. Public easements are granted by the government to individuals or organizations that want to use public land such as trails, parks or waterways. Private easements are agreements between two parties to use another’s property in their own interest. Prescriptive easements are established by continuous usage and can be the most difficult to enforce. The individual or organization that uses the land has to show they have used it for a long time to establish some kind of “right” of its use.
If violated, easements can lead to serious consequences. To ensure the validity of an easement, it’s vital that both parties understand their rights and responsibilities. An easement allows an individual or an organization to benefit from the use of someone else’s property in a mutually beneficial manner.
One of the most common easements, for example, is a right of way, which allows someone to access another’s property. You could allow a road or power line to pass through your land. An individual may receive payment in many cases for granting an access to another party.
In some cases, an owner of property can use an easement in order to preserve land at a certain state or condition. It could be to preserve historical structures or protect wildlife. A conservation easement allows the property owner to relinquish their development rights in exchange for allowing certain activities.
An easement is a way for someone to have limited access to a property, without having it. Most easements grant the right to traverse a land parcel. Some easements grant the right to use land for specific purposes, like connecting utilities or setting up drainage. The holder of an easement is usually required to agree not to disturb the owner’s property and can be held accountable if this happens. Easements can be granted as compensation for the owner to retain control over the property. The contract will outline all the details.
An easement, once established, is typically held in perpetuity by the original owner, unless sold or given away. Also, easements can expire or terminate for various reasons, including when their original purpose is no longer required. Although an easement allows another party access, the owner of a servient estate retains ownership of their land.
Understanding the specifics of an easement is important. This includes who owns the property, what activities are allowed and the financial arrangements. There will always be some restrictions and limitations with an easement.
It’s important to involve a lawyer in the negotiation of an easement. It will help to ensure that all parties understand the agreement’s terms and that their interests are protected. It’s a good idea to involve a professional who is knowledgeable and experienced in the process. This will ensure that all the details of the agreement are handled correctly.
“Congratulations, your offer has been accepted!”
There is no doubt that those words are a cause for celebration to any prospective homebuyer, but they are especially true when competing with other buyers in a hot market. There are many factors that you cannot control when competing against other buyers, but there is one thing that can give you the edge. Get a verified approval letter (VAL), a written offer that proves to sellers that your financing has been confirmed.
The process to get a VAL can be relatively simple, even at a time when purchasing a home is a daunting task. It’s easy to connect with an expert who will perform a thorough analysis of your credit score, debt, income, and employment status. You’ll then receive a Verified Loan Approval letter so you can shop in confidence. It’s also helpful to have a conversation with a Home Loan Expert.
I have personal experience of buying a house in a hot market for 2020. In a seller’s marketplace, we had to prepare more than when my husband and I bought our first home in a buyer market several years ago. She made it clear from our first meeting that being pre-approved might not be enough. She stressed that we should take extra steps to demonstrate to sellers that we are serious about buying a home, even before touring any homes. A VAL is a step above a preapproval letter. It shows that we are serious and ready to buy, even before touring a single home.
Unlike with a pre-qualification, getting a VAL requires pulling credit scores. However, we knew we’d have to take this step in our home buying process eventually, so the slight ding to our scores was a non-issue when compared to the benefits of the VAL. In a market where moving quickly is key, having these steps done ahead of time meant that there was no down time once we were ready to make an offer. With this pre-approval, we could show sellers, yes, we could afford homes up to a certain amount and, no, our financing wasn’t going to be an issue for closing.
I am grateful we took our agent’s advice to check this task off the list before looking at houses. We soon realized that houses would come and go in a single day in our market. If we found one we wanted, the last thing we needed to do was scramble to get a pre-approval letter. By getting a VAL in advance that is valid for 90 days, buyers can be confident they can be competitive when ready to make an offer.
At the same time, going through the pre-approval process helped us get a clearer picture of what we could afford. Although we couldn’t control the ever-changing mortgage rates and how that would affect our ultimate payments when we purchased a new home, we knew how much we would be approved to spend on a home. It also gave us a chance to assess our real comfort level with our budget, which led us to set our personal “max” below the pre-approval figure.
All the while, we were also preparing to sell our home—which, let me tell you, was a very different experience! In this position, we knew we could confidently expect a handful of competitive offers within days of listing our home. Again, our Realtor counseled us to take into account whether a potential buyer had a pre-approval letter. We knew that if we were looking at two side-by-side offers for the same amount, the buyer who came with a locked-and-loaded VAL would win out.
After practicing patience and having a bit of luck, we were able to confidently make an offer on a home that checked all of our boxes. Even in a hot market, that one offer was all it took: Our bid backed by a pre-approval was accepted!
Although our lender still needed to consider the home’s appraisal value, condition and title before giving us the official approval, we were glad to know our finances weren’t going to hold up the process. When we turned around to list our first house, we were thrilled to get a number of offers within the first few days—and ultimately went with a buyer who had a pre-approval letter.
I can say from experience that buying a house in a competitive real estate market is an exercise in coping with a lot of unknowns. From waiting for the right house to hoping the seller will accept your offer, learning how to take deep, calming breaths is a helpful skill to have. With a Verified Approval Letter, though, you don’t just have to cross your fingers and hope for the best—you can actually give yourself an advantage.
– Emily Glover
Are you thinking of buying? Our agents at Preferred Properties of Texas are here to help!
Original Blog: https://www.realtor.com/sponsored/verified-approval-letter/
It’s spring, so it’s the perfect time to get your house in order and give it a deep clean before allergy season. The spring cleaning season is the best time to organize your home and get rid of all the junk that accumulated over the winter.
However, this isn’t the only time your home should get a good scrub. “The parallel is to bathing and showering. Clean your home as often as you wash your hands and body,” says Allen Rathey, director at Indoor Health Council, an organization that connects cleaning with public health. “How often do you wash hands, bathe or shower? What level of detail? It’s really ‘spring cleaning’ time all year round depending on how dirty your body or home gets.”
Here is a checklist of spring cleaning tips and tricks from professionals to help make your spring cleaning easier.
Cleaning is an important part of maintaining healthy, happy and comfortable living spaces. Cleaning can remove allergens, dirt and other pollutants which can accumulate with time. It can also improve your mental health.
Rathey says that a regularly cleaned home will last longer, be healthier and smell better. Less dirt and moisture reduces bacteria that cause disease and odors. Hard and soft flooring wear less when there is less grit. “Resettling and airborne dust reduces respiratory exposure, HVAC maintenance and air purifier clogging.
It’s time to restock your cleaning essentials and give them a thorough overhaul before you begin cleaning. Courtney Klosterman is a home insights expert with insurance company Hippo. She says that you should ditch toxic cleaning supplies for a healthier, cleaner and safer home. Klosterman suggests replacing them with cleaners that comply with the Safer Choose standards of the U.S. Environmental Protection Agency.
Before you begin your spring cleaning, make sure that you have the following items:
When you do your spring cleaning, you can also declutter and remove items that you no longer need or use. Cleaning expert Armeka Townsend is a senior consumer relations representative for Zep. She says clutter can make your house feel disorganized and chaotic.
By implementing the one year rule, you will be able to evaluate an item more objectively. You probably don’t want or need something if you haven’t used it in the last year. Townsend suggests that you donate, sell or recycle the items in order to make your home more functional and streamlined.
Open your windows and start cleaning from the top.
Do not forget areas which are usually neglected. Townsend states that some areas of your house may not be regularly cleaned, but dirt and grime still accumulate. Be sure to clean the baseboards and air vents as well as window tracks, and spaces beneath and behind appliances. To remove dust and allergens, you may want to clean your carpets, upholstery and curtains. “Don’t forget to clean the doorknobs and handle as well.”
Spring cleaning is the ideal time to inspect your major appliances and systems.
You cannot forget about the outside as warmer weather approaches. It’s time to prepare your garden for spring.
Townsend says, “Clean your patio furniture thoroughly. Remove any debris on your deck or balcony. Check for any repairs or maintenance that may be needed.” You may want to also add new plants or decor to create an inviting atmosphere.
Original Blog: https://realestate.usnews.com/real-estate/articles/spring-cleaning-checklist-for-your-home
It is crucial to make your home offer stand out in today’s market. You can let the seller know that you are serious about purchasing a house by obtaining a preapproval. You can also put down a deposit as a sign of your seriousness.
This article provides an overview of earnest money, including how you can use it in your favor when purchasing a home as well as how to protect yourself after depositing it.
To show that you are serious about buying a home, earnest money is paid before the closing. This is also called a good-faith deposit.
If a buyer enters into a agreement of purchase with a seller, the seller removes the property from the market and the transaction proceeds to the closing. The seller will have to start over if the deal fails.
The seller is protected if a buyer cancels. The amount is usually between 1 and 3% of the total sale price, which is kept in an escrow until the transaction is completed. It depends on the customs in your area. If everything goes well, the earnest cash is applied towards the down payment or the closing costs.
The buyer will get their earnest money refunded if the deal fails due to a failed inspection or other contingencies in the contract. Earnest money deposits can reduce the chances of a buyer walking away from multiple offers after the seller has taken the house off the market.
It’s not always necessary to pay earnest money, but you may need it if the real estate market is competitive. These good faith deposits are preferred by sellers who want to make sure that the deal will not fall through. Earnest money is a form of insurance that both parties can use.
Earnest money can also reduce the amount needed at closing, as it is applied directly to down payment and closing costs. You’re essentially putting some money down earlier in the process.
If a seller is evaluating multiple offers, they are more likely to favor a buyer who has approved funding. Having earnest money on top can also make your offer standout.
How much earnest money to offer will depend on which real estate market you are interested in. If a real estate listing is languishing in a slow-moving market, you may not require as much earnest cash as if there are multiple buyers vying to buy the property. A higher deposit may be necessary if you are planning to buy in an area where bid wars and cash offer are frequent.
You should consult your agent to determine how much earnest cash you should offer. It’s best to not undercut other offers for the same home if you are competing with them. You could lose out to someone who makes a better offer. Your agent will be able to tell you whether a standard good faith deposit is sufficient if the market is slow or moderate.
Earnest money is protected by contingencies for both buyer and seller in certain situations.
If you submit an offer to buy a house and the seller accepts it, the sale will only be finalized if certain conditions are met. These are usually listed in the contract and include items such as the appraisal, mortgage approval and inspection.
Home Inspection can be a major reason for potential buyers to back out of a deal. A home inspection contingency allows you to cancel the deal if your prospective home has been inspected by professionals and certain elements need repair. You can also negotiate with the seller for the repairs to be made, or to lower the price of the home so that you can make the repairs yourself.
Appraisal Contingency is also important. It protects the buyer in the event that the property is valued too high. The lender will hire a third party appraiser to assess the value of a home, and compare it with similar properties that are for sale. If the appraised value of the home is less than the purchase price, the buyer can opt to not proceed with the transaction and receive their earnest money. You can also use the appraisal as a tool to negotiate a price increase.
Mortgage contingency protects you if your mortgage application is denied. If this contingency is listed in the contract, you can walk away from the deal and receive your earnest deposit back.
Some contracts include a contingency to sell your current home. This contingency allows you to back out of a deal if you cannot sell your current home before closing on a new home.
Some buyers may feel pressured to waive contingencies in hot real estate markets. For example, they might do this if are absolutely sure they will qualify for a loan. It’s not a good thing to waive appraisal or inspection conditions. These contingencies exist to protect you.
You can protect your earnest cash by taking a few simple steps:
Fraud is not a rare occurrence in the real estate industry. You should not give earnest money to a seller or real estate broker. You should instead use a third-party, such as a title or Escrow , to hold your earnest funds.
You can pay with a certified check, a wire transfer or if you’re paying by personal check. You can request and keep a receipt and a copy. Your check must be payable to the third-party. These funds will be held on the escrow until it closes.
You should be aware of all contingencies that protect the buyer and seller. Make sure that you understand the contingencies, and you are comfortable taking any action.
The purchase agreement usually includes a schedule of when each aspect must be completed, for example, when you have to get an inspection or the approval date for the mortgage.
The seller may withdraw the offer if you fail to meet the deadlines. The seller will not rescind a contract if they miss the deadline. However, if the delay is too great, this could prove to be a deal-breaker.
Many of us are going to make a large purchase. You should always protect your investment, so you must put all the details in writing. Included in this are any timeline changes and the buyer’s responsibilities. The purchase contract should clearly state who receives the earnest deposit if the agreement is cancelled.
In the event that the inspection is a failure and the buyer gets to keep their earnest money then state this in the contract. So, if the buyer changes his mind and wants to keep the earnest cash from the seller, you should also state that in the contract. The contract should explain everything in full detail.
Earnest money is a way to protect both the buyer and the seller in the event of a problem with the property. A Verified Approval, or earnest money can show a seller you are serious and make your offer standout from others.
Original Blog: https://www.rocketmortgage.com/learn/earnest-money
