Questions and Answers on: OFFER AND ACCEPTANCE The purchase contract is the most important document in any real estate sale. It must reflect the entire agreement between the buyer and seller. This brochure examines issues arising during contract negotiations in residential real estate sales transactions. In particular, it focuses on “offer” and “acceptance”: the process…

Government Backed or Insured Loan Programs Most government backed loan programs require strict appraisal guidelines on condition of home when compared to non-government backed loan programs. Typically, interest rates are lower for government backed loans compared to conventional loans. All government backed loans typically require an upfront Mortgage Insurance premium or Funding Fee.  Some of…

Agency A legal relationship in which someone (principal) hires someone else (agent) to represent them to a third party. Amortization Schedule A timetable for payment of a mortgage loan. An amortization schedule shows thestrong>amount of each payment applied to interest and principal and shows the remaining balance after each payment is made. Application Fee A…

Typically, the general public does not understand how a REALTOR® gets paid. Most REALTORS® are paid by commission only and do not receive a salary or hourly pay. In addition, most real estate agencies are only paid a commission when a property is sold. The real estate industry is one of the only industries that…