If you’re looking to sell your house quickly in San Antonio, it’s essential to familiarize yourself with certain real estate terms. Below, we’ve compiled a list of lesser-known terms that you might come across during the selling process in San Antonio. Please don’t hesitate to contact us if you have any other questions about selling your house. We’re here to provide answers and assist you. 210-794-6869
An appraised price is an evaluation of the property’s value conducted by a professional appraiser. This assessment can take place during the mortgage origination process or can be arranged privately by the buyer or seller to determine the property’s value. Appraisals can also be used for tax purposes or after a divorce.
The assessed value of a property helps determine the amount a homeowner needs to pay in property taxes. The property appraiser considers factors such as location, home inspections, and recent sales in the area.
Carrying costs refer to the monthly expenses associated with owning a home. This includes tax payments, insurance premiums, utility bills, and maintenance expenses.
A clear title signifies that there are no competing ownership claims or liens against the property.
Comparative Market Analysis
A comparative market analysis (CMA) provides information to determine the property’s value. It considers recent sales to help you understand the current worth of your house.
Contingencies are stipulations in the contract that must be met for the contract to become legally binding.
A covenant is a formal agreement in which one party provides certain assurances to the other. For example, covenants of warranty in a warranty deed.
Delinquency occurs when a homeowner defaults on their loan, leading the lender to initiate the collections process and potentially foreclose on the property.
Disclosures are documents provided by the seller to the buyer, informing them about any known problems, defects, or issues with the property. Failure to disclose such information can be considered fraudulent.
An encumbrance is a claim or restriction on the property that limits its transferability or use. Property liens are considered encumbrances.
Foreclosure happens when a homeowner fails to make mortgage payments, typically for 90 days. The owner relinquishes all rights to the property, and it becomes the possession of the bank.
Inclusions refer to personal property that is included in the home sale, such as appliances, furniture, or outdoor items.
Market value is the estimated value of a property when the parties involved are not under pressure to complete the transaction and all details of the house are known. It can be determined by finding the average between the highest price a buyer would pay and the lowest price a seller would accept.
A mechanic’s lien is a claim against the property that secures payment for contractors, laborers, and suppliers of materials.
Negative amortization occurs when the payments made toward a loan are insufficient to cover the interest, resulting in the owed amount increasing rather than decreasing.
A quitclaim deed transfers the interest in real property from one person to another.
A sale-leaseback arrangement involves a buyer purchasing a property and then leasing it back to the occupant.
A short sale occurs when a property owner sells their property for less than the amount owed, allowing the lender to recoup some of the loan cost as an alternative to foreclosure.
The title refers to the legal ownership and rights to use the property. It is similar to claiming ownership of a car.
A title defect arises when there is an adverse claim in the chain of ownership, potentially affecting the legal rights to the property.
A waiver is the voluntary surrender of a right, claim, or privilege, relieving the other party of liability in the agreement.
When attempting to sell your house quickly in San Antonio, you’ll likely encounter various real estate terms. It’s crucial to understand what these terms mean and how they can impact you. Make sure to do your research before selling your house rapidly in San Antonio, so you don’t overlook any important information.