Tag Archives: Real estate terms

Customary Closing Costs for a Buyer on a Real Estate Transaction

Customary Closing Costs for a Buyer on a Real Estate Transaction

If you’ve been through the process of buying or selling a house or you’ve refinanced your current home, you’ve had to pay closing costs. In the state of Virginia, title companies are used for closings. During your transaction with them and settling on the house, you most likely got a document from them that looked like this, listing out everything that you’d be paying for at closing. Maybe you didn’t quite understand it, or maybe you’re a first-time homebuyer and need to know what all you’ll be paying for at closing. Here’s a breakdown of many of the costs for buyers. Continue reading

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What Is a Quitclaim Deed?

What Is a Quitclaim Deed?

General warranty deed, special warranty deed, quitclaim deed — just what do all these different types of deeds mean? Think of it this way. You have different deeds for different needs. When you have a professional real estate agent on your side, you never have to worry about not understanding all the terms you’ll come across during your real estate deal. A pro is there to help you navigate all the terminology you will encounter and help guide your educated decisions in the home buying or selling process. Continue reading

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What Is a Special Warranty Deed?

What Is a Special Warranty Deed?

You probably didn’t think you’d need to pull out your dictionary when you navigate buying or selling your home. But if hearing the words “special warranty deed” has you scratching your head, you’re most likely not alone. Don’t let the jargon scare you! A real estate agent can help you understand the terminology. Continue reading

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What Is a General Warranty Deed?

What Is a General Warranty Deed?

Buying a home is one of the biggest transactions most people make in their lifetime, so it’s no wonder there’s a lot of complex jargon associated with the process. One particularly important term you should be aware of is “general warranty deed.” Simply put, a general warranty deed is the best protection for a real estate buyer. Continue reading

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What Is a Selling Agent and What Can They Do for You?

What Is a Selling Agent and What Can They Do for You?

What Is a Selling Agent and What Can They Do for You?

Unless you’re in the real estate business, you may not know there are different kinds of agents out there — listing agent, selling agent, buyer’s agent, dual agent. How do you make sense of it all without taking real estate classes?

The terminology can be a bit confusing. For example, a selling agent does not represent the seller. Say, what? Continue reading

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The Difference Between a Deed and a Deed of Trust

The Difference Between a Deed and a Deed of Trust

There are so many legal terms to navigate during a real estate transaction. You might feel like you’re studying for the bar exam when you’re purchasing a home. While the help of a professional real estate agent certainly will help you in your journey, it’s good to arm yourself with information so you fully understand all the terms that are part of a real estate transaction. Here is the difference between a deed and a deed of trust. Continue reading

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What is the Congestion Relief Fee for Prince William County and how is it Calculated?

What is the Congestion Relief Fee for Prince William County and how is it Calculated?

There are typical costs that are associated with selling a home in Prince William County – everything from administrative fees and taxes to real estate commission. One closing cost item that sellers tend to have questions about is the Congestion Relief Fee (also known as the Grantor’s Tax). Sellers want to know “What is the Congestion Relief Fee?”, “How is it calculated?” and “Does it impact me?” Let’s take a look into each question. Continue reading

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The Difference Between a Principal Broker, Associate Broker and a Real Estate Salesperson

The Difference Between a Principal Broker, Associate Broker and a Real Estate Salesperson

Principal broker, associate broke and managing broker, and a real estate salesperson – what’s the difference between these agents? For many homebuyers, figuring out the various roles and responsibilities for these real estate job titles can be confusing. People tend to use the terms interchangeably, however, each role requires specific classes, tests and licenses, and continuing education requirements. Let’s discuss the roles and responsibilities of each. Continue reading

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What is the role of a title company in Northern Virginia?

What is the role of a title company in Northern Virginia?

During the home buying process, roles like those of the realtor and home inspector are easily understood. Other roles, like the role of the title company, may be puzzling. It’s important to understand the critical role that the title company plays in the purchase of your new home, as it protects you from legal disputes over the property. If you are purchasing a home in Northern Virginia you have the right to use a title company or a real estate attorney to close and process your transaction. With most residential transactions in Northern Virginia, a title company is used. Here are some key points to know about your title company. Continue reading

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Real Estate Ownership Explained: Condominium VS Fee Simple

Real Estate Ownership Explained: Condominium VS Fee Simple

There is a common misconception in the real estate world regarding condominiums. Most people associate the word condominium with apartment buildings. However, the word condominium actually refers to a form of real estate ownership, not the construction layout or design of the home. Let me explain. Continue reading

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