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Understand what the difference is between REALTORS and other real estate practitioners. Like doctors, lawyers and engineers, REALTORS are professionals that pledge to follow a strict code of ethics. |
Appraised Value has three approaches: cost, market, or income and is specific to the type of real estate. Assessed Value is for tax purposes and done by a county appraiser. Real estate practitioners use Fair Market Value. |
Review this Earnest Money section prior to entering into a contract and understand the purpose of the earnest money and how it will be held or released during your real estate transaction. |
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Buyers hire professional Home Inspectors to inspect your home's structural and mechanical systems. Remember, repairs are negotiated after the sales price has been negotiated. See what an inspector will be looking for and what your rights are as the Seller. It is recommended Sellers have a "pre-listing" inspection done and repair any items before putting your home on he market. You will control the cost of the repairs and be able to provide the inspection report and repairs to buyers. |
In NC, and the Lake Norman real estate market, the "closing agent" is an attorney that is selected by the Buyer. As the Seller, you can have your attorney review or prepare your portion of the closing documents. The "closing" is the final step in the buying process where the Buyer pays the Seller. The Seller in turn gives the Buyer the deed. Review this brochure about NC real estate closings. |
Refer to this glossary of real estate terms and use as a reference for terms that might not be familiar to you. |
