Frequently Asked Questions
Question about selling
Danvast Land & Property pay little or no fees to an agent to buy a home.
why:
For most home sales, there are two real estate agents involved in the deal: one that represents the seller and another who represents the buyer.
Listing brokers represent sellers and charge a fee to represent them and market the property. Marketing may include advertising expenses such as radio spots, print ads, television and internet ads. The property will also be placed in the local multiple listing service (MLS), where other agents in the area (and nationally) will be able to search and find the home for sale.
Agents who represent buyers (a.k.a. buyer’s agent) are compensated by the listing broker for bringing home buyers to the table. When the home is sold, the listing broker splits the listing fee with the buyer’s agent. Thus, buyers don’t pay their agents.
Yes! Home inspections are required if you plan on financing your home with an FHA or VA loan. For other mortgage programs, inspections are not required. However, home inspections are highly recommended because they can reveal defects in the home that are not easily detected. Home inspections bring peace of mind to one of the biggest investments of a lifetime.
A real estate broker is an agent who is authorized to open and run his/her own agency. All real estate offices must, by law, have one principal broker. A seller’s agent is a real estate agent that works solely on behalf of the seller and owes duties to the seller, which include utmost good faith, loyalty, and fidelity. However, the agent must disclose to potential buyers all adverse material facts about the property, which are actually known by the broker. A buyer’s agent is a real estate agent that works solely on behalf of the buyer and owes duties to the buyer, which include the utmost good faith, loyalty and fidelity. The buyer is legally responsible for the actions of the agent when that agent is acting within the scope of the agency. The agent must, however, disclose to potential sellers all adverse material facts concerning the buyer’s financial ability to perform the terms of the transaction. A transaction broker is a real estate agent that assists the buyer or seller or both throughout a real estate transaction with communications, advice, negotiation, contracting and closing, without being an agent for either party. When you are talking to a Realtor to help you purchase or sell your home, be sure to discuss the subject of agency.
An appraisal is an estimate of the value of a piece of property by a licensed, trained, and experienced individual called an appraiser. They are usually required by a lender to determine how much the property is worth in ascertaining how much they will loan on the property.
Question about renting
Also known as “hazard insurance”, homeowners insurance covers losses caused by fire, hailstorms, or other casualty on the property. Lenders usually require the buyer to have insurance in an amount equal to or greater than the loan amount. Flood insurance is required by the lender if the property is in a flood hazard area/flood plain. Condominiums and townhomes are somewhat different, as certain items may be covered by the homeowner’s association fees.
Square footage includes finished, heated space, also known as “livable space”. Garages, unfinished basements and attics, for example, are not included when calculating a home’s square footage. Hallways and closets are included when determining a home’s square footage, however.