Email us at : FredMiller9@gmail.com

Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!

Buying Your Katy-Cinco Ranch-Richmond Area Home For The Best Price!


Buying Your

Katy-Cinco Ranch-Richmond Area Home

For The Best

Price!

 

Chapter 18  Part 2 Real Estate Terms You Should Know

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531

Real Estate Broker. A person licensed by the State of Texas to sell real estate.

Real Estate Salesman. A person who sells real estate under the supervision of a licensed broker.

Title Company. An organization that issues Title Insurance, and also serves as escrow officer for the earnest money. The escrow officer is an unbiased party that is holding the money and has no allegiance to either the Buyer or Seller. Title company personnel also prepare the closing statement, and see that all documents are present at closing to assure that the legal interests of all parties are properly attended to.

Title Insurance. A form on “insurance” that assures the lender and buyer that clear title to the property is conveyed. The title insurance document also shows any easements or most other things of record that directly affect that piece of ground.

Closing Statement. A form prepared by the title company showing all income and expenses associated with the sale for both buyer and seller. Buyer and Seller must approve this document before the transaction can be completed.

Survey. A “map” of the property showing all of the outside lines of the lot, the position of the house on the lot and any utility or city easements on the property. It also shows if any of the lines have been “violated” by previous owners.

Mortgage. Most sales involve financing by a third party. This is called the Mortgage business and may involve one or more lenders. Lenders may be associated with banks, or they may be “Mortgage Brokers” (people working independently of individual banks).

MLS or Multiple Listing Service. Most real estate brokers and salesmen belong to the Houston Association of Realtors. When properties are put up for sale, members make this information available to other real estate people and the public by placing a description of the property in the MLS. Over 90% of houses sold in metro Houston are listed in the HAR MLS.

MUD District, Water District. Many subdivisions outside of cities have been developed in recent years. In order to get water and sewer in good working order for the lots, many times a MUD (Municipal Utility District) is formed. The MUD has the power to sell bonds and form a lien on the property and levy taxes it to pay for the utilities.

HOA or Home Owners Association. An organization eventually run by homeowners that is charged with helping to enforcing deed restrictions.

( Nothing in the this article is meant to give legal advice. Real estate licensees con not give legal advice. If you have legal questions concerning real estate or contracts please consult an attorney. The above definitions are different from the strict legal definitions, but are given in the hope of making the concepts more understandable to the initiated.)

Next Chapter: Home Insurance

Fred Miller, Realtor serving Katy, Cinco Ranch, Pecan Grove, Richmond, Westpark Tollway, Fulshear. FredMiller9@gmailcom , www.RichmondKatyHomes.com, Office receptionist: 281/342-2288 Cell 281/924-2531