Seller concessions are closing costs that the seller has agreed to pay. Sometimes, buyers ask the seller to contribute to specific closing costs; other times, it is simply a flat percentage of the total closing costs.
A seller’s disclosure is a document that requires the sellers to reveal details about the property’s current condition and any defects or faults.
A short sale occurs when a homeowner sells their property for less than what’s owed on the mortgage. A short sale allows the lender to recoup some of the loan that’s owed to them but must be approved by the lender before the seller moves forward.
The percentage of homes sales in San Diego with a sale price greater than their latest list price. Includes all homes sold within a given time period. Excludes properties with a sale price 50% above the listing price or with a sale price 50% below the list price due to outlier status.
A title is a document that shows legal ownership of a property or asset, such as a home. A home’s title represents the rights to the property. Those rights are transferred from the seller to the buyer during a real estate transaction and give the buyer legal rights to the property upon closing.
A title examination reviews all public records tied to a property. It generally reviews all previous deeds, wills, and trusts to ensure the title has passed cleanly and legally to every new owner.
A property title search examines public records on the property to confirm the property’s rightful legal owner. This search also reveals if there are any claims or liens on the property that could otherwise affect the purchase.
The total number of listings that were active on the market in San Diego at any point during a given time period.
The total number of homes sold during a given time period, where the sale price is less than the latest listing price.
In real estate, transfer of ownership refers to transfer of a property’s deed and title from the seller to the buyer at closing.
A transfer tax is a tax charged by a state or local government to complete a sale of property from one owner (seller) to another (buyer). Transfer tax is a transaction fee charged upon the transfer of a property’s title.
The treasury index is published by the Federal Reserve Board and based on the average yield of Treasury securities. Financial institutions often use this index as the basis for mortgage notes.