The right of survivorship is employed most often when there is joint ownership or tenancy of a property. It ensures that the surviving owner automatically receives the deceased owner’s share of the property becoming the sole owner of the property.
A second mortgage is when a property owner borrows against the value of their home. They are also commonly referred to as HELOCs and draw on the market value of the home to provide the borrower with funds to use however they wish.
A secured loan is backed by the borrower’s assets, including cars, a second home, or other large items that can be used as payment to a lender if the borrower is unable to pay back the loan.
A seller carry-back is financing in which the seller acts as a bank or financial institution financing some or all of the transaction. The buyer will sign a promissory note agreeing to pay a specific amount (like a mortgage) to the seller, and the seller transfers the title to the new owner.
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.