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.
Under contract simply means that a seller has accepted an offer on the property, but the sale is not final until all contingencies are met. A home is “under contract” when a seller has accepted an offer from a buyer but the transaction has not yet closed.
Service members, veterans, and eligible surviving spouses can receive home loan guarantees provided by private lenders. The Department of Veteran’s Affairs guarantees a portion of the loan, which leads to more favorable terms for the borrower.
Verification of funds, or VOF, is a document that demonstrates how much money a person has available. When purchasing a home, you may need a VOF to show the seller that you can cover the cost of the home. The VOF gives you more credibility as a buyer.