Title Insurance: Insurance that protects the lender (lender's policy) or the buyer (owner's policy) against loss arising from disputes over ownership of the property. In Albuquerque real estate transactions , it is a customary practice that the seller will pay for the owner's policy on the closing of their Albuquerque home.  The interesting part is that Albuquerque home builders (as sellers) will pass this cost on to the buyer, thus causing the buyer to have to pay this cost again when they sell the house.  Buyers of Albuquerque homes should be aware of this when they factor in the costs of purchasing a new construction home in Albuquerque. For questions regarding title and the process - contact Fidelity Title Have questions about real estate in Albuquerque?  Come see/email/chat/ with us anytime!

We are often asked 'what are closing costs' when a buyer is purchasing a home and a seller is selling a  home.  These typical closing costs vary from market place to market place. In Albuquerque, for example, customary closing costs for sellers are the title fees, and the buyers' closing costs are typically anything associated with their loan.  The buyer may be asked to pay for the inspections and home warranty if these are desired. "Expenses (over and above the price of the property) incurred by buyers and sellers in transferring ownership of a property.  Closing costs normally include an origination fee, an attorney's fee, taxes, an amount placed in escrow, and charges for obtaining title insurance and a survey.  Closing cost percentages will vary according to the area of the country; lenders or Realtors® often provide estimates of closing costs to prospective homebuyers and sellers." In my co-authored book "Get the Best Deal When Selling Your H...

First in a series of articles regarding 'real estate words' that you might encounter in your search for an Albuquerque home or while selling your Albuquerque home. Acceleration clause A provision in a mortgage that gives the lender the right to demand payment of the entire principal balance if a monthly payment is missed, or if a provision of the mortgage is violated. You may run across this term during the course of a Real Estate Contract (or in common terms Seller Financing ).  If you are buying a home with a NM Real Estate Contract and someone talks about the 'acceleration clause' be aware of the practical applications of this term.  If the home you are purchasing (or selling) has an existing mortgage on it, most likely the mortgage document has an 'acceleration clause' contained in the document which prevents you from transferring ownership of the property without paying off the existing loan.  If you buy a home with a NM Real Estate Contract, y...

#8 in a Series of 8 Articles - THE IMPORTANCE OF HIRING A PROFESSIONAL Why hire a professional designer - to avoid costly and time consuming mistakes, for one. Secondly, to save on your time – a professional knows where to go and who to talk with. Your time is valuable and a designer can save you time, money and headaches, especially when it comes to knowing where to go. Thirdly, to obtain the desired result/outcome of the project. Many people think that watching HGTV gives them liberty to do everything themselves. This is a mistake. When you do not really know what you are doing – only think you do – that is the result a potential buyer sees, a “do it yourself job”. Not the result you should be going for. In this economy, time is money and selling a house takes time – why waste it. Hire a professional – if only for a few hours. Perhaps you need help with picking out a new paint color, ideas on staging your home, what to take & what to keep, etc. The point is to sell your hom...

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