Homesellers Guide – Colorado

The homeselling process — from choosing your listing agent and pricing your home, to preparing for closing and handing over the keys — can be both challenging and exciting. Having purchased your home, the selling process will be familiar to you, utilizing some of the same key industry experts in their individual and important roles to assist you in getting your home sold successfully.

We have provided this guide as a helpful resource and insight into the general processes involved in selling a home. The content is informational only, not intended to offer legal or financial advice and is deemed reliable but not guaranteed. Always confer with your real estate professional, attorney and/or accountant for legal advice.

Your Support Team

Real Estate Professional

Licensed brokers assist buyers and sellers in locating or marketing their home, negotiating terms and guiding the parties through the closing process.

They will:

1 2 3 4 5

Help you assess your needs and offer insight and advice on the sale of your home.

Empower you with informative market data and statistics.

Put their knowledge, experience and marketing network to work for you.

Guide you through the process of selling your home, including competitive listing pricing, preparing the home for sale, the negotiation process and helping you understand and complete the sales contract.

Introduce you to their vast network of partners and support services.

Title and Escrow Agent

Often simply referred to as the title company, title and escrow agents perform a number of critical services. They will examine the property's chain of title (its history) to search for encumbrances. They will then assist you with any necessary cure and/or fix of any defects, liens or other possible title issues, so that a policy of title insurance may be issued to the buyer.

Escrow serves as a neutral third party, preparing and handling the signing of closing documents, receiving and disbursing funds and following all written instructions pursuant to the terms of the contract.

Home Inspector

The home inspector completes a comprehensive inspection of the entire home and provides a detailed report of its condition, including material defects of the visible and accessible structure, systems and components of the property.

Appraiser

An appraiser estimates the value of a property. Value is based on such factors as location, amenities, structural condition and recent sales of similar, local properties.

Homeselling Process Flow Chart

SELECT A REAL ESTATE PROFESSIONAL

Choose the best individual to help guide you through the process and pricing of your home

PREPARE HOME FOR SHOWING

Curb appeal: clean inside and out, remove clutter

REVIEW OFFERS SUBMITTED

Your real estate professional will assist you with offers received and help you make the best decision

ESCROW OPENED, SETTLEMENT SCHEDULED

Deadline for inspections, approvals and settlement are set

NOTIFY UTILITIES

FORMS, DISCLOSURE, WARRANTED ITEMS & AGREEMENTS

Your real estate professional and other parties will assist you in preparing all necessary documents

MARKET PROPERTY

MLS, photography, flyers, open houses and more

CONTRACT ACCEPTANCE OR COUNTER OFFER

You can either accept the contract as is, or submit a counter offer

HOME INSPECTIONS AND APPRAISALS

Buyer's lender orders the appraisal

Ensure all requested repairs have been completed or the home is the same as first inspected.

Contact all your utilities and services to have disconnected or transferred to new address. Escrow will handle water, sewer and wastewater

DOCS SIGNED/NOTARIZED, FUNDS ARE SUBMITTED

FINAL WALK-THROUGH INSPECTION

Buyer and/or buyer's broker will perform final inspection to ensure all necessary and requested repairs were completed

Transfer and other documents are recorded with the County Recorder, funding is confirmed and keys are handed to new owner HOME IS SOLD, CONGRATULATIONS!

Ensure all requested repairs have been completed or the home is the same as first inspected.

Homeselling Overview

The Use of a Real Estate Professional

There are always certain unchanging factors that determine how quickly — and for what price — your home will sell. There are also things you can control and react positively to, ensuring your journey goes as smoothly as possible.

The Marketplace

A "buyer's market" tends to favor the buyer in terms and pricing. Typically in a buyer's market, homes may stay on the market a little longer, there may be more inventory and you may have to adjust your pricing. A "seller's market" favors you, the seller — homes may sell faster, have several competitive offers and may even sell above your listing price. Interest rates also affect the marketplace. A lower rate spurs buying, and rising rates may cause some buyers to wait until rates fall. Many times buyers may have qualified to purchase a home based on a lower rate and then find themselves priced out of the homebuying process as rates rise. You cannot control the marketplace, but you can control how you react to it.

Other Properties for Sale

As soon as you make the decision to list your property, you will inevitably notice all of the other "For Sale" signs in your area! Having a good concept of what price other properties near your home are listed at, what condition they are in and how long they have been on the market can give you a competitive edge in the sale of your property.

Using a licensed professional real estate broker to list your property can reduce the stress that goes along with a transaction. There are a number of documents, obligations, timelines, inspections and other important items associated with the sale of your home — your agent will be there to guide you through each of them. With access to powerful marketing and listing tools, your real estate professional can expose your home to the largest pool of potential buyers.

The Listing Price

You never want to feel as though you are underselling your home, but properly pricing your listing will have a significant impact on how quickly it sells. Higher offers tend to accompany a fair market value, and other brokers will be more likely to show your property enthusiastically if they believe it is a good value for their clients.

Additional Terms & Conditions

Not all buyers can purchase a home without any special terms. Most buyers need financing, possibly some time to sell their own home and usually have requests for you, the seller, to make some repairs. Maintaining an open mind about terms and conditions may make your property more favorable than another one in your area. Helping with closing costs, agreeing to a longer or shorter close of escrow and offering a home warranty are just some of the ways you can assist your buyer. Your licensed professional real estate broker will give you advice on which terms and conditions may work to everyone's advantage.

Prepare for the Entire Process

You may recall what purchasing your home was like; selling a home is similar. There may be times where you feel uncertain and overwhelmed — this is normal and part of the journey. Talk it out with your licensed professional real estate broker or someone you know who has gone through the homeselling process, as any of these individuals can help you address your feelings and questions.

Selling your home can be a nerve-wracking endeavor, especially if it’s your first time listing and you aren’t familiar with the real estate market.

How to Price Your Home

Now that your house is primed and ready for sale and you are mentally prepared, it’s time to actually list! When a property is listed at a price which reflects fair market value, the greatest number of buyers will see that value. Conversely, setting your selling price too high can have unexpected consequences. Your broker will have the depth of knowledge necessary to interpret market data and help you understand the best listing strategy.

• Properties receive the most activity within three weeks of listing, so it’s vital to make sure that your listing price is at the best price from the very beginning.

• You might think the highest price for your home is best and will show your property is valuable. However, if your house is far above the current market value, it can dissuade buyers from taking your property seriously.

So how do you set the right price for your home?

• The longer a house remains on the market, buyers may view the property as defective in some manner. Agents often won't show their buyer homes that have been listed for an extended period of time.

• The longer your house is listed, expenses may begin to accumulate, affecting your overall net gain. This is why it is important to initially price the home at a more market friendly rate.

Your licensed professional real estate broker can help you set a proper and fair listing price by looking at data and factors using a Comparative Market Analysis (CMA). A CMA is a survey of homes similar to yours that are currently on the market or have recently been sold, comparing similar and different features in your home to settle on a price. They can also help suggest strategies based on current trends.

Your Home's Selling Points

Below is a form to help your licensed professional real estate broker better identify and attract the best buyers for your home, and help you reach your selling goals.

In addition to the basic features of your home, list what makes your home special and unique, and what you think will most attract potential buyers.

Upgrades, remodeling, additions, special qualities and characteristics:

What were the top three reasons you purchased your home?

What do you like most about the area and location of your home?

What's your goal? Walk away with $$$ Sell my home fast

If you could chart out your ideal sale timeline, what would it be?

Before Listing Your Home

There’s nothing like a first impression, especially when it comes to buying a home. Buyers and brokers will be drawn to homes that have a bright, clean and inviting presence, and if your house doesn’t impress from the front yard, they may simply move on.

Curb Appeal and Beyond

Your home’s curb appeal — the elements that immediately make your home attractive to buyers — are very important when it comes to homeselling, and you want to make sure your home makes the best initial impression. Basic outdoor maintenance like a well-manicured lawn, trimmed shrubbery and all trash out of sight will help your home look fresh and clean.

If you want to sell for the highest price with minimal time on the market, it’s vital that you make an impressive showing on the inside as well. You'll want your home to look inviting, but not too distinct. Remember, you want buyers to be able to easily picture themselves in your home, so keep personal mementos and family photos to a minimum. Stay away from strong scents – even if they’re pleasant!

Potential buyers want to see a house that’s been wellloved and well-maintained. You want to emphasize to buyers what it is that makes your house their home. Even the cleanest, best-kept house needs a few adjustments to be move-in ready for a new occupant. If you put your home on the market without doing any renovations or clearing out clutter, you may find it much harder to sell.

Potential buyers will gain access to your home with their licensed professional real estate broker, and will not be allowed to view the premises unattended or without

scheduling first, so don’t worry about getting unexpected visitors! You’ll have plenty of time to make your home tourready.

If you plan or need to make improvements to increase value, make sure to analyze the cost benefits. Renovating walls and flooring, updating kitchen appliances and adding a patio are universally desired by buyers and are much more likely to improve your chances of selling at a higher price in less time. However, unique features, like a swimming pool, are subject to individual taste and often return less than the cost of completing the project.

Tips for Showing Your Home

When you've decided to sell your home, giving it curb appeal and some further love for showings can feel daunting. If you hope to achieve the highest selling price and the shortest amount of time on the market, you want to make certain that your home shows well. We’ve compiled this room-by-room breakdown of some of our top tips to make your home a buyer’s dream and to help point out some items that you may want to consider.

Outside:

• Keep your porch and front door tidy and inviting, since this will likely be the first place prospective buyers notice. A fresh coat of paint can help spruce up your door and porch.

• Make sure your doorbell is functioning properly and sounds pleasant. Keep your lawn fresh and beautiful. Make sure any animal waste is properly disposed of in your front and back yard.

• Clean gutters and the exteriors of your windows. Also, clean any oil leaks on your driveway and make sure it’s well-swept.

Garage:

• Garages can very quickly become more storage space, so make sure yours is as spotless as possible.

• Dispose of any accumulated junk and box up anything you won’t need until after your move. Make sure your garage has enough space to fit the specified number of cars so a buyer can see how large the garage is for their own use.

• Make sure the garage door opener is operational, and any oil stains are cleaned and painted over.

Kitchen:

• For many buyers, the kitchen can be a make-or-break moment, so take extra care in this room. Make sure the lighting, both natural and electric, is bright and inviting. Consider investing in attractive but neutral window dressings.

• Keep your counters spotless. Move any knickknacks or small appliances so the buyer has a true sense of the counter space.

• Replace or renovate badly damaged floors or walls. If there are grease or smoke stains, make sure to clean and completely remove and then repaint.

• Organize pantry and cupboard, and remove any refrigerator magnets or decoration elsewhere on appliances.

Bathrooms:

• Repair any leaks, dripping faucets; replace fixtures if needed.

• Deep clean any stains in the bathtubs, toilets, sinks or showers.

• Remove or replace old shower curtains and bath mats.

All Other Rooms:

• Repair cracks, nail holes and nail pops.

• Paint the walls white or another neutral color.

• Remove unnecessary furniture and knickknacks.

• Fix doors that stick or do not lock properly.

• Clean or empty all closets so buyers can get a sense of size and usefulness.

• Remove family photos, posters or other distracting personalized decor.

• Clean floors and vacuum rugs.

• Make sure all lights and bulbs are working properly; replace those that are not.

• Make sure the rugs and carpets are clean and stain-free. Consider a neutral rug color.

• Make beds, hang clean towels, open drapes and blinds, put away dishes and empty wastebaskets.

• Use a spray to eliminate kitchen, bathroom and pet odors.

• Put away any pet or children's toys or furniture.

• Store all but the most essential furniture so your living room looks spacious.

Putting a little extra love and care into your pre-listing home prep may award you much better results once you are ready to finally go on the market!

Acceptable Forms of Identification

State notary laws and title insurer underwriting policies define what forms of identification are acceptable and which are not, and assist in preventing fraud and forgery. Not presenting the proper types of ID can cause transaction delays. Always ensure proper identification has not or will not expire prior to your closing date.

If you do not have a valid, unexpired, government-issued photo ID such as a driver's license, non-driver state identification card or a United States passport, please inform your escrow team before your closing appointment. There may be other acceptable forms or solutions available, but this is best addressed before closing.

Acceptable Forms of Identification: Unacceptable Forms of Identification:

• Valid, government-issued photo ID such as a driver’s license or state identification card

• United States passport

• United States military ID

• Valid Canadian or Mexican driver's license issued by the proper agency

• Foreign passport stamped by the US Citizenship and Immigration Services (USCIS)

• Any ID which does not contain a photograph and physical description

• Any ID which is past its expiration date

• Any temporary ID

• Social Security card

• Foreign passport not stamped by US Customs and Border Protection

• Foreign consulate ID card

• Employee ID card

It is important to note that the name on your ID must match the name on your documents. If you have changed your name, or if your name will change before closing, you will be asked to provide supporting documentation. If you are at all unsure as to whether your ID will be acceptable, please contact your licensed professional real estate agent and your escrow team right away.

What is Escrow?

Escrow is a legal process in which a financial instrument or funds are held by a neutral third party (an impartial stakeholder) on behalf of two other parties that are in the process of completing a transaction. The funds and documents are held by the escrow agent until escrow receives the appropriate instructions — or until predetermined contractual obligations have been fulfilled.

Why Do I Need an Escrow?

Whether you are the buyer, seller, lender or borrower, you want the assurance that no funds or property will change hands until all of the terms, conditions and instructions set forth have been followed. The escrow holder has the obligation to safeguard the funds and/or documents while they are in the possession of the escrow holder, and to disburse funds and/or convey title only when all provisions of the escrow have been met.

How Does Escrow Work?

The escrow agent is there to make sure everything during the closing proceeds smoothly, including the wire transfer of funds and document processing. Throughout the closing process, proper documentation is filed with the escrow agent. Once all conditions are met and the sale is finalized, the deed granting title (ownership) to the buyer is recorded with the county and the money due to the seller is paid.

The Escrow Process

We insure our homes against fires, floods and theft and never think twice about it. These are all things that might happen in the future, and it's of course very important to protect your home against these potential threats. But, what about something that has already happened to the property that you don't know about?

What if an illegal deed was recorded years ago? What if someone claiming to have inherited the property from their grandparents shows up? What if a neighbor knocks on the

Common Potential Title Issues

• Illegal Deeds

(Prior deeds used to transfer title to previous owners could have been made by a person of unsound mind, a minor, a person purported to be single but was actually married, was a forgery, etc)

• Undisclosed Heirs Claiming Ownership Interest

What is Title Insurance?

door one day and says the fence is over the property line and needs to be torn down and rebuilt?

The answer: Title Insurance.

Because every property has a history, regardless of its age, true peace of mind can be gained by paying a one-time policy premium (unlike a recurring premium for fire/liability insurance). This policy is binding on the property for as long as the buyer owns it.

• Unknown Liens

• Boundary/Survey Disputes

• Mistakes in the Public Record

• Unpaid Taxes

• Forgeries

• Pending Legal Action Affecting the Property

• Instruments Executed Under an Expired or Fabricated Power of Attorney

• False Impersonation of a Previous Owner

In Colorado, the homeseller typically chooses the title company. The seller pays for the owner's title insurance policy, and the buyer pays for the loan policy, if applicable, unless otherwise stipulated in the contract.

Home Inspections

When a home is under contract to purchase, the buyer has a period of time in which to have the home inspected.

Typical inspections may include:

• A home inspection performed by a certified home inspector

• A wood-destroying organism inspection

• A survey, septic, and/or well inspection (if applicable)

Some items that are typically investigated during a home inspection are:

• Appliances

• Plumbing

• Electrical

• Heating and cooling systems

• Structure, foundation, roof and attic

The buyer may ask the inspector to address concerns regarding indoor air quality, expansive soil conditions, previous fire, pests and mold.

Prior to closing, the buyer will conduct another inspection, usually referred to as the final walk-through. This is where the buyer will confirm that any repairs agreed upon have been completed and that the home is in the same condition as when the offer was written.

Potential Closing Delays

When you’re close to the final sale of your home, the thought of any delays can be a nightmare — yet, are sometimes inevitable. The best defense is to be aware of what can hold up a sale, and what you can do to make it as smooth as possible.

Appraisal Issues

The appraisal is one of the most important parts of the selling process, and any mishaps can hold up your closing. The appraisal price may come in lower than you expected, or major repairs may be required. Make sure you keep in touch with your real estate agent to remedy any appraisal issues as soon as possible.

Errors Found on Closing Documents

Any errors found on closing documents may delay the closing as corrections will have to be made.

Lien on the Property

Finding out there’s a lien on your property is a frustrating experience. Without a clean title, your home could be unsellable. A title search will reveal any liens or other encumbrances.

The House is Uninsurable

If you’ve made a major insurance claim in the past, some insurers may not approve a policy for the new owner. Make sure you let potential buyers know about your insurance history so they have ample time to find a policy that works for them.

Closing Costs Disputes

If either party has a disagreement with the closing costs set forth on the settlement statement, closing may be delayed while the concerns are addressed.

Pests Are Found

Finding unwelcome houseguests in your home, especially termites, is never pleasant, but can be particularly troublesome when you’re wishing to sell your home. If pests are discovered during a home inspection, make sure you and the buyer know who is responsible for pest removal, and get it done ASAP.

Lender Needs More Documentation

If the potential buyer has a complicated financial history, the lender may need extensive documentation before they can approve the loan and close the sale.

Repairs Aren’t Completed on Time

It is important all repairs are completed prior to closing. Lenders will not close on a loan until required repairs are complete. Receipts for all work done are likely to be required.

All Parties Are Not Available for Closing

If any of the parties to the transaction are unavailable to sign the final closing documents, whether traveling, restrictive work schedule, etc., closing could be delayed.

Who Pays for What?

Closing charges are fees that are not included in the sale price of the property. These fees are incurred by the buyer and/or the seller in the ownership transfer of the property. As with many things in real estate, there is no one set standard and items are negotiated on a case-by-case basis. We've compiled a sample here that represents common items so that you can have an idea of what to expect. Consult your local title, escrow and real estate professional for further information.

Seller Typically Pays For:

• Real estate commission

• One-half of the settlement fee (according to contract)

• Owner’s title insurance and endorsement premiums

• Work orders (according to contract)

• Any judgments, tax liens, etc. against the seller

• Any bonds or assessments (according to contract)

• Recording charges to clear all documents of record against seller

• Payoff of all loans in seller’s name (or existing loan balance being assumed by buyer)

• Interest accrued to lender

• Reconveyance fees and any prepayment penalties

• Any unpaid Homeowner Association dues

• Home warranty (according to contract)

• HOA/CIC docs (if charged by HOA)

• Tax proration (to date of acquisition)

Buyer Typically Pays For:

• One-half of the settlement fee (according to contract)

• ALTA Lender’s title policy and endorsement premiums

• Document preparation (if applicable)

• All new loan charges (except those required by lender for seller to pay)

• Interim interest on new loan from date of funding to first payment date

• Recording charges for all documents in buyer’s name

• Homeowner’s insurance premium for first year

• Home warranty (according to contract)

• Inspection fees (according to contract): roofing, property, geological, pest, etc.

• HOA dues from closing forward

• HOA transfer fees

• HOA status letter fees

Closing Statement Charges

The charge for the property appraisal, often paid prior to closing.

The title insurance policy and additional coverages your lender requires to protect their interest in the property.

The charge incurred when your lender orders your credit report(s).

Closing Protection Letter. A guarantee from the title insurance company offered to all parties of the transaction (buyer, seller, lender) for the work of the settlement agent.

Charge for title agency closing/settlement services.

Charge to obtain certification from FEMA as to whether the property is located within a flood zone.

Includes fees such as "prepaid dues", "transfer" and "working capital", and is charged by the HOA to complete the transfer. Any dues which were prepaid by seller will also be prorated and charged.

If the seller has already paid the HOA dues for the entire month in which closing occurs, this is a pro rata credit back to them for the portion of the month the buyer now owes.

The first annual premium for your new hazard/fire insurance policy.

The first annual premium for your home protection plan which covers major appliances and systems, and optionally covers the roof, pool, etc.

The initial amounts collected by your lender to establish your impound account (also called the escrow account). It is from this account your lender will pay your homeowners insurance and property taxes.

May include the termite inspection, home inspection or miscellaneous payments such as septic, well or solar transfers.

The charge for originating the loan, calculated as a percentage of the loan amount. Also included here will be any amount paid to buy down the interest rate.

This is collected by the lender to pay for the interest charges for the remainder of the month during which the loan closes escrow.

A common lender charge for the work done by the loan processing department.

Charged by the county recorder for adding legal documents to the public record.

Charged to monitor and ensure property taxes remain current. The lender is notified if taxes become delinquent.

A common lender charge for the work done by the loan underwriting department.

Wire Fraud Protection

It is important to protect your money and identity. Fraudsters use sophisticated tactics such as phony emails or phone calls to make you think you're dealing with your lender or other authorized transaction agent. Their goal is to obtain your personal information and/or supply you with false wiring instructions.

Defend Yourself:

• Never share your online banking user ID and password with anyone.

• Do not access your bank account or credit accounts from a public computer or over public Wi-Fi.

• Only share your bank account number with professionals who you are certain require it.

• Always be suspicious of emails from free or public email accounts as they carry additional risk. Be extremely careful about clicking on embedded links.

• Monitor your bank and credit accounts routinely, and look for unauthorized transactions. Any suspicious activity must be reported to your financial institution immediately.

• Utilize computer safety measures such as a firewall and virus protection.

• Always utilize secure passwords and never use the same password repeatedly. Research how to create strong passwords and even use a password manager.

• Consider using a credit monitoring service to assist you in watching your accounts.

• When it comes to your home closing, be very skeptical of any change in wiring instructions.

• Always confirm disbursement instructions via telephone using a confirmed phone number for the institution with which you are working. Never use the phone number supplied in a suspicious email.

Moving Tips

Pre-Packing

Let's Make Your Move Easier: Getting ready to move is never fun, but planning ahead can save you some grief.

Strong Containers / Boxes

Go through your belongings to determine if anything can be sold or donated. Decluttering unnecessary items will create fewer boxes to pack, which will also reduce the cost for your move if you are using a moving company.

Labeling

Make sure you clearly label each box and its contents. Also, indicate which room it came from and whether it is fragile. Keep an inventory of boxes as you are packing, and during the move. That way, you can make sure all of the boxes were received, and you can quickly check to see what is in each box.

Weight

Don't load more than 50 lbs. into any one box. Make sure weight is evenly distributed.

Padding

Cushion contents with packing materials or newspaper to prevent breakage. Towels and cloth napkins are great for wrapping fragile items.

Use strong containers that can be tightly secured with tape or twine. You can usually purchase these from a moving or shipping company. You may also try asking your local grocery store for boxes.

Valuables

Carry all valuables with you such as jewelry, important documents, photos, computer hard drives or anything else that would be difficult to replace.

Rugs

Have your rugs cleaned before moving so you can move them in their wrappings for easier handling.

Change of Address

Don't leave a business, utility company or associate out of the loop. Be sure to complete a change of address at USPS.com.

When to Expect Final Proceeds

Your net proceeds are the final amount you'll receive from the sale of your home at closing after all costs have been taken into consideration.

During closing, ownership of the property is transferred from the seller to the buyer. All funds are distributed by the escrow company and the new deed is registered in the buyer’s name.

The final proceeds wire or check is then disbursed upon the close of escrow, after the title company has verified the buyer's lender has authorized disbursement.

Services Guide

303.791.0430

303.238.0451

303.795.3751

303.651.8664

303.335.4501

303.985.7895

303.450.8770

303.841.4627

303.538.7370

303.658.2405

303.424.2844

Glossary

Also referred to as a nontaxable sale, a 1031 exchange is a method enabling property owners to trade an investment property for another investment property (or properties) without paying capital gains taxes on the transaction.

An opinion of value based upon factual analysis.

Generally, there are three major methods — cost approach, income approach and market value (comparable) approach.

An increase in value of real estate.

The final settlement of real estate transaction between buyer and seller.

A system of individual fee ownership of units combined with joint ownership of common area of the structure and land.

A mortgage securing a loan made by investors without governmental underwriting, i.e., which is not FHA insured or VA guaranteed.

A rejection of an offer by a seller along with an agreement to sell the property to the potential buyer on terms differing from the original offer.

Written instrument which, when properly executed and delivered, conveys title.

An instrument conveying a security interest to the public trustee of the county in which the borrower agrees to pay the debt or obligation of a promissory note.

Additional charges made by a lender at the time a loan is made. Points are measured as a percent of the loan, with each point equal to one percent.

Also known as EMD. Down payment made by buyer as evidence of good faith.

Created by grant or agreement for a specific purpose, such as an electrical line by a power company, or a shared driveway. An easement is the right, privilege or interest which one party has in the land of another.

The interest or value which an owner has in real estate over and above the liens against the real property.

The deposit of instruments and funds with instructions to a third neutral party (the escrow) to carry out the provisions of an agreement or contract.

Also known as FHA; a loan which has been insured by the federal government guaranteeing its payment in case of default by the owner.

Farmer’s Home Administration Loan

Impound Account

Improvements

Joint Tenancy

Lien

Mortgage Insurance Origination Fee

Personal Property

Also known as FmHA; a loan by the federal government (similar to FHA loan) usually used for residential property in rural areas.

An account held by the lender for payment of taxes, insurance or other periodic debts against real property (also known as the escrow account by the lender).

Structures, buildings, driveways, etc. that are constructed upon or attached to real property.

Joint ownership by two or more persons with right of survivorship; all joint tenants own equal interest and have equal rights in the property.

A form of encumbrance that usually makes a specific property the security for the payment of a debt or discharge of an obligation. For example, judgments, taxes, mortgages, deeds of trust, etc.

Insurance written by an independent mortgage insurance company protecting the mortgage lender against loss incurred by a mortgage default, thus enabling the lender to lend a higher percentage on the sale price.

A fee charged by the lending institution.

Any property which is not real property, e.g., money, savings accounts, appliances, cars, boats, etc.

Purchase Agreement

Quitclaim Deed

Real Property

Special Assessment

An agreement between a buyer and seller for the purchase of real estate.

A deed operating as a release, e.g., a husband quitclaiming to wife.

Land and whatever by nature or artificial annexation is a part of it.

Legal charge against real estate by a public authority to pay cost of public improvements such as street lights, sidewalks, street improvements, or by a Homeowners Association.

Subdivision

Term of Loan

Trust Account

VA Loan

Warranty Deed

A parcel of land that has been divided into smaller parts.

The period which a loan/mortgage must be paid.

An account separate and apart from a broker's, attorney's or title agent's own account, and in which the broker is required by law to deposit all funds collected for clients.

A loan guaranteed by the Veterans Administration.

A deed used to convey real property which contains warranties of title and quiet possession, where the grantor agrees to defend the premises against the lawful claims of third persons.

Equitable Title provides a better approach to title and escrow through team support and innovative services that deliver a better experience.

Dynamic Team Processing

Utilizing the combined resources and knowledge that each individual brings to your title and escrow process, you’ll never miss a step or run into a delay with our experienced, dynamic team working for you.

Mobile Signing

The ultimate convenience: Our mobile notary signing service is available at the location and time of your choice.

Online Check Deposits

No wiring, drop-offs, or couriers needed: With our online earnest check deposits and eCheck services, we'll securely handle your deposits and payments with our streamlined process and built-in fraud protection.

Experience the difference with Equitable Title for your transaction. If you have any questions about our services or how the process works, please let us know — we want to be an integral part of the homeselling experience!

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