We have a remarkable history, one with deep roots dating back to 1963, with the formation of Gary Greene. From our earliest days in Houston, we have remained a brokerage leader in the real estate industry by developing relationships with our clients and our communities.
LOCAL ROOTS SINCE 1963 Our affiliation with the Better Homes and Gardens Real Estate network gives us unmatched international alliances with brokerages as well as the value of a trusted and recognizable brand around the world.
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MARY FEECE Mary Feece knows real estate is about more than sales - it’s about building trust and relationships and offering clients real and valuable knowledge that they can use to make informed decisions. And that’s what she’s been doing since earning her license in 2014. “Selling real estate is the perfect fit for me,” says Mary. “I love being involved with homes - suggesting improvements and staging to gain a higher sales price, guiding buyers to envision what a house could be, and just helping clients feel good and succeed.” A professional go-getter who is knowledgeable, dedicated, levelheaded, and a good-listener, Mary enjoys working with sellers and buyers in a range of price points and lifestyles. According to Mary, “Always be honest, be passionate, and have patience” has always served her well. Her previous 20+ years in the Oil and Gas Industry has provided Mary with excellent communication and strategic planning skills; and understanding of how to operate in a competitive and fast paced environment which allows her to streamline the process and be more efficient for her clients. Mary is a resident of North Houston and has truly enjoyed watching the community grow and develop. “Houston has its own personality,” she says. “This wonderful diversity makes it the perfect place to call home.”
E: mary.feece@garygreene.com M: 936.523.0123 O: 281.367.3531 W: maryfeece.garygreene.com 8665 New Trails Drive, Suite 190 The Woodlands, Texas 77381
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CLIENT TESTIMONIALS BUYERS ■
■ “In addition to everything I have said in my survey, Mary Feece goes above and beyond and always with a smile. I would highly recommend her to anyone! She never made me feel like I was too much trouble or taking too much of her time.” Linda Bowers, Houston TX
HHHHH Five Star Rating
■ “I marked all the highest marks for a reason. It may appear to be a blanket reply, however, Mary absolutely deserves the highest review possible. I had worked with Mary on our previous lease. When it came time to buy my first house, Mary was the obvious choice for two reasons. One: I was highly impressed by her when we leased, and two: I am a dumbass. I don’t know anything about real estate. I knew I had a little money saved and ok credit so let’s go buy a house. Not so. The misama of related details that were too deep for my shallow mind, Mary handled flawlessly, professionally, and patiently. She explained every single detail and possible scenario, in a way that a dumbass can understand. That alone would illicit a great review, but she went above and beyond with the people she recommend for the other services needed to buy. Every single referral she gave we used. Every single person or company I looked into myself turned out to be terrible, including my own bank (see: dumbass). I would not hesitate to recommend Mary to anyone. I will even brag about her skills and prowess. Awesome lady.” S. Hendricks, Shenandoah, TX HHHHH Five Star Rating ■ “Mary handled everything! She was in contact with every person involved with the process to make sure everything flowed smoothly. She gathered all documents, keep everything organized, and was so patient explaing all my questions. She was fabulous!” Desiree Smith, Conroe TX HHHHH Five Star Rating
■ “Met Mary at a Open House and from a few minutes of talking with her I knew she would be the perfect Realtor for my house shopping experience. She takes the time to listen, which is a big plus for me...and walked me through every single step necessary to find the right home and close on a great deal! She did awesome communicating with the finance company and made the purchase go as planned. I know she worked around the clock finalizing our deal! My family thanks you Mary we love our home...and expecially appreciate the hard work and deal you were able to provide for us!! 5 Stars!! Marco Cantu, Conroe TX HHHHH Five Star Rating
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CLIENT TESTIMONIALS BUYERS ■
■ “The most important thing in working with a Realtor is someone I could trust. I wanted someone who would be truthful and help steer me in making a good decision rather than just interested in making a sale. I found these excellent qualities and more in Mary Feece. I had a lot of questions and Mary was available to provide answers consistently. She also provided me an outline of time events so that I understood the process. Mary is very personable, honest and knowledgeable. I had previously worked with another Realtor with another company. I felt they were just anxious to make a sale rather than find the perfect home for me.” Regina Orsak - Houston TX HHHHH Five Star Rating ■ “We worked with Mary for a long time to find the right house. She knew how picky we were and was so patient. She was professional and knowledgeable when the right house came up and we could not be more pleased with the job she did selling our home so we were able to handle the contingency almost stress free.” Terry L. Belcher HHHHH Five Star Rating ■ “Mary was wonderful to work with! This was our first home purchase, and Mary let me know ahead of time everything that would happen. I was never caught off guard. She is a great communicator, very knowledgeable, not pushy, and listens to your needs. I will definitely be using Mary in the future!” Bailey Wilkinson, Hockley TX HHHHH Five Star Rating ■ “Mary is very knowledgeable about every step of the process and makes recommendations along the way. We have bought 3 houses with Mary as our Realtor. She is top shelf.” Kelly Dafor HHHHH Five Star Rating ■ “I chose to work with Mary Feece because, from an earlier business association, I knew her to be a caring, trustworthy, hardworking, ethical, and intelligent individual. However, at the time I really had no idea how skilled she was as a Realtor. She turned out to be very knowledgeable, and helpful in many ways my wife and I hadn’t anticipated. She was always readily accessible and responsive, as well as being enthusiastic about our purchase, flexible in her scheduling, and patient with our many requests. Mary is very proficient at what she does, and I would recommend her without hesitation to anyone needing an expert Realtor.” Rich & Pat Ledden, Montgomery, TX HHHHH Five Star Rating
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CLIENT TESTIMONIALS SELLERS ■
■ “Mary Feece did an excellent job selling our home. Her experience and networking within Gary Greene provided us with a potential buyer before we had even listed our home. The vendors that she used to take pictures inside and outside of our home did an excellent job representing the beauty of our home. She was always one step ahead in her planning and stayed on top of things during the entire sales process. Mary was our Agent when we purchased a home in June and there was no question that we would use her as our Agent to sell our home. We were not disappointed. Her accessibility, knowledge, patience, and timeliness were outstanding. We will recommend Mary Feece anytime we have the opportunity to without hesitation. You could not ask for a better Real Estate Agent!” Keith & Sarah Cravens, Coldspring TX - Formerly Mongtomery Texas HHHHH Five Star Rating ■ “I’ve worked with Mary Feece on a few projects. Her knowledge of the market, understanding of client needs is excellent. She definitely deserves all gold stars in my book!“ Karen Nichol - The Woodlands TX HHHHH Five Star Rating ■ “We have sold many houses over the last 35 years and Mary Feece has been, without a doubt, the most helpful, friendly, accessible, knowledgeable, honest, and thorough Real Estate Agent we have ever had the pleasure of working with. It was our pleasure.” Allen & Anne, Corsicana TX - Formerly Spring TX HHHHH Five Star Rating ■ “Mary Feece was very helpful to us with multiple real estate transactions, and we plan to use her again in the future if we have the need. Her knowledge and experience was very helpful in being an advocate for us as a buyer and seller.” Barrett & Shannon - The Woodlands TX HHHHH Five Star Rating ■ “Mary is a true professional. I trust her knowledge and experience. She is always supportive and provides advice based on market area, her experience in the type of transaction we are working with, etc. I will use her over and over again for any real estate needs. She works her heart out for her clients! Definitely earns her commission. Mary’s communication skills between buyer and seller are impeccable! As previously stated Mary is a true professional! Karen Nichol - The Woodlands TX HHHHH Five Star Rating
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CLIENT TESTIMONIALS SELLERS ■
■ “I had previously used Mary Feece when purchasing my new property. I was referred to her by the Shell relocation services available through the retiree benefits. I was so happy with her knowledge, competence and honestly that I did not consider any other Realtor when selling my previous home. Mary did detailed market analysis to help me determine the best path for selling my home, whether to sell as is or to do remodel (renovations). She was conscious of modifying sales strategies in the middle of the COVID19 pandemic and made special efforts to have photos and video of the house online to highlight the home. This resulted in a surprisingly quick sale during a difficult time. I would not hesitate in recommending Mary to anyone. After working with her, I had the utmost confidence and trust in her answers to my questions and advice that she would provide. I had not been looking forward to the purchasing and selling activities but having someone on my team like Mary made it less stressful and more comfortable.” Regina Orsak - Houston TX HHHHH Five Star Rating
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WE HAVE THE NUMBERS From our earliest days in Houston, we have remained brokerage leaders in the real estate industry by developing relationships with our clients and our communities. The Better Homes and Gardens® Real Estate brand was built upon a passion for the home. Sellers benefit from this well known brand through the exposure generated by millions of home searches on their website and the inherent trust of the iconic brand.
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HOUSTON RESIDENTIAL SALES
$3B
2020 SALES VOLUME
8.9K
2020 TOTAL TRANSACTIONS
5.4K
2020 LISTINGS SOLD
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WE HAVE THE ROOTS Locally owned since 1963, the Gary Greene name has been a part of the Greater Houston Metropolitan area real estate landscape and consistently provides high-quality representation and outstanding service to generations of home buyers and sellers. Aligning with its long-standing principles, Gary Greene also incites meaningful change through the Gary Greene Realtor® Foundation, which has given over $4 million back to the community. “We are Houston,” says Mark Woodroof, Gary Greene’s Managing Partner. “We didn’t parachute in from somewhere else. We have proudly been serving and giving back to our local communities for over 58 years.”
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THE VALUE OF A BUYER’S AGENT Buying a home is one of the biggest financial decisions of your life and a licensed Realtor® can help you navigate the process and protect your interests. It’s a serious transaction with significant financial and emotional ramifications for the parties involved, and having proper representation is critical. Here are six of the most important reasons to have a buying partner on your side:
DON’T OVERPAY The only way to determine the fair price of a home is to analyze the price at which similar homes recently sold in the same neighborhood. While there are a variety of online resources for finding homes for sale, there are very few consumer websites that provide closed sale data in the Houston-area. Armed with accurate sold data, you can ensure you are able to negotiate a fair price.
REAL ESTATE EXPERTISE Once you are under contract to purchase a home, a buyer’s agent will help you locate inspectors, negotiate repairs with the seller, get estimates from trustworthy contractors and obtain financing from the most reputable lenders.
UNDERSTANDING THE LANGUAGE Buying a home usually requires dozens of forms, reports, disclosures, and other technical documents. Trained Realtors® have the expertise to help you navigate through the terms, data and language — while avoiding delays or costly mistakes that can cost you money and time. Also, they must stay current with all the updates in regulations, laws, contracts, and practices. Once you retain your Realtor®, they put that knowledge to work for you.
ENSURE YOU HAVE REPRESENTATION Unless you are buying a property that is for sale by owner, the seller has professional representation on their side. By negotiating directly with the seller’s agent you are putting yourself at a significant disadvantage since their agent is legally bound to share everything you tell them in order to get the best deal for their client. Open House - if you found your dream home at an open house, just let your Realtor® know. You always want your interests protected.
LICENSING & ETHICS Not every real estate agent is a Realtor®. A Realtor® is a licensed real estate salesperson who belongs to the National Association of Realtors®, the largest trade group in the country. Realtors® are held to a higher ethical standard than licensed agents and must adhere to a code of ethics.
NO COST There is typically no cost to the buyer; the seller typically pays the Realtor® commissions.
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THE BUYING PROCESS STEP 1: First Things First Besides affordability, your credit history is one of the primary factors considered by a mortgage lender. Before you begin your home search, you’ll want to check your credit reports. The Fair Credit Reporting Act (FCRA) requires each of the nationwide credit reporting companies — Equifax, Experian, and TransUnion — to provide you with a free copy of your credit report, at your request, once every 12 months. You can do so online at annualcreditreport.com. By taking advantage of this, you will discover if there are errors that need cleaning up or glitches that might affect your ability to get a loan.
STEP 2: Get Finances in Order & Pre-Qualify for a Loan If you find your dream home, you want to be prepared to make an offer. Armed with credit score information, your next step is deciding how much you can afford, which depends on your income, monthly expenses, funds available for a down payment, and current interest rates. Connecting with a mortgage lender to determine your buying and borrowing power, and getting pre-approved for a loan is the next step before beginning your home search. You’ll need to have filed your taxes and have documentation of any recent major financial transactions before you go.
STEP 3: Work with a BHGRE Gary Greene Professional Our first discussion will cover all the wants and needs you have in mind. At BHGRE Gary Greene, our Realtors® are licensed full-time sales associates, with the expertise, experience and training essential to your buying success. They are bound by a strict Code of Ethics, well versed in the buying process and dedicated to making it as simple and hassle-free as possible. An added plus is that we have over 20 offices throughout the greater Houston area which means that your Gary Greene Realtor® Associate will know the market where you want to buy.
STEP 4: What to Look for in a Home Make a list of wants and needs – just make sure that needs come first. Those are items you can’t live without – whether it’s the number of bedrooms or baths, living in a particular school district or some other critical feature. Next, some things you wish for but may opt to forego (a swimming pool, extra storage, etc.). This will narrow the field in the search for your home.
STEP 5: Where to Look There are many considerations when choosing a neighborhood, not the least of which is location, location, location. Factors like price, school district, property taxes, deed restrictions, area amenities, and the commuting distance to and from work or schools all play a part. Thanks to our many locations, we’re equipped to provide first-hand, detailed information about all area neighborhoods, discuss their subtle differences, and show you what they have to offer.
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THE BUYING PROCESS CONTINUED STEP 6: The Home Search Statistics show that you will certainly begin your search online, but you will want the assistance of a Gary Greene Realtor® Associate who will find the homes that are publicly available or homes that haven’t been entered into the MLS that are available through our Gary Greene internal network that meet your criteria. They will make appointments, schedule showings on your timetable, handle the details, and make the search experience seamless. Our ease of access, our knowledge of neighborhoods, and our access to market sale history will save you valuable time and greatly expedite the home search process.
STEP 7: Make an Offer When you’ve found the home of your dreams and it’s time to make an offer, your Gary Greene Realtor® Associate will advise you on all the details needed to make a fair offer, guide you through the process, handle the paperwork, carefully review that it reflects the terms you want, and present it on your behalf. An offer to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers – or additional costs.
STEP 8: Negotiate the Contract The negotiating process is a back and forth communication that requires excellent skills, and a clear understanding of all the terms and conditions is crucial. The value of having a trusted Gary Greene Realtor® Associate working on your behalf to reach an agreed upon price and terms cannot be overstated. There are countless factors involved in the negotiating process, including but not limited to: Price
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Date of possession
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Inclusion or exclusion of furnishings or equipment
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Repairs
The seller may accept your offer, reject it or make a counteroffer. Because counteroffers are common (any change in an offer can be considered a “counteroffer”), it’s important for buyers to remain in close contact with their Gary Greene Realtor® Associate during the negotiation process so that any proposed changes can be quickly reviewed and a response given.
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THE BUYING PROCESS CONTINUED STEP 9: Send Executed Contract to Loan Officer Due diligence completed, it’s time to obtain financing. If you have not already connected with a mortgage lender and gotten pre-approved for a loan, your Gary Greene Realtor® Associate will help you find a qualified lender and tell you what personal and financial data to bring with you when you apply for a loan. Once the lender is chosen, it is important for the buyer to make loan application within the time frame specified in the Earnest Money Contract. When final loan approval is obtained, your Gary Greene Realtor® Associate can assist you in arranging for homeowner’s insurance and other necessary details prior to closing.
STEP 10: Conduct Inspections When the terms of purchase have been agreed upon and the Earnest Money Contract delivered to the title company, it is time to evaluate the property. The contract should provide time for you to complete inspections of the property before you are bound to finalize the purchase. You should NEVER buy a home without having it inspected by professionals. These inspections help you avoid purchasing a home in need of major repairs or damaged by wood destroying insects. Additional inspections that will be required by your lender may include a survey to determine boundaries and an appraisal to determine value.
STEP 11: Other Critical Details Your Realtor® Associate will have already informed you about current real estate values, taxes, utility costs, municipal services and facilities, and made you aware of deed restrictions that could affect your decision to buy. You are also entitled to see a preliminary report on the title of the property. Title indicates ownership of property. The title to most properties will have some limitations; for example, easements (access rights) for utilities. Your Gary Greene Realtor® Associate can help you resolve any issues that might cause problems. If you choose a home in a neighborhood with a homeowner’s association, you will need to get a copy of their association packet so you can review it before closing.
STEP 12: Close on Purchase Your Gary Greene Realtor® Associate represents you and your best interests through the closing. Your Realtor® Associate will confirm that all contract and amendment conditions have been met or completed and review a closing checklist; assist in scheduling and conducting your final walkthrough prior to closing; review closing figures, closing documents and the title insurance commitment with you so you will know what to expect during the closing process; and, finally, attend the closing to answer any questions or deal with last-minute issues.
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INSPECTIONS Nobody wants to buy a house and find out later that there are hidden flaws – particularly defects that are expensive to repair. As any good Realtor® will tell you, the only way to avoid these unexpected bombshells is to hire a qualified and impartial professional home inspector to examine the home, from top to bottom, and provide a written report on the status of his or her review. Your real estate agent should be able to provide a list of reputable and experienced home inspectors. SUCH AN INSPECTION IS CRITICAL AND INCLUDES A REVIEW OF: n
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Foundation
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All Plumbing and Electrical Wiring
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Floors
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Exterior
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Roof
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Windows
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Insects/Rodents
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Attic
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Doors
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Pool/Spa (if applicable)
TIPS: Buyers should attend the inspections and examine the property’s mechanics and structure. Ask questions and learn more about your potential investment than is possible with an informal walk-through Don’t neglect to have a separate inspection for termites which will be required by your lender (and should be done even if yours is a cash purchase). No home is perfect! Every home will have issues revealed by a home inspection. New homes can also have defects, whether caused by oversight during construction or simple human error. The home inspector will review his or her findings with you and alert you to any costly or potentially hazardous conditions.
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All negotiations for repairs, agreed upon in writing, are completed during the option period. Buyers and sellers might agree to seller concessions in lieu of repairs - these concessions can be applied towards buyer closing costs and/or pre-paid items allowing for the buyer to handle repairs after closing.
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RESIDENTIAL SERVICE CONTRACTS WHAT IS A SERVICE CONTRACT? n
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A service contract is not a warranty. A warranty must come free of charge, but you pay extra for a service contract. A brand new home may have a warranty provided by the home builder. Don’t be confused by the fact that some service contract companies use the word “warranty” in the names of their companies. A service contract also is not an insurance policy. If you decide to purchase a service contract or if the seller is providing one, compare it to your homeowner’s insurance policy to be sure you aren’t purchasing duplicate coverage.
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What extra benefits and/or extra repairs are covered by the service contract? Read the contract carefully for any conditions you have to meet. Who is responsible for checking for pre-existing conditions? How much will the contract cost you? Prices vary depending upon coverage and usually are for a term of one-year. One question to ask yourself in considering your need is: If you did not purchase the contract, would you be able to afford a repair if it happened during this period?
For detailed information, you should contact a residential service contract provider. The names and websites of a few of the companies serving our community are:
Allied Home Warranty | American Home Shield | BFS Home Warranty Fidelity National Home Warranty | First American Home Warranty | HWA Home Warranty of America Old Republic Home Warranty | Super Home Warranty Their inclusion on this list does not constitute an endorsement. A complete list of all residential service companies licensed by the Texas Real Estate Commission to sell residential service contracts in the state of Texas can be obtained at www.trec.texas.gov.
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CONTRACT TO CLOSING You and Better Homes and Gardens Real Estate Gary Greene Gary Greene helps negotiate the offer.
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Buyer and seller agree on price and conditions.
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The buyer orders mechanical and general inspections.
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The listing or selling agent sends signed earnest money contract to title company and lender.
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Buyer makes loan application (if applicable).
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CONTRACT
LOAN
Your Title Company
Your Mortgage Company
Receives executed contract and earnest money check (which is cashed)
Verifies all financial information on buyer
Begins title work and tax information
Orders, receives and reviews appraisal and property survey
Abstracter begins title search
Compiles loan package and submits to Underwriter
Examiner verifies title
Loan is rated by underwriter
Issues title commitment Closer reviews title commitment and notifies all parties of any defects Title Company forwards title commitment to Lender and BHGRE Gary Greene
Collects and packages additional materials as requested by underwriter Repackages and resubmits to underwriter Loan is approved
Title Company receives closing instructions from Lender
Prepares and delivers loan documents and funds to title company
Closer consolidates all closing documents
Gets buyer approval
CLOSING OCCURS
Orders flood certificate
Title Company sends signed documents to Lender for final approval
REVIEWS FINAL, SIGNED DOCUMENTS SENT FROM TITLE COMPANY
FUNDING 1. All documents are recorded in the county clerk’s office. 2. Title policy is sent to the mortgagee and the owner.
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AFTER THE CONTRACT IS SIGNED 1. 2. The Earnest Money Contract (EMC) is signed.
3. 4. 5. 6. 7. 8. 9. 10. 11. 12.
The Realtor® Associate will “open title” at the title company named in the Earnest Money Contract, and the title company will deposit the earnest money check. If the amount of the earnest money is greater than $5,000, and will be held for an extended period of time, you may request it be placed in an interest bearing account. Seller receives option fee as per terms of EMC and deposits.
Buyer schedules property inspections and contacts insurance agent, paying close attention to the option period, if applicable, as defined in the EMC. Buyer makes loan application with their selected mortgage lender according to the time specified in the EMC and delivers documentation requested by lender. The mortgage lender will begin processing the loan by: a. ordering an appraisal of the property; and b. verifying prior loan history, employment and financial position. Simultaneously with the loan processing, the title company will research the title and send their title commitment to the buyer, seller, Realtor® Associates, attorneys, and mortgage lender. The title company will act as escrow agent and title insurer. The escrow agent will coordinate with all entities to receive the following information for closing: a. invoices and loan documents from the buyers mortgage lender b. buyer’s hazard insurance from the buyer’s insurance agent; c. tax certificates d. survey Once the buyer’s loan and title are approved, the closing date is coordinated between all parties. Buyer and seller contact utility companies to transfer service to buyer. The title company will prepare a closing statement, with charges to both buyer and seller, for review prior to closing. Parties sign closing papers and title transfers from the seller to the buyer upon funding. The above procedure averages approximately 30-45 days. If the buyer’s credit is rejected or he cannot qualify for the payments, the contract is cancelled and the buyer’s earnest money is returned if all parties agree to the release. Contracts may be contingent on inspections and buyer’s ability to qualify for payments. The house must appraise satisfactorily and the title should be clear. Therefore, buyer and seller should not make definite plans until all contingencies have been removed.
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prior to closing
• Provide a copy of the contract of sale to the mortgage company making your loan which has been receipted by the title company. • Call your loan officer and arrange to make a formal loan application. • Schedule the appointment with the inspector and seller as soon as possible. (A termite inspection is required on VA loans). • Contact an insurance company to obtain homeowner's insurance before the end of the option period. Supply information to the title company at least one week prior to closing.
required at closing
BUYER’S CLOSING CHECKLIST • Driver's license or other photo identification. • A cashier's check or wire transfer is required for payment of funds over a certain amount dictated by the title company at the time of closing, made payable to the title company. • B ring any required document(s) to closing that your lender has requested you to produce at the closing table.
avoid closing delays
• If you want to review your loan documents prior to the closing, please request that your mortgage company provide the documents to the title company at least three days prior to closing so copies can be provided for your review. • If you will not be present at closing to sign documents and intend to use a power of attorney, the following must occur: » The title company and your lender must approve the POA prior to closing. » The original POA must be delivered to the title company before closing for recording with the county clerk's office. » Contact with you via telephone on the day of closing to be certain you are alive and well and have not revoked the POA.
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CLOSING COSTS BUYER GENERALLY PAYS FOR: n
Loan Policy and Endorsements
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Record Warranty Deed
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Mortgage Insurance Premium - MIP or PMI*
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Miscellaneous Loan Fees*
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Guaranty Fee
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Loan Payoff (Per Existing Lender’s Payoff Letter)
Record Deed of Trust
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Owner’s Title Policy Premium
Courier Fee
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Record Release of Existing Lien(s)
Escrow Fee
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Current Year Real Estate Tax Proration (Per Contract)
Tax Service Fee*
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Prior Year’s Property Taxes Still Due (If Due)
Full-Year Homeowner’s Insurance Policy*
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2-3 Months Hazard Insurance Escrow*
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Escrow Fee
Tax Reserve*
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Commissions (Per Listing Agreement)
Loan Origination and/or Discount Fee*
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Tax Certification
Appraisal*
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Attorney Document Prep Fees for Deed & Release(s)
Credit Report*
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Homeowner’s Transfer Fee (If Applicable)
Lender Document Preparation*
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Guaranty Fee
Flood Certification*
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Any Other Cost as Outlined in Contract
Inspection Fees
Prepaid Items such as Pro-Rated Property Taxes and
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HOA Dues n
SELLER GENERALLY PAYS FOR:
Any Other Cost as Outlined in Contract
* Lender Charge
Homeowner’s Association Dues and Fees (If Applicable)
NEGOTIATED UNDER CONTRACT: n
Survey
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Homeowner’s Association Transfer Fees & Resale
Certificate/Docs Fees n
Home Warranty
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City Transfer/Conveyance Tax
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Bonds or Assessments
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HELPFUL TERMS MORTGAGE TERMS ADJUSTABLE-RATE MORTGAGE (ARM): Mortgage loan in which the interest rate of a home may vary at specific intervals during the loan term. AMORTIZATION: A payment plan by which the borrower gradually reduces the balance of the mortgage by making monthly payments of principal and interest. CAP: The maximum interest rate on an adjustable rate mortgage that may be charged. CONVENTIONAL LOAN: Any mortgage loan other than a governmental loan. FIXED RATE MORTGAGE: Mortgage loan in which the interest rate will not change throughout the duration of the loan. GOVERNMENTAL LOAN: A mortgage loan guaranteed or insured by a government agency such as the Veterans Administration (VA) or the Federal Housing Administration (FHA). POINT: One percent of the loan amount paid to the lender, usually in exchange for a lower interest rate on the loan. PRINCIPAL AND INTEREST PAYMENT (P&I): The monthly payment of interest charges and part of the principal loan balance. With taxes and insurance included, this makes up the monthly mortgage payment (PITI). PRIVATE MORTGAGE INSURANCE (PMI): A policy that protects the lender in the event of default, and insures repayment of the loan in case of the borrower’s death or disability. PMI is generally required if the buyer’s down payment is less than 20 percent of the purchase price or appraised value.
CONTRACT/CLOSING TERMS
SELLER OR OWNER DISCLOSURE: Legal requirement that the seller disclose in writing APPRAISAL: The opinion of an appraiser in any known defects or repairs that have been estimating the market value of a home; usually made to the property. required by a mortgage lender. SURVEY: Required by the lender, a process ASSESSED VALUE: Estimate of property value whereby the property is measured and a scaled blueprint of the land and its property lines, by a public tax assessor used as the basis for structures and easements are drawn. calculating property tax. CLOSING: The final step in the sales agreement where property ownership is transferred from seller to buyer.
TITLE: A document that refers to the ownership of a particular piece of property.
TITLE INSURANCE: Policy that protects the CLOSING COSTS: Fees and expenses, other holder from any loss resulting from defects in than the cost of a property, charged to transfer the title. ownership. TITLE SEARCH: Research of public records to EARNEST MONEY: A down payment the buyer identify ownership, liens and encumbrances gives the seller up front as a show of good affecting the property. faith, indicating the buyer’s intent to purchase the property. ESCROW: 1. Arrangement between a buyer and seller to place the down payment and other monies or documents with the third party until the completion of the contract closing. 2. A portion of the monthly mortgage is placed in an escrow account to pay taxes and mortgage insurance. HOMEOWNER’S INSURANCE: Also called hazard insurance, covers physical damage to the property, as well as theft and personal liability. It does not cover flooding; flood insurance must be purchased separately.
REAL ESTATE TERMS
AGENCY: A term used to describe the legal relationship between a seller and a broker, or a buyer and a broker. AGENT: Term used to describe a real estate salesperson licensed by the state who, under the supervision of a broker, represents a buyer or seller in the purchase or sale of a home. BROKER: A person licensed by the Texas Real Estate Commission who acts as the fiduciary agent of the seller or buyer in real estate transaction.
INSPECTION: Service performed by an inspector to identify any possible structural or mechanical problems.
BUYER AGENCY: Agency relationship in which a buyer contracts with a broker to represent the buyer’s interests in real estate transactions.
LISTING CONTRACT: An agreement between a homeowner and an agent authorizing the agent to offer the owner’s property for sale.
MULTIPLE LISTING SERVICE® (MLS): A computerized list of all properties for sale by member brokers.
MARKET VALUE: The highest price a buyer would pay and the lowest price a seller would accept.
REALTOR®: A licensed agent or broker who is a member of the National Association of Realtors®, through local affiliates such as Houston Association of Realtors®. Realtor® membership is voluntary and represents a commitment to the highest levels of professionalism.
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