The Journey
Trusted with life’s most prized possessions for 275 years and counting.
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Inaky Strick Inaky Strick began with a real estate career in The Woodlands at Martha Turner Sotheby’s International Realty, Houston’s number one luxury real estate company with a global presence. During his time in the Houston area, Inaky represented sellers and buyers as well as new construction luxury builders such as Jeff Paul Custom Homes, T.D. Cox Custom Homes, Tommy Bailey Custom Homes, and La Vie Villas. Inaky then moved to the Caribbean, expanding his knowledge in off-shore real estate developments, as the Business Development Manager for Mahogany Bay Village; the largest and first luxury-branded resort in the country of Belize. In addition to marketing and selling the resort units to prestigious clients, Inaky was the catalyst for the start of the business relationship between MBV and Gary Vaynerchuck; an American entrepreneur, four-time New York Times best-selling author, speaker, and CEO of VaynerMedia. Following his passion to master a variety of components that make up a real estate transaction, Inaky became the Director of Investor Relations at Four Peaks Capital Partners, a private real estate investment firm focused on acquiring undervalued cash-flowing real estate assets. Inaky raised over $4MM in 6 months from private investors, offering them lucrative returns on their investment. Inaky graduated from the McCoy College of Business at Texas State University. This was the beginning of his love affair with the rustic beauty of the Texas Hill country and contributed to his decision to make thriving New Braunfels his home. In his Amazon #1 best selling book The One Thing That Changed Everything, Inaky says, “whatever it is you want to do in life, find those who are already successful in doing so and surround yourself with them.” An avid world traveler with a deep appreciation of diverse cultures, Inaky recognized that partnering with Kuper Sotheby’s International Realty allows him to support his variety of clients and specialties - luxury residential homes, unique development projects, farm and ranch, and waterfront. Inaky is bilingual (English/Spanish) and is known for initiating activity and providing direction in all aspects of any real estate plan. His gift of multi-tasking shines as he guides his clients flawlessly through all steps of a real estate transaction being keenly aware of the status of every detail. In the real estate transaction, Inaky is consistently the anchor for getting things accomplished through mutual cooperation yielding a “win-win” outcome for all parties involved.
ACCOLADES
Voted Top 3 Best of New Braunfels Realtors Top 100 Latino Real Estate Professionals
Whether you need to sell your luxury condo in Austin, your ranch estate in the Hill Country, to locate and purchase a mid-century home in San Antonio, or you are ready to sell your charming historic home in New Braunfels, Inaky will share his expertise and provide his unparalleled customer service to accomplish your real estate goals. His contagious enthusiasm and love of people are evident in the world of real estate because his top priority is placing the needs of his clients first. His goal is to build life-long relationships with home buyers and home sellers - not just completing a one-time transaction.
Top 10% of San Antonio Area Realtors by Production
832.922.8218 INAKY.STRICK@SOTHEBYSREALTY.COM
Amazon #1 Best Selling Author
INAKY STRICK @INAKY_STRICK
Certified Negotiation Expert
Board Member of NonProfit Room Redux
Testimonials Working with Inaky is one of the best decisions we made! If you want someone to provide best-in-class experience and results, he’s the guy. We hired him to market our home in the Stone Oak area of San Antonio, and he delivered us a very competitive contract in 4 days from listing which we signed. Our house was marketed WAY better than similar homes in our area. His market knowledge and guidance through the whole process was excellent. I am in a result-driven business, and I measure success based on results and speed. Inaky accomplished both and far exceeded our expectations. His responsiveness to our questions and concerns had a very quick turnaround, and he listened to us to make sure he addressed our needs. The thing that makes Inaky different is what he did for us during this Coronavirus pandemic. We moved up to Chicago after our house was under contract in Texas. Once the pandemic hit, it restricted my travel back to Texas. Inaky went above and beyond to help with last-minute requests at the house. He stepped up to the plate and helped us with things I wouldn’t even ask my neighbor, that’s how much I trust him. I highly recommend Inaky all day every day! THE BRASKY’S
When I needed a Realtor in San Antonio to sell my kids’ home, Inaky Strick came very highly recommended and for good reason. From start to finish he was one step ahead of everyone and made it easy for my kids to leave their home in San Antonio quickly to make the Spring semester deadline for college. Yesterday my kids closed on their home in Texas and tomorrow they move into their newly constructed home here in Southern Utah, way ahead of schedule. With Inaky’s incredible leadership and a superior team of associates (title companies in different states, inspectors, an amazing lender out of Northern Utah, and another fabulous listing agent/builder), we were able to make Jake and Madison’s relocation and transition absolutely flawless. If you are in the real estate business and needing a Realtor in the San Antonio area, do not hesitate in contacting Inaky. He’s a phenomenal agent and his accomplishment of being in the top 10% of San Antonio Realtors is well deserved. KIM J
We had the opportunity to work with Inaky when we recently sold our home. His professionalism, thorough knowledge of the real estate market, incredibly positive, and respective attitude was impressive from the start – choosing him as our agent was an easy decision. His skills wowed us a second time when we saw the footage of the live video tours and drone aerial sequences he had put together with his media team. We really loved our house before, but now we were even more thrilled about it. His social media marketing and excellent communication skills were the best we had seen and resulted in incredible interest in our property. When the time came to sort out offers and discuss terms, his negotiation skills ensured we could easily traverse hurdles and roadblocks and end with a successful sale of our property. Inaky is a people person focused on delivering excellent service to his customers. It is great to be able to work with someone that is trustworthy, dependable, and responsive to requests in a timely manner. We are looking forward to the next transaction that we will be doing with him. UDO AND VIANNEY S.
Inaky guided us through the process of buying our first home with incredible expertise. He was recommended as a knowledgeable realtor for the San Marcos area, and he definitely delivered. He was always there to show us new homes and offered correct information on the market and value of the house every time. He got to know our needs as a family and helped negotiate an amazing home on an amazing lot for us. He was communicative, realistic, and a great negotiator. We would highly recommend him as a buyer’s agent! ELENA AND EDGAR
Notable Sales
1055 KINGS COVE DRIVE, LISTED AT $975,000
327 VALLEY LODGE, LISTED AT $797,300
5510 HARVEST OAK LANDING, LISTED AT $599,900
4603 SILVER JADE DRIVE, LISTED AT $880,000
63 E CRYSTAL CANYON, LISTED AT $725,000
492 S MESQUITE AVENUE, LISTED AT $449,000
our brand our brand our brand
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DECADES OF EXPERIENCE
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CENTRAL TEXAS OFFICES
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EXCEPTIONAL AGENTS
Only with Kuper We are the team behind you and your homeownership goals. Kuper Sotheby’s International Realty is Central Texas’ leading luxury real estate brokerage. Founded in 1972, our expert agents serve clients from offices across the state, including Austin, San Antonio, Boerne, and New Braunfels. Our company’s unique connections, resources, and strategies― as part of the powerful Sotheby’s International Realty brand and network of more than 23,000 sales associates in 71 countries―bring the exceptional to you on your journey to a new home. No matter your definition of home, you couldn’t be in better hands.
Your home is more than a building or an address. It’s where you experience life, connection, and growth. For those on a journey, there is only Kuper Sotheby’s International Realty.
Our Heritage Recognized worldwide, the prestige of the Sotheby’s brand is unparalleled. The acclaimed Sotheby’s auction house, established in 1744 in London for collectors of art and other fine possessions, expanded to New York City in 1955. Kuper Sotheby’s International Realty inherited this iconic brand name, building on its centuries-long legacy by delivering unrivaled real estate services. Our reputation for quality service and expertise is unmatched. This is our unique difference. The properties represented by our network are exclusively featured in Sotheby’s auction house marketing programs, including high-profile client events, plus showcased in their signature publications, digital newsletters, and on sothebys.com. So while our brand is uniquely local, our reach is global and that means more exposure that connects sellers with qualified homebuyers all around the world.
Local Expertise Since 1972 Kuper Realty was formed in 1972 under the leadership of Charles Kuper, Jr. and his family. That local legacy then combined with the Sotheby’s International Realty brand as the regional affiliate for Central Texas, taking the power of Kuper Sotheby’s International Realty to the next level. It is our mission to be the leader of luxury real estate in Texas by providing service that exceeds expectations, delivering knowledge that surpasses the competition, and presenting progressive marketing and innovative technology that outperforms the industry demand.
LOCAL BROKERAGES
Hill Country Galleria
Northwest Hills
Barton Creek
134 20 GA L LERIA CIR., ST E. A-105
891 1 N. CA P I TAL OF TE XAS HWY. , #2220
2700 BARTO N C RE E K B LV D. , ST E . 200
AUST IN, T E XAS 7873 8
AUSTI N, TE XAS 78759
AUST I N , T E XAS 78735
Downtown Austin
Westlake
New Braunfels
524 N. L AM AR, ST E . #204
4301 WESTBANK , BLDG. B, STE. #100
764 WEST SAN AN TO N I O ST.
AUST IN, T E XAS 78703
AUSTI N, TE XAS 7874 6
NEW BRAUN F E LS, T E XAS 78130
Boerne
Dominion
Stone Oak
1002 RIVER RD., ST E . #3 00
4 DOMINI ON DR . , BLDG. 2
434 N. LOO P 16 04 W. , ST E . # 3103
BOERNE , T E XAS 78006
SA N ANTONI O, TE XAS 78257
SA N A NTO N I O, T E XAS 78232
Alamo Heights
Broadway
6606 N. NEW BRAUNFELS AV E.
5000 BROA DWAY ST.
SAN ANTO NI O, TE XAS 78209
SA N ANTONI O, TE XAS 78209
Local Power. Global Reach. At Kuper Sotheby’s International Realty, we continue to break our own records as measured both locally in Texas and around the world as part of the Sotheby’s International Realty network in sales volume, website traffic, and media exposure. Our performance stems from our approach: never rest on your laurels and work to always redefine the highest level of service.
$2.3B ANNUAL LOCAL SALES VOLUME
$114B ANNUAL GLOBAL SALES VOLUME
4,044 ANNUAL LOCAL TRANSACTIONS
$569,039 KUPER AVERAGE SALES PRICE
the process the process the process
Working with a Buyer’s Agent Some people wonder if they should use a real estate agent in the process of buying a new home. Since the listing agent represents the seller, it is in your best interest to find a professional and knowledgeable buyer’s agent who will represent you in the transaction and work to get you the best deal possible. Seller’s agents are legally obligated to represent the seller’s best interests. This includes the right to share any information you (the buyer) give them to their seller. Also, they are not allowed to disclose information to you that could hinder the seller’s negotiating position. Your buyer’s agent would be able to share with you any information they discover about the seller’s situation. Your buyer’s agent will help guide you through the homebuying process in every way. Buyer’s agents are very knowledgeable about different neighborhoods and markets. They will be able to help you find exactly what you are looking for, ensure you pay the right price for it, take care of all paperwork, guide you through the inspection and repair process, and successfully get you to closing. Once your Kuper Sotheby’s International Realty agent has an understanding of your property needs and preferences, you can also expect them to provide you with the following:
Advanced Access In some neighborhoods, homes are sold within days, or even hours, of being put on the market. Others are marketed and sold within a real estate brokerage’s network without ever being made available to the public. In many cases, your agent can arrange for advanced access to properties that are represented within their exclusive professional and company networks.
Quick Alerts Aside from in-house and off-market opportunities, properties are put on the market via a multiple listing service (MLS) virtually every day. As soon as a property that meets your criteria is posted on the MLS, your agent will let you know of that listing and arrange a showing.
Private Showings Your agent can schedule in-person showings of properties that match your preferences and needs. Additionally, the demand for video and chat software has increased exponentially to ensure a potential buyer is able to effectively view and evaluate the home even if they can’t physically be there. Your agent is skilled in the top platforms that can execute virtual showings. You may also tour houses anytime on kuperrealty.com, sothebysrealty.com, or our Kuper Realty app.
Evaluation of Options It can be challenging to determine the fair market value of a home and to assess whether it is a good value for its listed price and for your budget. Variables that impact the value of a home or property include its location, neighborhood, community plan, proximity to amenities, lot attributes, views, property size, interior and structural condition, construction type, age, unique features, and the state of the local real estate market. Your agent is an expert on all the factors and will advise you, always, with your interests as the utmost priority. We’re known for that―since 1972 and counting.
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Secure Your Financing Before starting your home search, it is important to evaluate your financial situation, confirm your budget, familiarize yourself with mortgage options, and secure pre-approval from a lender. This will help you conduct your search with confidence and negotiate for your desired home successfully. Your Kuper Sotheby’s International Realty agent can connect you to qualified professionals to get your loan handled efficiently and effectively.
Establish your Budget As a general guideline, total monthly housing costs for your primary home―including mortgage payments, taxes, maintenance fees, insurance, interest charges, and utilities―should not exceed about 25 percent of your gross monthly household income. Many financial advisors also suggest that total monthly debt, including mortgage payments, credit card payments, and car payments, should not exceed about 35 percent of your gross monthly income. Always consult a financial professional for specifics, tips, and tools. Those purchasing an investment property should also consult real estate and financial advisors to understand the tax and financial implications of their purchase.
Confirm your Down Payment If your down payment amount is less than 20 percent of the total purchase price, you will need to purchase mortgage loan insurance that guarantees the debt against default. In most cases, this will be added to the mortgage loan payment.
Optimizing your Mortgage Work with your lender to optimize your mortgage-payment schedule for your unique situation. Many primary homeowners aim to pay off their mortgages as quickly as possible, which can be achieved with more frequent installments. If you are purchasing real estate solely for investment purposes, other considerations such as tax implications may come into play. Consult your real estate and financial advisors for assistance.
Get Written Pre-Approval It is important to gain pre-approval for a home loan before you start looking at properties. The lender will carefully review your financial situation, including your credit, income, assets, and other information. You will be provided with a pre-approval letter stating your borrowing power, or how much home you can afford. In markets where there is a high demand for the type of home you wish to purchase, written pre-approval is essential―and could give you a competitive edge.
Find Your New Home Prior to viewing homes with your Kuper Sotheby’s International Realty agent, it is important to clarify your specific needs, your budget, and your personal preferences―including any anticipated changes in your life. All of them will impact the purchase of your home and what you will be looking for in the future. Here are some primary points to help you get started:
Find Your Style While you might love craftsman homes or the sleek look of a modern kitchen in a penthouse apartment, you’ll be happiest if you consider what type of home will work best for you. Single-family homes offer more privacy, freedom, and space. Condos often come with condo associations that handle a lot of the outside maintenance for you, but a condo might not have the green space you need and you’ll pay monthly dues to the association.
Ask the Pros Nobody knows more about a neighborhood than the current residents! Without being intrusive, look for an opportunity to chat with your potential neighbors. What’s their opinion of the block and the neighborhood?
Imagine Living There Check out the local amenities in the neighborhood you are interested in and see if it works out with your day-to-day routine. Are there restaurants, stores, and other services that you enjoy close by? Is the neighborhood near a freeway so you can get on the road in a reasonable amount of time? Also, try to visit the neighborhood multiple times and at different times of the day. Lastly, walk through the streets near the home and see how it feels. You will notice more things walking than just driving by.
The Safety Factor There are several resources online you can check for neighborhood crime statistics. You can also call or stop by the local police department and request the crime statistics. Crime reports are public records and should be made available to you upon request.
The Rules If the home is part of a Homeowners’ Association (HOA) you will want to get a copy of the bylaws and study those carefully. Many HOAs have rules you would never even think of. For example, the HOA might regulate the type of plants you can have in your yard, type of fencing you can put up, whether or not you can post signs, and specific rules regarding pets.
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TECH THAT CAN HELP YOU FIND YOUR HOME sothebysrealty.com The world’s #1 luxury real estate website―sothebysrealty.com―is at work for you. Not only is every Sotheby’s International Realty listing beautifully presented, but there are exceptional homes to see around the country and around the world. Immerse yourself with vibrant photographs and, with many properties, videos and 3D tours. Unique to Sotheby’s International Realty is the ability to search for a home based on your lifestyle: city, country, farm, ranch, waterfront, beach, golf, ski, and many others.
kuperrealty.com A gorgeous, functional gateway to Texas real estate, kuperrealty.com provides optimal search features for our listings. Additionally, other local area listings and MLS systems are integrated in seamlessly. The site features a robust search component, unique content, and attracts over 20,000 users a month from around the world.
Kuper Realty App Search for homes on the go using the Kuper Realty mobile app. A GPS-enabled app, as a user you can easily browse our selection of nearby real estate listings and collaborate with your preferred Kuper Sotheby’s International Realty agent in real-time, all in the palm of your hand. Our app is available on both Apple’s App Store and Google Play App Store.
Curate Sotheby’s International Realty is the first real estate brand to launch and implement a virtual staging augmented reality app. Curate by Sotheby’s International Realty allows you to visualize a home as your own before you buy. By simply walking through a home with your Kuper Sotheby’s International Realty agent, you can digitally furnish rooms in the styles you love―all from your phone or tablet. Design your future rooms and shop for furnishings using state-of-the-art technology that lets you see how furniture and decor will look, feel, and fit.
Apple TV The Sotheby’s International Realty Apple TV app is a fun and easy way to explore the global real estate market from the comfort of your own home. With unique geographic, lifestyle, and amenity filters it has never been easier to discover the home of your dreams.
Submitting an Offer You’ll work with your Kuper Sotheby’s International Realty agent to come up with an offer that reflects the condition of the property and is a fair market price. Your agent will be able to research comparable homes and help you come up with a smart offer. They may even suggest to put in an offer at full ask or over ask if the home is priced well and competition is anticipated.
Legal and Contractual Obligations An offer commits you to certain legal and contractual obligations as soon as the other party has accepted it. Prior to submitting an offer, ensure that you are clear on the legal obligations you are undertaking, should the offer be accepted.
Valuation Prior to submitting your offer, your agent can provide you with information on recent area sales, local market information, and background on whether there are other competitive bids.
Background Research With some investigation, your agent may also be able to assess your seller’s background and objectives for selling, which may assist you in formulating a competitive offer.
Offer Details The details of an offer typically include your legal name, the address of the property, the price you are offering to pay, inclusions (items in or around the home that you think are included in the sale should be specifically stated in your offer, such as appliances, light fixtures or window coverings), the amount of your deposit, dates you take legal and physical possession of the home, legal subjects or conditions upon which the contract becomes final (such as a satisfactory home inspection report or financing approval), and the date that the offer expires. Your offer is a legally binding document and should be prepared by a real estate professional or attorney.
Time Frame Ensure that any time frames indicated in your contract are realistic, particularly if your offer is still subject to securing a mortgage loan, a situation best avoided by obtaining pre-approval in advance. High market activity, as well as increased vigilance by lenders, may mean that mortgage approval requires more time. Consult your agent and lender for the latest information.
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Negotiating & Acceptance After you submit your offer, the seller will have the option to accept, counter, or invite you to resubmit. This process can be stressful if there are a lot of counteroffers back and forth, but trust that your Kuper Sotheby’s International Realty agent will be there to help you every step of the way. Once an offer is accepted, you will pay earnest money that will be put into an escrow account. This is a good faith deposit towards the purchase of the home and shows that you intend to follow through with the transaction. Here are the details on some of the steps you can expect in the process:
Preparation After submitting an offer, you should be prepared to negotiate, not just on the initial price, but on all key factors impacting the sale of the home, including deposit, inclusions, dates for completion and possession, and deadlines for subject removals. Ensure that you know your budget and purchase requirements prior to submitting your offer so that you don’t commit to additional costs in what can be an exciting, emotional, or heated process.
Multiple Offers In high-demand, low-inventory areas, you may find yourself bidding against other buyers. Some sellers in high-demand niche markets may also intentionally list their home at a low price, hoping to stimulate multiple offers. This doesn’t necessarily mean that the price will be bid up significantly over the asking price, but it does mean that due diligence is required on your part and the part of your agent to ensure that your offer is strategic, competitive, and reflective of what you are ultimately willing to pay for the property. Whether you are anticipating competition or not, you should be preapproved for your mortgage prior to your home search, well in advance of submitting an offer. In a multiple-offer situation, this will impact your ability to negotiate successfully, particularly if others making an offer are already pre-approved. It also lets you know the maximum you can afford in what may be a stressful situation.
Potential Responses You can expect one of three responses to your offer: • ACCEPTED: The deal is complete and, once signed by the seller, the offer becomes a binding legal contract. • COUNTEROFFER: The seller may make changes to your offer, such as adjustments to the price, closing date, or conditions. You may accept the counteroffer and close the deal by signing the document. Or, you may make another counteroffer back to the seller. • REJECTED: The seller may choose to reject the offer and the sale will not go through.
Offer Acceptance Once both parties come to an agreement, negotiations conclude, and you move on to the next steps in the buying process. You will have a set period of time in which to satisfy the legal conditions agreed to in your contract, such as completing a satisfactory home inspection report or securing financing. Only after your conditions are removed do you have a legally binding document.
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After any necessary repairs are made and before you close on the property, you will perform a final walk-through. You will make sure the home is in the same condition as when you first viewed it, that there hasn’t been any catastrophic damage, and all the owner’s personal property has been removed.
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Closing the Deal The final step in your home buying journey comes at closing. Your Kuper Sotheby’s International Realty agent will help facilitate and manage this process by organizing critical paperwork, documentation, and approvals to help you reach your desired outcome.
On Closing Day On the closing day itself, legal property ownership is transferred to your name. The mortgage amount is provided to the title company or your attorney by your lender. A title company makes sure that the title to a piece of real estate is legitimate and then issues title insurance for that property. Title insurance protects the lender and/or owner against lawsuits or claims against the property that result from disputes over the title. You will receive documentation with costs payable, including balance owing, legal fees, property transfer taxes, and other completion costs. The title company will pay the seller, complete any necessary documents, and register your home in your name. On your closing day, your lender provides the mortgage money to the title company and you provide the down payment (minus your deposit) to your title company or attorney, as well as any remaining closing costs. Title companies also often maintain escrow accounts―these contain the funds needed to close on the home―to ensure that this money is used only for settlement and closing costs, and may conduct the formal closing on the home. At the closing, a settlement agent from the title company will bring all the necessary documentation, explain it to the parties, collect closing costs, and distribute monies. Finally, the title company will ensure that the new titles, deeds, and other documents are filed with the appropriate entities. Your agent can schedule the type of closing appointment that best fits your needs. Most closings will take place at the title company, an attorney’s office, or one of our office locations, where all paperwork is signed and keys are exchanged. Remote closings or fully contactless closings can also be arranged by your agent, with the assistance of online documentation, e-signature programs, and remote notaries.
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Understanding Buyer’s Costs Earnest Money You will pay earnest money or a good-faith deposit toward the purchase of property at the time of acceptance of the contract. The earnest money deposit is a negotiable amount between the buyer and seller, but usually about 1% to 3% of the purchase price or a fixed amount.
Inspection The inspector will check major systems in the home as well as the structure and let you know what problems the house has if any. You can also get additional inspections including pests, etc. The cost starts at about $300 and goes up depending on home size.
Option Fee This is a nominal fee paid from the buyer directly to the seller for a specified period of time during which the buyer can terminate the contract for ANY reason and receive their earnest money back in full.
Appraisal Your lender will require an appraisal and the home must appraise for at least the amount you are offering to pay for it. Otherwise, you will have to come up with more money down or renegotiate the contract. The appraisal cost averages around $400.
Loan Fees These are lender fees and might include an application fee, origination fee, points, etc.
Property Insurance This covers possible damages to your home. Your first year’s insurance is often paid at closing. Homeowner’s insurance can be rolled into your loan and paid from an escrow account.
Property Taxes If the seller has already paid this year’s property taxes then you must reimburse them for the part of the year you will be the owner of the property. Typically, lenders will want any taxes due within 60 days of purchase by the loan servicer to be paid at closing.
Survey Fee This fee goes to a survey company to verify all property lines and things like shared fences on the property.
Escrow Fee This is paid to the title company, escrow company, or attorney for conducting the closing. It is usually split between buyer and seller.
Down Payment The down payment is the amount you need to pay up front as part of your mortgage. Usually 3% to 20% of the sales price.
Understanding Seller’s Costs Agent Commission This is the fee paid to the listing agent for their services. This amount is usually taken out of the sales price and is split between the listing agent and the buyer’s agent.
Escrow Fee This is paid to the title company, escrow company, or attorney for conducting the closing. It is usually split between buyer and seller.
Property Taxes The seller will be responsible for prorated property taxes due up to the date of the sale, at which point the buyer will take over.
Title Insurance This one-time payment protects the future owner from the financial burden of sorting out title issues in court, whether they arise at closing or years down the road. It’s typical that buyers have sellers cover this cost.
Attorney Fees Some people choose to have an attorney help them with the transaction. If you do hire a lawyer, he or she will be paid on closing out of the proceeds from the sale.
Home Warranty It’s normal for a seller to pay for the coverage because it’s a seller benefit because the buyer won’t be calling the seller after closing if something breaks.
HOA Transfer The seller will pay for this transfer which will show that the dues are paid current, what the dues are, a copy of the association financial statements, minutes, and notices.
Buyer’s Costs The buyer may ask the seller to help pay for some of their closing costs.
Buying Terms Made Easy Adjustable-Rate Mortgage Interest rates on this type of mortgage are periodically adjusted up or down depending on a specified financial index.
Amortization A method of equalizing the monthly mortgage payments over the life of the loan, even though the proportion of principal to interest changes over time. In the early part of the loan, the principal repayment is very low, while the interest payment is very high. At the end of the loan, the relationship is reversed.
Annual Percentage Rate The actual finance charge for a loan, including points and fees, in addition to the stated interest rate.
Appraisal An expert opinion of the value or worth of a property.
Assessed Value The value placed on a property by a municipality for purposes of levying taxes. It may differ widely from appraised or market value.
Balloon Payment A large principal payment due all at once at the end of some loan terms.
Cap A limit on how much the interest rate can change in an adjustable-rate mortgage.
Certification of Title A document, signed by a title examiner, stating that a seller has an insurable title to the property.
Closing The deed to a property is legally transferred from seller to buyer.
Commission A fee (usually a percentage of the total transaction) paid to an agent or broker for services performed.
Comparative Market Analysis A “CMA� is a survey of the attributes and selling prices of comparable homes on the market or recently sold; used to help determine a correct pricing strategy for a seller’s property.
Contingency A condition in a contract that must be met for the contract to be binding.
Contract A binding legal agreement between two or more parties that outlines the conditions for the exchange of value (for example: money exchanged for title to property).
Deed A legal document that formally conveys ownership of a property from seller to buyer.
Down Payment A percentage of the purchase price that the buyer must pay in cash and may not borrow from the lender.
Equity The value of the property actually owned by the homeowner: purchase price, plus appreciation, plus improvements, less mortgages and liens.
Escrow A fund or account held by a third-party custodian until conditions of a contract are met.
Fixed-Rate Mortgage Interest rates on this type of mortgage remain the same over the life of the loan.
Fixture A recognizable entity (such as a kitchen cabinet, drape or light fixture) that is permanently attached to a property and belongs to the property when it is sold.
Hazard Insurance Compensates for property damage from specified hazards such as fire and wind.
Interest The cost of borrowing money, usually expressed as a percentage rate.
Lien A security claim on a property until a debt is satisfied.
Listing Contract An agreement whereby an owner engages a real estate company for a specified period of time to sell a property, for which, upon the sale, the agent receives a commission.
Market Price The actual price at which a property sold.
Market Value The price that is established by present economic conditions, location, and general trends.
Mortgage Security claim by a lender against a property until the debt is paid.
Multiple Listing Service The MLS is a system that provides to its members detailed information about properties for sale.
Origination Fee An application fee(s) for processing a proposed mortgage loan.
PITI Principal, interest, taxes, and insurance, forming the basis for monthly mortgage payments.
Point One percent of the loan principal. It’s charged in addition to interest and fees.
Pre-Payment Penalty A fee paid by a borrower who pays off the loan before it is due.
Principal One of the parties to a contract; or the amount of money borrowed, for which interest is charged.
Probate Divide or assess proportionately.
Purchase Agreement A contract between buyer and seller that outlines the details of the property transfer; or refer to “Purchase and Sale Agreement” in this guide.
Settlement All financial transactions required to make the contract final. See “Settlement and Closing” in this guide.
Title A document that indicates ownership of a specific property.
Title Search Detailed examination of the entire document history of a property title to make sure there are no legal encumbrances.