B UY ER’S GUIDE
INTRODUCTION This buyer’s guide is intended to give you a platform to define your goals, research your options, and bring your plans in line with your financial situation.
Whether you are a seasoned homebuyer, a property investor, or a first time homebuyer, the simple fact is that buying a home is best done with the assistance of a real estate professional.
I am looking forward to helping you achieve your property ownership goals today and becoming your trusted real estate advisor for your future real estate needs.
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CONTENTS INTRODUCTION ................................................................................................................................................................................................. 1-2 COMMITMENT - BUILDING A WINNING RELATIONSHIP ..................................................................................................................... 3-4 IMPORTANT CONSIDERATIONS .................................................................................................................................................................... 5-6 THE BENEFITS OF HOME OWNERSHIP ...................................................................................................................................................... 7-8 8 STEPS TO PURCHASING A HOME ........................................................................................................................................................... 9-26 MOVE-IN CHECKLIST ................................................................................................................................................................................... 27-28 WHY RE/MAX HOMES AND ESTATES, LIPMAN GROUP ................................................................................................................... 29-30 ADDITIONAL INFORMATION .................................................................................................................................................................... 31-32 GLOSSARY ........................................................................................................................................................................................................ 33-34 UTILITIES .......................................................................................................................................................................................................... 35-36
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COMMITMENT BUILDING A WINNING RELATIONSHIP
I believe in working with you throughout the entire process, from start to finish, and providing you with a comprehensive, high-quality buyer’s service. I’m committed to... executing my responsibilities in accordance with your transactions, including complete disclosure, loyalty, confidentiality, and accountability in line with the Real Estate Board of Middle Tennessee’s Code of Ethics. In addition, I’m committed to: • Researching the market • Acting as your consultant • Negotiating on your behalf • Recommending professional service providers Your commitment to me... ensuring you make your offer or purchase through me, as your trusted REALTOR of choice. Please notify me if my service level falls below your expectations, so I can correct the situation.
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IMPORTANT CONSIDERATIONS WE KNOW YOU’RE A SMART COOKIE, BUT NOBODY THINKS OF EVERYTHING. REVIEW THESE CONSIDERATIONS.
1 PERFECT CONDITIONS... THEY DON’T EXIST.
5 WRITING AN OFFER
When is the best time to buy? When you’ve found the right
Don’t be afraid to make a move. I’m here to guide you
house.
through the process, and help you make the best decisions.
2 DON’T WAIT TO SHOP FOR THE BEST LOAN. Getting prequalified before you start searching will help you
6 OUTSIDE OPINIONS
immensely with your budget expectations and prevent
We all have that opinionated aunt who can’t wait to share
disappointment.
her insight... Trusting family and friend opinions aren’t always the right thing to do. Trust your personal intuition
3 ALWAYS DO YOUR RESEARCH.
to do what feels right.
Don’t get emotionally attached - know what you can afford, shop around for the best mortgage professional to assist you in the process, and know what is happening in the market.
7 BUYERS REMORSE Don’t be worried - most buyers experience this. It’s normal and will pass if the situation is right for you.
4 PRIORITIZING + COMPROMISING ARE ESSENTIAL. Compile a list of ‘must haves’ and a list of ‘would likes’. This will help you discover your perfect home.
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BENEFITS OF HOME OWNERSHIP 1 PRIDE OF OWNERSHIP As a homeowner, you have the right to paint the bathroom or change the flooring without asking permission. 2 STABILIZE YOUR BUDGET Rent may rise over time, while mortgage payments stay consistent throughout the duration of a fixed-rate mortgage loan. 3 APPRECIATION = INCREASE IN NET WORTH An increase in your property value equals an increase in your net worth. 4 QUALITY OF LIFE You can now put down roots in your new neighborhood! Add a personal touch to your home, get involved in the community, and enjoy the American dream!
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5 BUILT-IN SAVINGS ACCOUNT Month by month, you pay down the mortgage and increase your equity. Calculate your profit by subtracting what you still owe on your mortgage from the current value of the home. Over a lifetime, home ownership builds wealth. Example: $475,000 - $375,000 current value of home
what you owe on the home
=
$100,000 your current equity on the home
6 TAX ADVANTAGES As a homeowner, you may be able to deduct your mortgage interest, property tax payments, and closing fees from your federal taxable income. This is a hefty deduction for many people because interest payments are often the largest part of a mortgage payment in the early years of owning a home.
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THE 8 STEPS 1. DEFINE YOUR GOALS
Meet with your agent and talk through the options.
2. GET PRE-APPROVED FOR A MORTGAGE
Meet with lenders to get pre-approval, price range and an estimate of costs to close.
3. RESEARCH YOUR PROPERTY + NEIGHBORHOOD OPTIONS
Now that you have your budget, set up an online search and choose a location/property type.
4. LOOK FOR A PROPERTY This is the fun part!
5. SELECT A PROPERTY + WRITE AN OFFER
There are many components of an offer that you should be aware of and understand.
6. HOME INSPECTION + APPRAISAL
Home inspections uncover issues with the home. Appraisals may help lenders and buyers to ensure a buyer isn’t overpaying for a home.
7. PREPARE FOR THE CLOSING
Secure necessary documents and consider inspections.
8. MOVE INTO YOUR BEAUTIFUL, NEW HOME! Congratulations! At this point, you are a homeowner.
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WEEK 1
WEEK 2
WEEK 3
WEEK 4
WEEK 5
WEEK 6
WEEK 7
WEEK 8
WEEK 9
WEEK 10
MEET WITH YOUR AGENT AND TALK THROUGH THE OPTIONS! MEET WITH LENDER (PRE-APPROVAL & PRICE RANGE, COSTS) RESEARCH YOUR PROPERTY AND NEIGHBORHOOD OPTIONS BEGIN LOOKING AT PROPERTIES SELECT PROPERTY AND WRITE AN OFFER SCHEDULE A HOME INSPECTION + ORDER AN APPRAISAL MORTGAGE PROCESS CONDUCT FINAL WALK THROUGH CLOSE
Approximate timeline for guidance
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BUYER’S WISH LIST GUIDE AREA - CITY / NEIGHBORHOOD
PROPERTY DETAILS
WISHLIST
» PRICE RANGE Min
» PROPERTY FEATURES
1 2 3 4 5
AREA WANTS & NEEDS
» SCHOOLS Public
1
2
3
4
5
6
7
8
9
1 0
Private
1
2
3
4
5
6
7
8
9
1 0
Grade School
1
2
3
4
5
6
7
8
9
1 0
High School
1
2
3
4
5
6
7
8
9
1 0
» COMMUNITY Parks
1
2
3
4
5
6
7
8
9
1 0
Lake
1
2
3
4
5
6
7
8
9
1 0
Grocery
1
2
3
4
5
6
7
8
9
1 0
Retail
1
2
3
4
5
6
7
8
9
1 0
Restaurants
1
2
3
4
5
6
7
8
9
1 0
Worship
1
2
3
4
5
6
7
8
9
1 0
Noise
1
2
3
4
5
6
7
8
9
1 0
Nightlife
1
2
3
4
5
6
7
8
9
1 0
11 Street Parking
1
2
3
4
5
6
7
8
9
1 0
Highway Access 1
2
3
4
5
6
7
8
9
1 0
Gourmet Kitchen 1
2
3
4
5
6
7
8
9
10
» BED
Office Space
1
2
3
4
5
6
7
8
9
10
» PARKING
Formal Living
1
2
3
4
5
6
7
8
9
10
» TYPE
Open Concept
1
2
3
4
5
6
7
8
9
10
» CONDO TYPE
Master Suite
1
2
3
4
5
6
7
8
9
10
» HOME AGE
Bonus Room
1
2
3
4
5
6
7
8
9
10
» SQUARE FEET
Fireplace
1
2
3
4
5
6
7
8
9
10
Hdwd Floors
1
2
3
4
5
6
7
8
9
10
Storage Space
1
2
3
4
5
6
7
8
9
10
Fenced-In Yard
1
2
3
4
5
6
7
8
9
10
Deck/Patio
1
2
3
4
5
6
7
8
9
10
» COMMUNITY AMENITIES
Max
» BATH
to Single Family
Town Home
High-Rise 1-4
Walk-Up
5-10
11-30
to Condo Town Home 31 +
to
LIST 3 ‘MUST-HAVES’ 1 2 3
Concierge
1
2
3
4
5
6
7
8
9
10
Pool
1
2
3
4
5
6
7
8
9
10
Views
1
2
3
4
5
6
7
8
9
10
Gym
1
2
3
4
5
6
7
8
9
10
Elevator
1
2
3
4
5
6
7
8
9
10
Parking
1
2
3
4
5
6
7
8
9
10
LIST 3 ‘WOULD-LIKES’ 1 2 3
» CONSTRUCTION Existing Home
1
2
3
4
5
6
7
8
9
10
New Build
1
2
3
4
5
6
7
8
9
10
Fixer Upper
1
2
3
4
5
6
7
8
9
10
Move-in Ready
1
2
3
4
5
6
7
8
9
10
Green Features
1
2
3
4
5
6
7
8
9
10
** Complete this guide with 1 being your lowest priority and 10 being your highest priority.
1 DEFINE YOUR GOALS We clearly need to determine why you are buying and what kind of home you need. You could be looking for a permanent home for you and/or your family, or you could be viewing a transaction for the investment potential. By determining your “why”, you will be in a better position to understand both your housing and mortgage options, as well as create the appropriate action plan and timeline for moving forward. Use the buyer’s wish list guide on the left and the space below to start defining your goals.
Define your “why” below.
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2 GET PRE-APPROVED FOR A MORTGAGE Shopping for a home before getting pre-approved for a mortgage is the equivalent of walking into a grocery store without a wallet. Yet, many homebuyers don’t get a loan pre-approval before they house hunt. To be pre-approved for a mortgage, a lender looks into your financial history. They check your income, debts, credit score and other factors that help determine whether or not to give you a home loan - and how much money you stand to get. Your friend with the same job and income as you may qualify for lower or higher purchase price based on a lender’s research. Making assumptions and comparisons before this research has been completed may lead to unwanted surprises. Knowing your price range helps streamline your house search. Obtaining financing is one of the most important steps during the home buying process, so you must take this seriously. There are many different types of mortgages available. Each mortgage product varies from the amount of money needed as a down payment to the acceptable debt-to-income ratios and everything in between. Talk to a lender and find out what is right for you!
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3 RESEARCH YOUR OPTIONS
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CREATE AN ACCOUNT
Go to my website and create an account. This creates seamless communication between us, as you can save and share your favorite properties with me.
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LEARN ABOUT NEIGHBORHOODS
My website has an incredible section that goes into detail about different Nashville neighborhoods. Click on the ‘communities’ tab on the top navigation bar to get started. Here you will find the community history, schools, and notes about the lifestyle.
SEARCH & SAVE YOUR FAVORITE LISTINGS
By creating an account on my website, you can search for properties, utilize the mortgage calculator, and see if listings have gone under contract. It’s so easy!
MY WEBSITE:
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4 LOOK FOR A PROPERTY In the hunt for a perfect home, it’s easy to forget important priorities when you see a stunning feature or are overwhelmed by all the choices. Use the buyer’s wish list guide on Step 1 to help you stay organized. TOP 5 CONSIDERATIONS: 1. Can you envision your decor and furniture in the space? 2. Does the home align with your must-haves? 3. Is the storage space sufficient? (open cabinets, closets, attics, basements, etc.) 4. Examine the exterior features (landscaping upkeep, noise of traffic, curb appeal, green space, etc.) 5. Take a walk around your potential neighborhood - who would be your neighbors?
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5 SELECT A PROPERTY + WRITE AN OFFER When you have found the right home, it’s time to prepare an offer to purchase. There are many components of an offer that you should be aware of and understand. As your REALTOR, I will answer your questions and explain the entire process so that you are comfortable with the offer. The seller may accept your initial offer, reject your offer, or present a counter-offer. The counter-offer may differ from your original offer in respect to price, conditions, or the closing date. Offers can be countered back and forth until both parties come to an agreement or decide to move on to another property. Acceptance of the sales contract may be contingent on certain circumstances. It is important to be sure that the property passes any inspections you want performed and that your financing will be available to you.
NOT IN TOWN? NOT A PROBLEM! While real estate will always be about building and maintaining a personal relationship with my clients, it’s not always possible or convenient to get together to sign or exchange documents. Through a program called Dotloop, we are able to make changes and store paperwork using their secure system. Changes can be made via mobile smart phone or computer. Pretty neat, huh?
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6 HOME INSPECTION + APPRAISAL Nearly all buyers hire a professional home inspector to take a close look at their new house before closing. The goal of the inspection is to uncover issues with the home. Inspectors won’t tell you if you’re getting a good deal on the home or offer an opinion on the sales price. An inspection is not a pass/fail exam, but for you to learn more about your potential new home. The inspector will thoroughly examine the property, and explain to you a detailed report with checklists, summaries, and more. The report should estimate the remaining useful life and condition of major systems and equipment, including the roof, structure, paint, plumbing, electrical, HVAC, and more. The critical information you will gain will include recommended repairs and replacements, too. Issues typically arise after the home inspection, and those issues tend to result in another round of negotiations for credits or fixes. If something is found on the home inspection, you have a few options in negotiations: 1. Ask the sellers to repair issues. 2. Choose to forgo any repairs and continue with closing. After the home is inspected, it is important to get an appraisal done on the home to help lenders and buyers ensure a buyer isn’t overpaying for the home. If you are working with a lender to obtain a mortgage, the lender will order an appraisal at your expense (usually around $500). If the house does not appraise for at least the purchase price, either your agent will need to negotiate a lower purchase price with the seller, or you will need to bring extra cash to close to fill in the gap.
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7 PREPARE FOR CLOSING Now that you’ve chosen your home, it’s time to prepare for closing! During this time, the lender will be working on your file and may ask you for things you already sent such as tax records, W-2s, etc. Getting those documents sent over ASAP is important to to keep your file moving. DO NOT make any major purchases, or get any major financial gifts without talking to your lender first. Also, don’t be late on payments or miss any bills including credit card payments, car loans, etc. Last but not least, gather up all the things you’ll need for closing day, and carefully read through your HUD-1 settlement statement. You should receive the statement three days before closing. Remember, your loan is not guaranteed until you receive your “clear to close”, which usually is confirmed a few days before the closing date. WHAT TO BRING TO YOUR CLOSING: • Photo ID (driver’s license or passport) • Cashier’s check or certified check (for down payment and/or closing costs under $5,000) • Wire Transfer (for down payment and/or closing costs over $5,000) Note: Call your bank to confirm before wiring any money to prevent wire fraud • Proof of insurance • Final purchase and sales contract
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8 MOVE INTO YOUR BEAUTIFUL, NEW HOME! Congratulations on the purchase of your new home! There’s a lot to think about when moving into a new home (like remembering to defrost the freezer). Keeping everything straight can be tricky, that’s why we came up with this basic moving outline - to help you stay on track and make sure all the necessary steps are taken care of well in advance. The simple checklist on the next page is all you need to ensure a smooth and successful move. Now, go enjoy your beautiful, new home!
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MOVE-IN CHECKLIST AT THE VERY BEGINNING YOU CAN: • • • • •
Select a moving company Schedule dates for moving out of your current home and into your new home. Get appraisals for valuable items like electronics, art and antiques Complete “Change-of-Address” forms from the US Postal Service Get rid of what you don’t want to move - have a garage sale or donate goods to a charity. Some charities will pick up and move what you donate if they think it’s worthwhile • Check into the schools in your new neighborhood and register your children FIVE WEEKS BEFORE YOUR MOVE: • • • •
Alert banks and insurance companies of your impending move Apply for city auto licenses, parking permits, etc. Contact utility companies to discontinue old service and establish new service Have school records transferred to the new schools
FOUR WEEKS BEFORE YOUR MOVE: • • • •
Provide your new address and phone number to: friends, relatives, social organizations, etc. Alert your magazine/newspaper subscription offices, credit card lenders, insurance carriers, and more of the future address change Update your address with local voter registration officials and vehicle license agencies Begin depleting your store of foods. Defrost your freezer and use charcoal to dispel odors
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Is your move job related? Keep detailed records of all your moving expenses if your move is job-related. Many of your expenses may be tax-deductible, including: costs associated with selling your old home or leasing your new home, house-hunting trips, your family’s travel expenses if traveling 35 miles or more (including meals & lodging), cost of transporting personal belongings (including furniture and household goods), and you can deduct food and hotel bills for 30 days in your new city if you have to wait to move into your new home.
TWO WEEKS BEFORE YOUR MOVE: • Cancel any routine services like pest control, cable, internet, etc. • Have your car serviced and set up any items you need to rent, examples: truck, trailer, appliance dolly, etc. • Confirm dates with moving company and begin packing less often used belongings MOVING WEEK: • Pack fragile items that will travel with you rather than with movers, such as cameras and jewelry • Return cable converter box / remote controls to cable provider • Arrange for services at your new address, such as pool service, cleaning service, lawn service, laundry, etc. DAY BEFORE MOVING: • Empty, defrost, and clean refrigerator • Finish packing suitcases and personal belongings, as well as move-in essentials: paper towels, cleaning supplies, snack foods, light bulbs and trash bags. These items should be loaded last and unloaded first. MOVING DAY: • Strip beds • Load last minute items in car • Be available for questions from the movers • Check all rooms, cupboards, storage closets and dishwasher for items left behind • Breathe!
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WHY RE/MAX HOMES AND ESTATES, LIPMAN GROUP? VISION Passionately helping all live the life they envision.
MISSION To operate with originality, authenticity and integrity while continuing to utilize our years of experience in operations, sales, agent development, and marketing.
CORE VALUES Trust :: Committed to clarity, transparency, and fairness to everyone - at all times. Culture :: Doing business as it was originally intended - person to person. Differentiation :: Customized support designed around the lifestyle of your business with attention to detail. Reputation :: A company built on and rooted in the beauty and sophistication of Nashville. Expertise :: 30+ years of knowledge and experience.
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ADDITIONAL INFO VOTER REGISTRATION For more information on voter registration and to download a mail-in application for voter registration, please visit http://nashville.gov/vote. VEHICLE REGISTRATION To help control pollution, each vehicle registered in Nashville/Davidson County must pass the Nashville Vehicle Inspection Test before Tennessee license tags are issued. The cost is $10, paid in cash. For locations, times and requirements, call the customer hotline at 615.399.8995. For information on obtaining a Tennessee license plate, call the Davidson County Clerk’s Office at 615.862.6050 or visit them on the web at: http://nashvilleclerk.com TENNESSEE DRIVER’S LICENSE A Tennessee driver’s license is issued by the state Department of Safety and must be obtained within 30 days of establishing residency. A written test, vision tests, road tests, and a photo with a fee of $12.50 - $26.50 fee are required. A valid out-of-state license will exempt the road and written tests. Contact 615.253.5221 or 1.866.849.3548 (Toll Free). NEWSPAPER SUBSCRIPTION The Tennessean is the largest daily newspaper serving the Nashville area, with a weekday circulation of 190,000 and a Sunday circulation of 270,000. To establish newspaper delivery, call the newspaper’s customer service department at 615.254.5661 (within the Nashville calling area), or 1.800.342.8237 (outside the Nashville calling area). LIBRARY CARD Library cards are free to all residents of Davidson County and those living within the Goodlettsville city limits. To obtain a library card, you must present an I.D. with your current address (call 615.862.5790 for details). Cards are also available to nonresidents for $40 per year. YMCA OF MIDDLE TENNESSEE 1000 Church Street, Nashville, TN 37203 This office is the metropolitan headquarters for the YMCA in this region. For the closest YMCA in your area call the number above, or conduct another search for a YMCA branch in your community. Visit www.ymcamidtn.com for more information or call them at 615.259.9622.
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GLOSSARY CCELERATION CLAUSE Clause in trust deed or mortgage » A giving lender the right to call all sums owed as immediately due and payable upon the borrower’s default. CCEPTANCE The indication of the offeree’s willingness to be » A bound by the terms of the offer. DJUSTABLE RATE MORTGAGE (ARM) Interest rate and » A monthly payments are adjusted periodically during the life of the loan to correspond with changes in the money market.
LOSING COSTS Additional costs other than down payments » C needed to purchase a property. They include points, application fee, one year’s premium for hazard insurance, tax and insurance escrow deposit, city revenue stamps, recording fees and attorney’s fees. LOSING STATEMENT The settlement sheet which is a » C statement of debits and credits for the buyer and seller in summarizing the costs involved when selling property.
GENT One who acts as a negotiator when dealing with third » A parties on behalf of a principal.
ONTRACT An agreement negotiated and entered into by » C two or more parties who exchange mutual promises to perform certain acts in accordance with the wishes of both parties.
MORTIZATION The gradual retirement of a financial » A obligation by making periodic payments on the principal and interest.
» CONVENTIONAL MORTGAGE Any mortgage that is not government insured is considered to be a “conventional” mortgage.
NNUAL PERCENTAGE RATE The nominal interest rate of a » A loan, plus charges for points, loan origination fees, finder’s fees, and insurance. This rate must be stated on loans covered by Regulation Z of the Truth in Lending Law.
OOPERATIVE APARTMENT Each occupant receives an » C undivided interest in the ownership of the apartment and a common interest in all other facilities. This is usually effected by forming a corporation with each owner receiving stock in the corporation equal to his or her investment. The form of ownership is shares/stock in a corporation. The corporation owns the real estate.
PPRAISAL An estimate of a property’s value supported by » A relevant, factual evidence. SSESSMENT Either (1) an estimate by a government assessor » A of the value of property for the purpose of imposing taxes; (2) a fee imposed on property by a governmental authority, usually to pay for improvements such as streets and sewers; or (3) a fee charged by a community association (e.g. , in a subdivision) or an association of co-owners (e.g., in a condominium project) to maintain or repair common areas or property. ALLOON PAYMENT The final installment payment on a note » B greater than the preceding installment payments; any payments larger than average on a note. ILL OF SALE The legal document used to transfer title to » B personal property. ERTIFICATE OF TITLE A certification based on »» C immediately available public records and issued by a title company, or an opinion rendered by an attorney that the seller has good, marketable and/or insurable title to the property.
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C OMMITMENT An agreement to loan a specified amount to a purchaser. OMMON ELEMENTS That part of real property in » C condominium ownership of shared elements, including walls, structural supports, stairwells, swimming pools, etc. ONDOMINIUM A subdivision allowing individual ownership » C of the units themselves and joint ownership of the common elements. ONTINGENCY Any requirements in a contract which must » C be completed before the contract can be considered ready for performance. OOPERATING BROKER A real estate broker, other than the » C listing broker, who represents potential purchaser and participates in the sale.
O-SIGNER One who accepts equal obligation for the » C performance of a contract, note or other act by affixing his or her name to the documents involved. USTOMER (Prospect) The party with whom an agent deals » C on behalf of the principal. The agent is required to treat that person fairly and honestly. » DEED The written instrument which, when properly executed and delivered, conveys title. ISCOUNT POINTS The amount paid by the seller of a » D property which will be FHA insured. OWN PAYMENT A portion of the purchase price for a » D property which is paid by the buyer in cash, as opposed to the portion of the purchase price which is either (1) advanced by a lender, (2) assumed by the buyer under the seller’s existing mortgage, or (3) financed by the seller. UE ON SALE CLAUSE (Alienation Clause) The clause which » D allows the mortgagee the option of calling the mortgage’s unpaid balance immediately due if the mortgagor sells the mortgaged property. ARNEST MONEY A sum of money given to bind an » E agreement or an offer made to show good faith. ASEMENT The right, privilege, or interest of one party in the » E land of another. QUITY The interest one has in real property as an owner » E above all existing indebtedness. SCROW A depository for papers, funds and instructions with » E a third party who is then obligated to carry out all instructions, providing they are in complete agreement. ANNIE MAE The Federal National Mortgage Association » F (FNMA), whose primary function is to buy and sell FHA and VA mortgages in the secondary market for mortgage loans. » FHA LOAN Federal Housing Administration loans are insured by the federal government. Interest rates can be lower than for conventional loans, but the real advantage lies in the low down payment requirement, usually under 5%.
IXED-RATE MORTGAGE Interest rate and monthly payments » F remain the same for the entire term of the loan.
» MORTGAGOR One who makes a mortgage; the
ENERAL WARRANTY DEED A deed in which the grantor » G certifies that the title conveyed is free of defects which may have arisen before or during the time he owned the property.
ERSONAL PROPERTY Movable property not permanently » P affixed to land or buildings.
IFT LETTER A letter prepared for mortgagee which verifies » G that the sums of money being used as down payment were a gift from a relative, made without obligation of repayment.
OMEOWNER’S ASSOCIATION An association formed to » H
promote the common welfare of all home owners in the same subdivision; e.g. a condominium building.
EGAL DESCRIPTION A description of property which can be » L recognized by law and by which the property in question can be definitely located by reference to recorded maps. ISTING AGREEMENT An agreement between a real estate » L broker and the owner of property which authorizes the broker to assist in the sale of the property, as by advertising it and showing it to prospective buyers. ARKET PRICE The price a property should bring based on » M comparable sales of similar properties within recent months. » MORTGAGEE The lender in a mortgage agreement. » MORTGAGOR One who makes a mortgage; the borrower. ERSONAL PROPERTY Moveable property not permanently » P affixed to land or buildings. OINTS Loan discounts collected by mortgage lenders as a » P means of increasing their yield on real estate loans. A point is 1% of the amount of the mortgage. REPAYMENT CLAUSE Provision allowing loan payments to be » P larger than the amount specified in the note.
borrower.
OINTS Loan discounts collected by mortgage lenders as a » P means of increasing their yield on real estate loans. A point is 1% of the amount of the mortgage. REPAYMENT CLAUSE Provision allowing loan payments to be » P larger than the amount specified in the note. RIVATE MORTGAGE INSURANCE (PMI) An insurance pre» P mium charged by a lender to buyers with less than 20% down payment. PMI insures lender in the event that buyer should default on the loan.
» VARIABLE RATE LOAN A loan in which the interest rate rises or falls according to an indicator of market interest such as the prime lending rate. » VARIANCE A permit exempting an owner from a particular zoning ordinance. The owner of the property must prove exceptional circumstances or hardship to justify the exemption. ONING A method of regulating the use of real estate » Z by dividing a county or municipality into zones or zoning districts, and then designating the purposes for which land in each zone or zoning district may be used.
RORATION To divide proportionately among the parties » P involved, based on a fixed date of computations, their share of an obligation paid or due; e.g.,taxes, water, sewer, rents. EAL PROPERTY Land itself, the improvements thereon, and » R the rights, title, and interest one has in it. ESPA Acronym of the Real Estate Settlement Procedures Act, » R federal legislation passed to regulate disclosure of the buyer’s settlement costs. IGHT OF SURVIVORSHIP The right to acquire the interest of a » R deceased joint owner; distinguishing feature of a joint tenancy. URVEY The process by which a parcel of land is measured and » S its area is ascertained. ITLE INSURANCE Insurance written by a title company to » T protect property owner against loss if title proves unsound. RANSFER TAX The tax required by a governmental agency » T when real property is transferred from one party to another.
RIVATE MORTGAGE INSURANCE (PMI) An insurance » P premium charged by a lender to buyers with less than 20% down payment. PMI insures lender in the event that buyer should default on the loan.
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UTILITIES DAVIDSON COUNTY NASHVILLE Electricity: Gas: Water & Sewer:
(NES) Nashville Electric Service (615.736.6900) Piedmont Natural Gas Company (615.734.0734) Metro Water Service (615.862.4600)
MAURY COUNTY COLUMBIA Electricity: Gas: Water & Sewer:
Columbia Power Systems (931.388.4833) Atmos Energy (615.771.8300) Columbia Water System (931.388.2419)
MT.PLEASANT Electricity: Gas: Water & Sewer:
Mt. Pleasant Power System (931.379.3233) Mt. Pleasant Gas Systems (931.379.7717) Mt. Pleasant Water System (931.379.7717)
RUTHERFORD COUNTY MURFREESBORO Electricity: Gas: Water/Sewer:
Murfreesboro Electric Department (615.893.5514) MTEMC (877.777.9020) Atmos Energy (615.771.8300) City of Murfreesboro (615.890.0862)
SMYRNA: Electricity: Gas: Water/Sewer:
Middle Tennessee Electric Membership Corp (877.777.9020) Piedmont Natural Gas Company (615.734.0734) Town of Smyrna (615.355.5740)
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SPRING HILL Electricity: Gas: Water/Sewer:
Middle Tennessee Electric (615.794.3561) Atmos Energy (615.771.8300) Spring Hill Water Works (931.486.2252)
LA VERGNE Electricity: Gas: Water/Sewer:
MTEMC (877.777.9020) (NES) Nashville Electric Service (615.736.6900) Piedmont Natural Gas Company (615.734.0734) City of Lavergne Public Works (615.793.7225)
ROBERTSON COUNTY SPRINGFIELD Electricity: Gas: Water & Sewer:
Springfield Electric (615.384.6770) Piedmont Natural Gas Company (615.734.0734) Springfield Consolidated Utility District of Rutherford County (615.893.7225)
SUMNER COUNTY GALLATIN Electricity: Gas: Water/Sewer:
(NES) Nashville Electric Service (615.736.6900) City of Gallatin Public Works (615.452.5400) City of Gallatin (615.451-5922)
HENDERSONVILLE Electricity: Gas: Water/Sewer:
(NES) Nashville Electric Service (615.736-6900) Piedmont Natural Gas Company (615.734.0734) City of Hendersonville (615.822.1016)
WILLIAMSON COUNTY BRENTWOOD Electricity: Gas:
(NES) Nashville Electric Service (615.736.6900) MTEMC (877.777.9020) Piedmont Natural Gas Company (615.734.0734)
WILSON COUNTY LEBANON Electricity: Gas: Water/Sewer:
MTEMC (877.777.9020) City of Lebanon (615.444.6300) City of Lebanon (615.444.6300)
WHITE HOUSE Electricity: Gas: Water/Sewer:
Cumberland Electric Membership Corporation (800.987.2362) Piedmont Natural Gas Company (615.734.0734) White House Utility District (615.672.4110)
FRANKLIN Electricity: Gas: Water/Sewer:
MTEMC (877.777.9020) Atmos Energy (615.771.8300) City of Franklin (615.794.4572)
MT. JULIET Electricity: Gas: Water/Sewer:
MTEMC (877.777.9020) Piedmont Natural Gas Company (615.734.0734) West Wilson Utility District (615.754.2552)
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