Understanding Real Estate Terminology

Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.

For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.

Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.

After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.

The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.

With the news blaring doom and gloom of the upcoming holiday season, store sales down, foreclosures up, the big three in Washington begging for help, I can’t help but think about my favorite movie, “It’s A Wonderful Life.”

I am not an economist nor do I have a degree in anything that deems me an expert, but I think about the part of the movie when panic hits everyone and there is a run on the savings and loan. George jumps the counter and explains how the money is not in the bank it is in the new home of so and so and it is in someone else’s business, and so on. To watch everyone understand that staying calm and coming together would get them through the rough times. As we all know that as the movie goes on George doubts his life, family, business, and with the help of an Angel named Clarence he sees that one person can make a difference, that with hope, faith, and belief we can come together to help one another, and yes it is “A Wonderful Life”

Maybe this holiday season instead of getting all stressed out make some hot chocolate grab a blanket put in the movie “It’s A Wonderful Life” and think about how special each and everyone of us are and all the gifts we have to share with one another.

Merry Christmas and a Happy and Healthy New Year!!!!!!!!!!!!!

As the year comes to a close I would like to take this opportunity to thank all our clients and customers that we have had the pleasure to serve and fellow Realtors who have helped the ‘TEAM’ at Century 21 At The Shore Realty make this another successful year!

One of our goals for 2008 was to become more involved in the community and I am proud to say that we truly did accomplish this goal. Throughout the year we collected and donated to the Ocean County Chapter of Easter Seals. In the summer we attended and provided local real estate information at every one of the Summer Concerts at Veterans Park making this our third year contributing to the success of the concerts. As the new school year opened we donated paper products and necessary school items to the Morning Star facility. At Thanksgiving we donated our time at the Food Pantry and 10 turkeys with all the trimmings so several families could enjoy the Holiday. We just adopted two needy families from the local social services and delivered a truck load of presents so that these families could put gifts under their Christmas tree. We also established our office in the Super Foodtown Plaza as a drop off location for non-perishable items which was maintained throughout the year and we will continue to maintain it for 2009. Each week we delivered the items to the local Food Pantry.

This has been a year when we have met so many people who are trying to survive such turmoil in their lives and it has truly been a rewarding and humbling experience. We wish all a very happy, healthy and safe Holiday Season.

Recipe Of The Month Cup of Heaven Here is an easy cookie recipe that’s the perfect dessert offering for your next get together. Try it on your most discriminating guests, they will ask you for the recipe before leaving. Supplies:  mini-muffin pan Sugar cookie dough (in the refrigerated section)  Reeses mini peanut butter cups Baking Spray Spray the muffin pan and set aside. Cut cookie dough in 1/2" increments- then cut in half again to create half circle shape. Then roll each piece into a ball and place into the mini-muffin pan. Cook at directed temperature for 6 minutes. Then push peanut butter cups into cookie crust and them cook for 2 additional minutes.   When done, wait about 10 minutes to take the cookies out of the muffin pan. Thanks to Chef-Dawn Chaffee

Changing your address isn’t the hardest part of moving, but making sure everyone who needs your new address has it isn’t as easy as you might think. Unless you fill out an official US Post Office change of address form, your mail won’t follow you to your new address. And unless you remind yourself to mail out change of address cards to all the companies you do business with, your magazine subscriptions will be worthless in a few months. Did you know you don’t have to go down the post office to get the change of address form? Read over the following tips to make sure that when you move your mail will be moving with you:

• Before you’ve even begun your relocation, head down the post office and take a minute to fill out the US postal service’s official change of address form (also known as PS form 3575; if you don’t see them out, just ask a clerk).

• The most important part of filling out the US postal service’s change of address card is including your old address and your new address. However, it’s also vital you remember to include the names of anyone else who is moving with you. If you only include your name, your husband / wife’s mail won’t follow you.

Affirmation: As we approach the new year instead of a list of new resolutions, try a list of the special things that make you happy. Simple things for what they are, for the enjoyment that they provide , family and friends that we love, people we have yet to meet, peace and contentment. THE SIMPLE FULFILLMENT OF LIFE. -Karen Vilardi

Cleaning Your New House

One of the worst feelings when first walking into your new home is the feeling of disgust. The floors are dusty, the walls are black, the bathroom is grimy and filled with hair from the previous tenant, the kitchen has dried up food stuck to the floor, and your head is spinning from that noxious odor. Don’t panic. There are several things you can do to turn this current mess into a home where you can feel comfortable and relax.

1. Preparation: Before you do any cleaning, you have to be physically and mentally prepared. Physical preparation includes:
• Put on some clothes you don’t mind getting dirty and smelly.
• Wear comfortable shoes.
• Have cleaning materials ready.
      • Spray cleaners
      • Rags
      • Paper towels
      • A dull knife
      • Broom/Dust pan
      • Mop/Bucket
      • A large trash bag

Real estate professionals from New Jersey (including several REALTORS-ASSOCIATES® from CENTURY 21 At The Shore Realty), New York, Pennsylvania and surrounding states attended the Triple Play 2008 REALTOR® Convention & Trade Expo in Atlantic City early in December. More than 6,500 industry professionals attended the annual education and networking event. There were numerous nationally recognized speakers presenting information, education and training on the various aspects of our industry with particular emphasis on today’s changing market. The author of this article was particularly interested in the technology of real estate today utilizing tools available on the internet. Marketing of yesterday is similar to marketing of tomorrow with the caveat of new tools and increased, perceived urgency on the part of sellers and buyers as well as the real urgency of people caught in the current economic crisis as the result of changing economic times.

The keynote speaker was Robert F. Kennedy, Jr. He began his 90 minute talk by telling us about the new construction in New York City being green and how that effort effects us all. He went on to talk about how power generation is adversely effecting our environment.