Quick Answer: What is MEC in real estate?

MEC: Mutual Execution of Contract. Mechanic’s lien: A lien created by statute which exists against real property in favor of persons who have performed work or furnished materials for the improvement of the real estate.

What is seller disclosure deadline?

Seller’s Property Disclosure Deadline – Should be provided prior to singing of the real estate contract. Loan Application Deadline – Due 5-10 days from offer date but this deadline can range widely based on buyer’s mortgage approval. … Existing Loan Documents Objection Deadline – 5-7 days after loan documents deadline.

What does appraisal deadline mean?

Appraisal Deadline

This is the deadline for the Buyer and Lender to receive their appraisal report, which means that the appraisal inspection must be completed prior to this date in order to allow time for the appraisal report to be completed and delivered by this deadline.

What is loan objection deadline?

Loan Objection Deadline — This is the date on your contract after which, if you cannot close on the transaction for any reason, the seller has the right to keep your earnest money.

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What does can mean in real estate?

Properties that have the designation CAN have a cancelled contract between the agent and the owner before the contract period ended. Those that read EXP had the listing contract expire. The seller may have chosen not to sell.

What is the DIA in real estate?

Among the disclosure requirements, sellers have an affirmative duty to disclose to buyers all material conditions, defects. and/or issues known to them that might impact the value or desirability of the Property.

What is the TDS in real estate?

The Real Estate Transfer Disclosure Statement (TDS) describes the condition of a property and, in the case of a sale, must be given to a prospective buyer as soon as practicable and before transfer of title.

What happens if a house doesn’t appraise for the sale price?

If an appraisal comes back low, a buyer can go back to the seller and negotiate a lower sale price. If the seller refuses, the buyer could end up walking away from the home completely. For the buyer and seller to both get what they want – a home that sells – the seller may seriously consider lowering the price.

What if a house doesn’t appraise for selling price?

If your home doesn’t appraise for the selling price, you and the buyer will both have to make some decisions. Those decisions could result in the deal moving forward, or falling off the tracks. The buyer could pay the difference out of pocket, which doesn’t happen very often.

Who pays for appraisal if deal falls through?

Who pays the home appraisal fee when a deal falls through? In most cases, even though the appraisal is for the benefit of the lender and the appraiser is selected by the lender, the fee is paid by the buyer. It may be wrapped up into closing costs, or you may have to pay it upfront.

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What happens after you go under contract for a house?

Once a home is under contract it will be marked online as contingent or pending. You need to connect with your real estate team and let them know you’re now under contract. This will get the wheels turning. Your Real Estate Agent will be able to walk you through the process of who you need to contact.

What does DOD mean in real estate?

One of the terms of any real estate contract is the possession date. For years, it was customary for possession to be given on the DOD, or date of deed. In other words, if the house was to close on May 3, that is when possession would be given to the buyer.

What is a conditional sale in real estate?

A conditional sales agreement is a financing arrangement where a buyer takes possession of an asset, but its title and right of repossession remain with the seller until the purchase price is paid in full.

What does Rais mean in real estate?

RAIS (Price Increase)- a property where the price was increased.

What does OTP mean in real estate?

An owner’s title insurance policy (“OTP”) insures a buyer of real property that at the time of purchase the buyer (i) has legal access to the property; (ii) is the owner of the property and no one else has a claim of ownership.