Are you planning to buy or sell a Real Estate property? With you in mind, I have taken the time to compile this list of FAQ (frecuently asked questions). It's very important to make informed and smart decisions when it comes to Real Estate. I hope that you'll find the answer you're looking for.
Q. What is the initial payment when buying a property?
The initial payment is the money you put down with the option to buy contract, to hold the property. Usualy is about 5 to 7% of the selling price. This will show the seller that you are seriously interested in buying.
Q. Is the initial payment money given to the Seller?
No. This money is deposited in your Broker's escrow account once the seller accepts your offer. This is an account that does not generate interest.
Q. Should I buy tittle insurance?
We recommend that you do so. That way you could rest assure that in the future no one is going to claim an interest in your property.
Q. What is Flood Insurance?
Flood Insurance is a policy that you buy if the property is located in a flood zone, according to the FEMA municipality flood maps.
Q. Who selects the Attorney for the closing?
In PR. the buyer does, unless is agreed otherwise by seller/buyer.
Q. Is the money received for child support considered as income?
Yes, but it must be payed thru ASUME and/or be deposited into an account for proof of evidence that you are receiving it.
Q. I'm a first time buyer, what should I do?
1. Save money for down payment, loan origination fees, closing costs, etc.
2. Check your credit report for errors and know your credit score.
3. Get pre-qualified for a mortgage loan.
4. Inform yourself about Real Estate conditions, gather information.
5. Consult and hire a Real Estate professional.