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Real estate agents and loan officers play an important role in ensuring appraisers have the necessary data to deliver reliable valuations. I had the opportunity to discuss some common questions people have about the appraisal process with Massachusetts real estate agent Kevin Vitali.
Reviewing / appealing propertytax assessment. Property division in separation / divorce. To determine capital gains on second or rental properties. Tax implications for final probate. Any existing easements or zoning issues. Renovation loan assessments. Mortgage financing and refinancing. Vehicular access.
It should be noted that not every state uses due diligence fees in real estate transactions, so it is important to consult with your real estate agent so they may educate you on the legal implications of a housing contract. Any existing easements on the property which legally allow another party to use someone else’s property.
Among the dozens of records that serve to inform or disclose to the buyer significant knowledge about the property, the title report is one of the most important. It documents ownership, vesting, and detail regarding anything recorded against the home, such as liens, encroachments, or easements. Easements. Absolutely.
” “I have a life long time in agriculture and worked at a title company, giving me a good understanding of legal descriptions and easements.” Also, I have appraised multiple airports and done various easement studies for research.” ” “Background in landscape architecture and real estate sales.”
Possible Title Issues (Easements, Foreclosure). Current PropertyTaxes. Historic PropertyTax Bills. Once a property is listed on these high-traffic sites, the visibility from agents, investors, and land buyers greatly increase. Floor Space Index or FSI (Amount of Construction Allowed on the Land).
It’s worth noting that while FSBO sales can result in savings, they often sell for less than agent-assisted sales. A title company will provide a title commitment, which is a promise to issue title insurance for the property. There are strict guidelines for propertytax prorations at closing.
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