What is Fair market value?
Fair market value is not what is fair, it is the lowest price the Seller is willing to accept and the highest price the Buyer is willing to pay, when both are well informed of the market conditions. The Seller normally sets the price, but, ultimately the Market determines the Value.

Title Search:
This is an examination of all public records to determine if there are liens, cloud or defects in the chain of title. There must be a current title search clear of any defects or liens in order for the title company to be able to provide title insurance.

Clearing unwanted liens and Encumbrances:
When you have an accepted offer to purchase a property, escrow is open, and within a week or so, you receive a preliminary title report ,you review this carefully, should the title to the property be clouded (tax lien etc) you and your agent should work with the seller and the Seller’s agent to clear the unwanted liens and encumbrances prior to taking title and closing the transaction. The title search covers only recorded liens and encumbrances.

Who can I turn to for more information regarding the title report?
Your real estate agent or your attorney will help explain the Preliminary Report to you. Your escrow officer or the title company representative can also answer your questions.

Title Insurance:
It is a one time title insurance the purchaser pays for at recordation of Buyer’s purchase. It insures against loss or damage resulting from defects or failure of title to a particular parcel of real property. The title company may have specific exclusions, and reimburse the insured for any loss he/she sustains if title is not as represented in the title insurance policy.

Life Estate:
Any estate, whether it is real or personal property, which is limited in duration to the life of its owner. It is not an estate of inheritance.

Probate:
The judicial proceedings to confirm the validity of a will. The court determines the rightful heirs, allows payment of legal claims of creditors, and appoints administrator to distribute the real and personal property according to the court decree.

OR

Kay F Osman, R, CRB, CRS, GRI, SRES Accredited Buyer's Representative (ABR) has been helping buyers realize their home buying dreams for over 15 years. She can help you get the right home at the right price every time.

Click the following link to Ping Kay (To call her free)

Kay F Osman R, CRB, CRS, GRI, SRES
Accredited Buyer's Representative (ABR)
Del Osman Realty, Inc.
Ph: (808) 523-6421 fax: (808) 523-8729
Web site: http://osman1.com

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