Real Estate Term of the Day: Due Diligence DUE DILIGENCE – making a reasonable effort to perform under a contract; making a reasonable effort to provide accurate, complete information. A study that often precedes the purchase of property, which considers the physical, financial, legal, and social characteristics of the property (Barron’s Dictionary of Real Estate … More Real Estate Term of the Day: Due Diligence
Real Estate Term of the Day: Duel Agency DUEL AGENCY – the situation in which an agent represents more than one party to a transaction (Barron’s Dictionary of Real Estate Terms) The State of Colorado does not allow the practice of duel agency. According to Senate Bill 02-196, Section 6: A broker shall not establish … More Real Estate Term of the Day: Duel Agency
Real Estate Term of the Day: Drive-by Appraisal DRIVE-BY APPRAISAL (aka: Limited Appraisal) – value estimated prepared without the benefit of an interior inspection (Barron’s Dictionary of Real Estate Terms) Due to the changes in the mortgage underwriting rules over the past couple of years and the creation of the HVCC, the practice of drive … More Real Estate Term of the Day: Drive-by Appraisal
Real Estate Term of the Day: Down Payment DOWN PAYMENT – the amount one pays for property in addition to the debt incurred (Barron’s Dictionary of Real Estate Terms) The main purpose of a down payment is to ensure that the lending institution can recover the balance due on the loan in the event that … More Real Estate Term of the Day: Down Payment
LESLIE MONACO REAL ESTATE 