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buy: Real Estate Term: Equity - 05/10/10 03:23 PM
Definition: The interest or value which an owner has in real property over and above any liens against it.
Discussion: Equity in a house is the difference between the value of the property and the liens (loans) on the property. An owner may access that equity by obtaining a "Home Equity Line of Credit" (HELOC), or a "Second Mortgage".
Equity grows as (1) the market value increases or (2) as mortgage payments are made and therefore the principal is paid down.
Home equity is how our parents gained wealth. They bought a home, lived in it for 30+ years. They would … (0 comments)

buy: Real Estate term: Deed Restrictions - 04/26/10 11:19 AM
Definition: The limitations in the deed to a property that dictate specific ways that a property must or must not be used.
Discussion:  Deed restrictions are similar to covenants in that they are rules of what can and cannot be done on the property. They run with the land no matter who owns the property. Typical restrictions may include "no manufactured homes" or "land may not be divided into less than 5 acres parcels."
The Seller's Realtor should have a copy of the restrictions available for a potential Buyer. Occasionally a deed restriction is not known about until a title search … (1 comments)

buy: Information about Well Inspections in Silver City, NM - 03/23/10 11:50 AM
Well Inspection - If the property you choose has a well, you will want a well inspection. There are several aspects to this. The first part is to determine that the equipment is functioning. This equipment includes, pump, piping, holding tank, pressure tank and the electrical work. Another part, the Water Potability determine if the water is safe to drink. The water is taken from the well and brought to the water department of the town where a water test is performed. You will receive a report showing if there are any dangerous levels in the water. There is also a Gallons Per Minute … (2 comments)

buy: Lead Based Paint Information - 03/17/10 11:41 AM
Lead-Based Paint Addendum - Lead was used in paint prior to 1978. If lead is ingested, it can be deadly or harmful. Any house that was built prior to 1978 may contain lead-based paint. Because it can be harmful, there is a lead-based paint disclosure that must be signed by all parties. The Disclosure must be signed, with date and time, prior to writing the Purchase Agreement. You will receive a pamphlet explaining Lead-Based paint hazards and you will also receive the opportunity to obtain an analysis.
Please remember that it can be harmful if ingested (not inhaled).
 
Today's Saying: … (1 comments)

buy: Explanation of the Insurance Contingency - 03/15/10 02:36 PM
After Hurricane Katrina, two paragraphs were added to the Purchase Agreement giving the Buyer the opportunity to get insurance quotes and determine that home insurance is affordable. Hurricane Katrina made insurance in some areas very expensive. We have not observed this in our area. I usually put a 2 week time frame in this area to give the Buyer some time to get quotes and determine affordability. They then have a few more days to object. To date, I have not had anyone object due to an insurance price issue.
I will help you keep track of all your Due Dates … (1 comments)

buy: Definition of Title Commitment - 03/10/10 04:19 PM
The Title Commitment comes a few weeks after the property is under contract. The Realtor will order this. The importance of the Title Insurance is that it insures the property buyer against any title-search errors or mistakes and against loss due to disputes over property ownership. Title Insurance can additionally offer protection to the lender under similar circumstances. The Title Commitment shows all the criteria for the property to close. Typical items include 1) the existing mortgage must be paid off, 2) a Deed must be recorded at the court house. Less common items are a Mechanic's Lien that must be … (0 comments)

buy: Definition of "Prorations" in a Purchase Agreement - 03/08/10 02:32 PM
Prorations - One of the items in a Purchase Agreement is an item called "Prorations". Prorating is dividing or distributing a sum of money proportionately. The most common prorated item is property taxes. The taxes would be divided up like this: The Seller would pay taxes from the beginning of the year to the closing date. The Buyer would be responsible for the property taxes after closing. Since New Mexico collects their dues in arrears (2008 taxes due in 2009), the buyer would receive a credit for the taxes from the beginning of the year until the closing date. When the … (1 comments)

buy: Basic Information on Septic Systems - 01/13/10 02:31 PM
New Mexico requires all septic systems to be permitted, approved, and inspected by the NM Environmental Department. All individual systems require a minimum ¾ acre lot (or a variance).
The two most commonly used are:
1. CONVENTIONAL SEPTIC TANK SYSTEM
In this system, wastewater flows from the house to the tank where settling occurs. Heavier solids (e.g. organic waste) sink to the bottom of the tank forming the sludge layer. Lighter solids (e.g. grease, soapsuds) float to the top forming the scum layer. The clearish liquid in the middle layer is the effluent.
After settling out for 24 or more hours, … (2 comments)

 
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Linda Ferrara

Silver City, NM

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Coldwell Banker Enchantment Realty

Address: 501 Silver Heights Blvd., Silver City, NM, 88061

Office Phone: (800) 456-3132 x 12

Cell Phone: (575) 519-9249

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