| |
buying a house: Real Estate Term: Tax Assessment - 04/09/10 01:43 PM
Definition: The official valuation placed on property for ad valorem taxation or public improvements.
Discussion: The County Assessor assesses the value of your property for purposes of determining how much property tax you will pay. It has nothing to do with the Market value of your property or the Appraised value of your property.
For more information on the Grant County Tax Assessor, click on this link:
http://www.grantcountynm.com/grant_county_nm_info.php?CID=381
For more information on Property Valuation, check out the Grant County Assessor's website at:
http://www.grantcountynm.com/grant_county_nm_info.php?CID=382
Today's Saying: Courage is going from failure to failure without losing enthusiasm.
Linda Ferrara - … (0 comments)
|
buying a house: Surveys - Part 1 - 03/31/10 01:40 PM
A survey is used to measure and identify the property boundaries. Certain kinds of surveys also will show the improvements on the land including fencing, buildings, easements, etc. It is important to the property buyer to ensure that you are purchasing the amount of land and in the location you intended. In the case of a mortgage, the mortgage company will require a survey (no more than 6 months old) to protect them from any issues. Potential issues include: - Encroachments of someone else’s property onto the subject property. This may be someone’s fence or shed encroaching onto your property. - Encroachment … (2 comments)
|
buying a house: 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)
|
buying a house: Basic Information on Septic Systems - 03/03/10 02:56 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)
|
buying a house: Pertinent Information about Silver City, NM - 01/21/10 03:35 PM
Location: Southwestern New Mexico
Grant County seat: Silver City (population 13,335)
Closest Metropolitan areas: Las Cruces, NM 112 miles - El Paso TX, 154 miles - Tucson, AZ 199 miles - Albuquerque, NM 235 miles - Phoenix, AZ 266 miles.
Elevation: 5,920 ft.
Temperature:
Average Annual Precipitation: 15.8" - High 3.2" August - Low .2" April
Average Relative Humidity: 31%
Census Bureau Quick facts on Grant County: 2000
Population, New Mexico: 1,819,046Population, Silver City: 14,066Population, Grant County: 31,002
Cost of Living Index: 93 100 = National Average 110 = 10% more expensive
University: Western New Mexico University http://www.wnmu.edu/
Medical Services: … (0 comments)
|
buying a house: Home Inspection Explanation - 01/19/10 10:03 AM
One of the first things done after getting a property "Under Contract" is to have a Home Inspection. I occasionally get a buyer who does not want a Home Inspection. To me, it is the best money ever spent. If you REALLY do not want a home inspection, I will make you sign a document that says that although I encouraged you, you chose to not get an inspection and that you will not hold me or my Broker liable for any problems at the property. We feel that they're that important.
A good Home Inspector will show you how the … (3 comments)
|
buying a house: Time to start Packing - 01/11/10 10:31 AM
I believe in packing over a period of time. As soon as we decided to move to Silver City, I began the packing process.
Go through all your things and decide what you no longer need and no longer want. Either have a garage sale or donate the items to a church or organization that has rummage sales. Buy and collect supplies - - boxes, tape, large markers, packing paper (or newspaper) Start packing things that you don't use every day. Christmas decorations, the good china, off-season clothing, etc. I actually invited friends over to spend time with them and they … (0 comments)
|
buying a house: Take the Trauma out of Buying a House - 01/05/10 12:35 PM
January 5, 2010
Buying a house, moving. It's traumatic. I remember telling a young couple that it was normal to be nervous, to lose some sleep. Still, it's one of the best investments most of us ever make. Consider the following when buying a house:
If you're not comfortable with your Realtor, find one that you are comfortable with. It's important to find someone you respect, you understand, and that you're confident they respect and understand you and your needs. Be sure their communication style fits with yours. Educate yourself on the process. Even if you've bought properties in the past, … (2 comments)
|
buying a house: An Offer VS. a Contract - 12/28/09 11:33 AM
December 28, 2009
The words ‘offer' and ‘contract' are often interchanged or misused.
An ‘offer' is a demonstration by the buyer showing intent to purchase. An ‘offer' is made using a ‘Purchase Agreement'.
A ‘contract' is a legally enforceable document where both parties have signed and agree to abide by the points in the contract. Once both parties have signed the ‘Purchase Agreement', it becomes a ‘contract'.
When you make an ‘offer', the Seller can do 3 things:
•1. Accept it
•2. Decline it outright
•3. Counteroffer
If there is a counteroffer, it means that they agree to everything in … (3 comments)
|
buying a house: Take the Trauma out of Buying a Home - 11/17/09 10:23 AM
Novbember 17, 2009
Buying a house, moving. It's traumatic. I remember telling a young couple that it was normal to be nervous, to lose some sleep. Still, it's one of the best investments most of us ever make. Consider the following when buying a house:
• If you're not comfortable with your Realtor, find one that you are comfortable with. It's important to find someone you respect, you understand, and that you're confident they respect and understand you and your needs. Be sure their communication style fits with yours.
• Educate yourself on the process. Even if you've bought properties … (1 comments)
|
buying a house: The Home Inspection Process - 10/27/09 10:52 AM
October 27, 2009
Home Inspection Process
Not only will you want to have a home inspection done for your own sake, and peace of mind, but most lenders will require that you have a home inspection before they will proceed with the loan. The lending institution has just as much interest in the home as you do, so that is why they require a home inspection.
Getting a home inspection requires hiring a company to send out a home inspector to go through the home you are going to purchase. With you present, the home inspector goes through the home, … (2 comments)
|
buying a house: Southwest Special Handicaps in Silver CIty, NM - 10/26/09 01:23 PM
October 26, 2009
SWSH is now called Life Quest and is a community-based nonprofit organization dedicated to empowering individuals and families with or at risk for developmental disabilities, to maximize their independence and foster their integration within the community.
They are located at the corner of Pope and College Street. A private person can hire Lifequest to do chores like clean-up around your property.
http://www.lifequestnm.net
Today's Saying: Life isn't fair, but it's still good.
… (1 comments)
|
buying a house: Real Estate Term: Warranty Deed - 10/07/09 11:32 AM
October 7, 2009
Real Estate Term: Warranty DeedDefinition: A deed used to convey real property and contains warranties of title and quiet possession and by which the grantor agrees to defend the property against the lawful claims of third persons.It is commonly used in many states but in others the grant deed has replaced it due to the modern practice of securing title insurance policies which have reduced the importance of express and implied warranty in deeds.
Today's Saying: Only those who dare to fail greatly can ever achieve greatly.
Let's connect on Facebook! http://www.facebook.com/home.php?#/LindaSFerrara?ref=name
… (0 comments)
|
buying a house: Real Estate Term: VA Loan - 10/01/09 01:20 PM
October 1, 2009
Real Estate Term: VA LoanDefinition: A loan made to qualified veterans to purchase real property where in the event of default the Department of Veteran's Affairs guarantees the lender repayment.
The VA loan was designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). The basic intention of the VA direct home loan program is to supply home financing to eligible veterans in areas where private financing is not generally available and to help veterans purchase properties with no down payment. Eligible areas are designated by the VA as housing … (2 comments)
|
buying a house: Real Estate Term: Topographical Map - 09/29/09 12:09 PM
September 29, 2009
Real Estate Term: Topographical MapDefinition: A map that shows the physical features such as the slope and contour of a parcel of real estate or an area of land.
Discussion: A ‘topo' map can be very useful when buying a larger parcel or a remote parcel. You can determine where to put the house, the road, etc.
They are very important to outdoorsmen who are hiking or hunting. My husband, who is on "Search and Rescue", uses them to grid off areas, plan routes, etc.
Of course, using a product like Google Earth is tremendously helpful for … (0 comments)
|
buying a house: Real Estate Term: Title Insurance Policy - Part Two - 09/25/09 03:15 PM
September 25, 2009
Real Estate Term: Title Insurance Policy - Part Two
Types of policies:
Standardized forms of title insurance exist for owners and lenders. The lender's policies include a form specifically for construction loans, though this is rarely used today.
Owner's policy:
The owner's policy assures a purchaser that the title to the property is vested in that purchaser and that it is free from all defects, liens and encumbrances except those which are listed as exceptions in the policy or are excluded from the scope of the policy's coverage. It also covers losses and damages suffered if … (3 comments)
|
buying a house: Real Estate Term: Title Insurance Policy - Part One - 09/24/09 02:19 PM
Real Estate Term: Title Insurance Policy - Part OneDefinition: A statement as to the condition of the title of real property ownership and insuring it against claims by the payment of a one-time-only premium which protects the named insured and their heirs against title defects, liens and encumbrances existing as of the date of the policy and which have not been specifically excluded from it to provide a legal defense for the policyholder and pay any covered losses incurred.
Discussion:
Title insurance in the United States is indemnity insurance against financial loss from defects in title to real property … (1 comments)
|
buying a house: Real Estate Term: Tax Lien - 09/04/09 01:21 PM
September 4, 2009
Real Estate Term: Tax LienDefinition: A claim against property which may be sold by the taxing authority arising out of nonpayment of taxes.
Discussion:
Tax liens in connection with property taxes
Unlike personal debts, tax liens on real estate "run with the land"; that is, a property owner becomes responsible for payment even if the tax obligation was incurred by a prior owner. Depending on the law of the state or jurisdiction, the owner of the property may also be personally liable for payment of the taxes.
Payment of a tax lien may occur through various … (4 comments)
|
buying a house: Real Estate Term: Restrictive Covenant - 09/01/09 01:12 PM
September 1, 2009
Real Estate Term: Restrictive CovenantDefinition: A clause in a deed which a grantor has placed there which prohibits or restricts certain use, occupation or improvement of the land and to which the grantee must agree in order for the property to be conveyed and which will be binding on all subsequent owners.
Discussion:
Scope of covenants
Restrictive covenants may arise from many sources, and may be registered against titles or included in leases. Some covenants exist for safety purposes, such as a covenant forbidding the construction of tall buildings in the vicinity of an airport … (0 comments)
|
buying a house: Stickley Designed Treasure in Silver City, NM - 08/31/09 11:56 AM
… (0 comments)
|
|
|
|
|
|
Linda Ferrara
Silver City,
NM
More about me…
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
Email Me
Everything you wanted to know about Silver City, NM including area events, popular activities, relocation information, home buying ideas and much more!
 Links
Archives
|
;)
;)
