Comments for Real Estate Dictionary

Comment on Warehouse Fee by Juanita Jones

Juanita Jones — Sun, 23 Oct 2011 14:43:58 +0000

I am thinking about listing a vacant parcel of land and this was in the form contract, doesn’t seem appropriate when there is no
mortgage company involved. Also, isn’t title search, title and closing fees and policy coverage paid by the BUYER?

Thank you for any clarification

Comment on Executed Contract by William Glass

William Glass — Fri, 15 Apr 2011 17:14:24 +0000

What is the most basic definition of an executed contract

Comment on Purchase Agreement by Agreement Of Sale | Real Estate Terminology and Definitions

Agreement Of Sale | Real Estate Terminology and Definitions — Fri, 17 Sep 2010 08:47:55 +0000

[...] known as Purchase Agreement, Agreement of Purchase and Sale, Land [...]

Comment on Wraparound Mortgage by mara parada

mara parada — Fri, 30 Jul 2010 02:47:56 +0000

Thanks for this information, it was very helpful!!

Comment on can texas real estate buyers share in the commission of the home they buy? by Real Estate Guy

Real Estate Guy — Wed, 07 Jan 2009 19:48:20 +0000

NO.

Unless you are a licensed real estate agent or broker (in the state that the sale takes place). It is against the law to be paid a commission on a real estate transaction.- even if you are the buyer. Just because you don’t have an agent, you do not get a part of the commission.

In fact, it really isn’t any concern of yours want the commission is since this is paid by the seller.

Comment on Is there a time frame for California real estate broker to return deposit check to the buyer? by richardwamsat

richardwamsat — Wed, 07 Jan 2009 11:52:07 +0000

There are two common methods that CA Brokers use to handle the good faith deposit check.
1) they deposit it in to their Trust Fund Account (they have to maintain a separate trust account and can not co-mingle funds with the company’s own money) btw this is also the area that Brokers get in trouble with if done wrong. I previous answer said that they may wait to make sure the check clears and then write you a check, and this is correct and good practice.

2) they accept the check, and hold it uncashed until acceptance if this is the case there should be no reason that they can not give you the check back. also typically with this method you would have wrote the check to the title company, the first method you would have made out to the real estate company.

If the agent will not return your calls I would suggest you contact his Broker. You can look up license status and brokers name here:

Comment on can texas real estate buyers share in the commission of the home they buy? by Ross

Ross — Tue, 06 Jan 2009 01:16:17 +0000

Check with your real estate agent, if it is in the listing contact but other wise probably not. In order to get paid for a transaction you have to licensed and paid by YOUR broker, if another arrangement is made if has to be in the sales contract for ever body to see, this avoids illegal kick backs. I have never seen a contract the offers what you mention. If it were to happen it would be applied at closing.

Comment on can texas real estate buyers share in the commission of the home they buy? by Scorpius59

Scorpius59 — Mon, 05 Jan 2009 02:49:00 +0000

If there’s a “trick”, I’m sure they will try it. Everybody’s got a game, don’t they ?

Comment on Is there a time frame for California real estate broker to return deposit check to the buyer? by uatafoya

uatafoya — Sun, 04 Jan 2009 04:42:50 +0000

This has been recurring more than a few times, unfortunately your check might have been deposited. In california the process usually works like this; first you submit an offer to the property you are interested in buying together with a “copy “of the check or form of payment. second your offer get accepted, rejected, or countered. If the offer gets accepted then you will need to deposit the check or form of payment to the title company, in some cases your agent will take the check and deposited in a trust account and then in turn give to escrow. If the offer is rejected, you are entitled to get your money back right away, check with the broker and not the agent. In california you can check with the Department of Real Estate, or the local Association. Check with the broker first, but if your offer got rejected there is no reason that a check had to be cashed.

Comment on Is there a time frame for California real estate broker to return deposit check to the buyer? by acermill

acermill — Wed, 31 Dec 2008 18:20:47 +0000

The time frame will vary if the check was deposited, and it probably was. The brokerage, after the check is deposited, will not issue your deposit refund until they are assured that your check clears the bank properly. Yes, they WILL call your bank to insure that there were sufficient funds and that the check cleared.

If the check was not deposited, there is no reason that she cannot return it immediately.