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Real Estate Dictionary – “F” is for Flag Lot
Knowledge is Power, Real Estate Dictionary
I’m really interested in selling my house, but I don’t want to sell my oak hand-carved shelves affixed to the wall in the dining room and hallway as they were a gifts from my grandparents. In most states, including in Colorado, the chandlers would be considered Fixtures and would be included with the sale of your house. Make sure your Realtor exclude these items in your listing agreement; or you could take them down.
What is the FHA? Federal Housing Administration (FHA) is an agency of the U.S. Department of Housing and Urban Development (HUD). Its main activity is insuring of residential mortgage loans made by private lenders.
I was looking at a property description in the MLS, and it said the house was on a Flag Lot, what does this mean? A Flag Lot usually has the configuration of the flag with a longer driveway and the house on the “Flag”. There are many houses in Colorado and Colorado Springs that are on Flag Lots.
What is Flood Insurance? It’s insurance which covers a homeowner for any loss due to water damage from a flood; often required by lenders for homes located in FEMA-designated flood zones
My Realtor in Colorado Springs said that that as a Buyer’s Agent she has a Fiduciary Responsibility to me. What is this? A Fiduciary Responsibility describes the obligations of a Realtor, which include loyalty, obedience, and full disclosure. There is a complete description of the responsibilities in the Colorado Real Estate Approved Form called the Exclusive right to Buy Document.
The loan on my house is based on a 6 ¼ % rate for the duration of the loan, is this classified as a Fixed Rate Mortgage? Yes, a Fixed Rate Mortgage has a consistent rate for the term of the loan, it will not change.
What is a Flat Fee Broker? It’s typically a real estate broker who charges a fixed or flat fee for brokerage services instead of a commission based on a percentage of the sales price of the property.
Why does my builder say that he needs to place the footings below the Frost Line? Because once footings are below the Frost Line, there shouldn’t be movement in them. The Frost Line will vary in different parts of the Country.
My Realtor said that the seller is supposed to give Full Disclosure; I’m not sure I know what this means? Your realtor was referring to a requirement to reveal all material facts pertinent to a transaction.
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