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Real Estate Dictionary, “L” is for Latent Defects
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at buying a house in Rockrimmon, and my Colorado Springs Realtor said that I should check for latent defects, what is she talking about? A latent defect is a physical weakness not noticeable after a reasonable inspection of the property. Since some homes in Rockrimmon were built over old mines; you may want to have structural engineer involved in the inspection.
Why do I need to find out if a home in Old Colorado City has lead-based paint in it? Because, lead-based paint is a hazardous product that is no longer manufactured and it is potentially poisonous The presence of lead-based paint must be disclosed to buyers and tenants residing in a property built before 1978.
Real Estate Dictionary, “K” is for Kick Plate
Knowledge is Power — Real Estate Dictionary
For a free Buyers Guide, Email Kathy Torline at KTorline@msn.com
I’m looking at an old house in Old Colorado City, and the inspector said it has Knob and Tube wiring and 
that we should get an electrical inspector to check it out. What type of wiring is this? It’s a method of wiring in very old buildings where the wires are attached to porcelain knows and tubes as an insulating method. The inspector was correct, you should be a licensed electrical contractor inspect it.
The inspector we hired to look at a house in the Old North End said none of the doors have kick plates Read the rest of this entry »
Real Estate Dictionary — “J” is for Jumbo Loan
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Knowledge is Power — Real Estate Dictionary
My sister and I are buying a home in Colorado Springs, and my mother said we should own it in Joint 
Tenancy. What does this mean? Joint Tenancy means that both your sister and you would own the property in equal shares with right of survivor ship; your share would automatically pass to your sister upon your death. If you have questions, ask your Colorado Springs Realtor or contact a lawyer.
Is a second mortgage the same as a junior loan? Yes, sometimes people will use the two terms to mean the exact same thing. This type of loan has a lower priority than a first mortgage.
What is a jumbo loan? This is a loan that Read the rest of this entry »
Real Estate Dictionary, “I” is for Inactive
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Knowledge is Power — Real Estate Dictionary
My mother told me that houses are not considered liquid investments, they are illiquid. This means that real 
estate cannot be quickly converted to cash.
My Colorado Springs Real Estate agent put her license on inactive. What does this mean? Colorado does allow Realtors put their license on inactive, which means that your Realtor cannot conduct business because her license is not active. You’ll hear people also refer to this as putting their license in “Ice”
I’m helping my grandmother sell her house in the Old Colorado City in Colorado Springs, and my brother said she is incompetent to make this decision, not sure what he means. Incompetence refers to a person who is not Read the rest of this entry »
Real Estate Dictionary – “H” is for Home Inspection
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Knowledge is Power — Real Estate Dictionary
My Colorado Springs Realtor said that landlords are required to keep the property habitable, what does this mean? Habitable means that the property must be fit to live in. If the property poses an imminent threat to the health or safety of the occupant, it is considered inhabitable.
What is hazard insurance? This insurance is for loss from physical damage to the property due to hazards such as fire, wind, and flood.
I’m looking at a property Read the rest of this entry »
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 Read the rest of this entry »
Real Estate Dictionary — “E” is for Earnest Money
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Why do I need to put down Earnest Money when I’m making an offer on a house? In Colorado, Earnest Money is partially 
used to show your intention to purchase the property; it is consideration for the contract. You don’t have to put down Earnest Money, as you can also sign some type of promissory note, or you can use an Alternative Earnest Money Deadline.
The house that I want to buy in Old Colorado City has a utility easement on the Read the rest of this entry »
Real Estate Dictionary — “D” is for Deed
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I’m looking at selling my home in the Old North End, and I want to know how long it will take me to sell my house? Your Realtor can do some research and tell you about the Average days on market in your neighborhood. This will give you a starting point for your expectations.
What is a deed? A deed is a document used to transfer ownership in a property. There are many types of deeds, but the most common in Colorado is a General Warranty Deed.
My neighbor is trying to sale their house in a short-sale, and he said he is concerned about a Deficiency Judgement, what is this? The bank or financial institution that holds the mortgage on the property may get a judgment against your neighbor for the loan deficiency, and they call this a Deficiency Judgment.
I’ve been reading about demographics, is this something Read the rest of this entry »
Real Estate Dictionary — “C” is for CMA
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Who has capacity to sign a contract? Most adults have capacity to sign a contract, even if they are illiterate. A minor, typically does not have capacity to sign a contract.
I heard
someone say that I needed to look at the CC & R’s in the subdivision. CC & R’s stand for covenants, conditions and restrictions; which are considered private restrictions on the use of the property. Many new subdivisions in Colorado Springs and Monument have CC & R’s.
What does caveat emptor mean? It is a Latin term that stands for Let the Buyer Beware; the buyer is buying a property “as-is” In Colorado, bank owned properties are often sold “as-is”
Why do I have to wait for the Certificate of Occupancy on my new house? Because Read the rest of this entry »
Real Estate Dictionary — “A” is for Absorption Rate
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What does Absorption Rate mean to me as a buyer? An Absorption Rate is an estimate of the rate at which a particular classification of space (house, condo, new housing, etc.) will be sold within the next year. A high absorption rate, means that it is a Buyer’s Market.
I’m moving from Colorado to Oklahoma; my Oklahoma Realtor said that I need to get an Abstract on the property I’m buying. An Abstra
ct is a document that is a full summary of all proceedings affecting a parcel of real estate together with a statement of the present status. In Colorado Springs, title searches are used in place of abstracts.
What does it mean when my agent says the contract has been accepted? Acceptance is an expression of intent of a person receiving an offer to be bound by the terms of an offer. In Colorado, acceptance must be in writing
What is an addendum to a contract? An addendum is Read the rest of this entry »
