Released on: October 8, 2008, 8:39 pm

Press Release Author: Madelene Semeria Century 21 Abigail Adams

Industry: Real Estate

Press Release Summary: Quincy Ma real estate agent, Madelene Semeria, aims to teach
real estate terminology and meanings of common real estate terms.

Press Release Body: QUINCY, MA - As Madelene Semeria, Quincy MA real estate agent
contributes, purchasing a home can be a complicated and confusing process,
especially for first-time buyers. Throughout the process, first-time home buyers
will encounter a variety of unfamiliar real state terms. There are several key terms
associates with purchasing real estate that are helpful to learn.
For example, many buyers confuse the terms broker and salesperson. A broker is a
properly licensed individual, or corporation, who serves as a special agent in the
purchase and sale of real estate, a salesperson is an individual employed or
associated by written agreement by the broker as an independent contractor. The
salesperson facilitates the purchase or sale of real estate.
Once you decide to purchase, a salesperson will prepare a sales contract to present
to the seller along with your earnest money deposit. The sales contract is the
document through which the seller agrees to give possession and title of property to
the buyer upon full payment of the purchase price and performance of agreed-upon
conditions. The earnest money is a buyer's partial payment, as a show of good faith,
to make the contract binding. Often, the earnest money is held in an escrow account.
Escrow is the process by which money is held by a disinterested party until the
terms of the escrow instructions are fulfilled.
After the buyer and seller have signed the contract, the buyer must obtain a
mortgage note by presenting the contract to a mortgage lender. The note is the
buyer's promise to pay the purchase price of the real estate in addition to a stated
interest rate over a specified period of time. A mortgage lender places a lien on
the property, or mortgage, and this secures the mortgage note.
The buyer pays interest money to the lender exchange for the use of money borrowed.
Interest is usually referred to as APR or annual percentage rate. Interest is paid
on the principle, the capital sum the buyer owes. Interest payments may be disguised
in the form of points. Points are an up-front cost which may be paid by either the
buyer or seller or both in conventional loans.
In general, there are two types of conventional loans that a buyer can obtain. A
fixed rate loan has the same rate of interest for the life of the loan, usually 14
to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a
discounted initial rate, which changes after a set period of time. The rate can't
exceed the interest rate cap or ceiling allowed on such loans for any one adjustment
period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and
interest payments to the lender through amortization, the systematic payment and
retirement of debt over a set period of time.
Once the contract has been signed and a mortgage note obtained, the buyer and seller
must legally close the real estate transaction. The closing is a meeting where the
buyer, seller and their attorneys review, sign and exchange the final documents. At
the closing, the buyer receives the appraisal report, an estimate of the property's
value with the appraiser's signature, certification and sporting documents. The
buyer also receives the title and the deed. The title shows evidence of the buyer's
ownership of the property while the deed legally transfers the title from the seller
to the buyer. The final document the buyer receives at closing is a title insurance
policy, insurance against the loss of the title if it's found to be imperfect.
Buyers should plan on a least four to twelve weeks for a typical real estate
transaction. The process is difficult and at times, intimidating. A general
understanding of real estate terminology and chronology of the transaction, however,
will help any real estate novice to confidently buy his or her first home.
ABOUT MADELENE SEMERIA

Madelene Semeria, (http://www.Ma-HomesForSale.com) a Quincy resident, is a member of
the National Association of Realtors and the South Shore Association of Realtors.
She has gained a great presence on www.Realtor.com by providing clients with
enhanced listings, which gain over twenty times as much traffic as regular listings.
Madelene Semeria strives to provide 100% professional quality service to all of her
current and future clients. Madelene Semeria always goes that extra step for her
clients. Madelene Semeria services Quincy, Weymouth, Braintree, Milton and
surrounding South Shore areas. Madelene is a well rounded real estate marketing
professional with a record of top performance in delivering successful marketing
initiatives. A result oriented team player with a wealth of experience in marketing,
internet marketing and public relations.
Madelene Semeria Real Estate Agent Quincy MA 617-894-1124 Ma_homesForSale@Yahoo.com



Web Site: http://www.Ma-HomesForSale.com

Contact Details: Madelene Semeria Real Estate Agent
Century 21 Abigail Adams Quincy MA
617-894-1124
Ma_homesForSale@Yahoo.com