A home warranty is a service contract, normally for one year and usually renewable, which helps protect home owners against the cost of unexpected covered repairs or replacement on their major systems and appliances that break down due to normal wear and tear. Coverage is for systems and appliances in good working order at the start of the contract.
What most people don't know is that you can purchase a home warranty just like you would purchase any insurance policy... you don't need to have purchased one or received one at the time your purchased your property (sometimes a seller will provide a warranty; some lenders provide a warranty if you are approved for a mortgage from their institution). Choosing the right warranty company involves research. This is an excellent place to start: http://www.homewarrantyreviews.com/
Check your home warranty policy to see which of the following items are covered. Also find out if the policy covers the full replacement cost of an item.
Plumbing
Electrical systems
Furnace
Water heater
Heating ducts
Water pump
Dishwasher
Garbage disposal
Stove/cooktop/ovens
Microwave
Refrigerator
Washer/dryer
Swimming pool (may be optional)
Source: American Home Shield, http://www.ahswarranty.com/, REALTOR® Benefits Partner
Thursday, July 17, 2008
Monday, July 7, 2008
Services You'll Need When You Buy or Sell
Real estate attorney - has expertise in all facets of legal issues relating to real estate transactions: buying, selling, financing, zoning, construction, management, leasing, etc. for properties of all types.
Appraiser - specialist in estimating the value of real property. Real Estate Appraisers prepare a written description of the property that usually includes a number of photographs, and make an estimate of its value. A variety of factors are affect the evaluation of a property including the neighborhood in which it is situated, any special features, income records and costs, and replacement costs. An accurate appraisal is essential for obtaining financing and in certain insurance situations.
Home inspector - will provide you with a thorough and unbiased analysis of the structure’s systems and components, including foundation, roof, electrical and plumbing systems, air conditioning system, etc.
Mortgage loan officer - advise clients about the variety of available loan products and guide them through the process of obtaining a loan.
Environmental specialist - protect and preserve the well-being of the environment and human health. The broad field of contemporary environmental problems faced by the state of Florida and the nation include drinking and surface water quality, solid and hazardous waste storage and disposal, indoor and outdoor air quality, systems ecology (interrelationship of organisms and their environments), and housing hygiene.
Lead paint inspector - required by the EPA (Environmental Protection Agency) to be professionally trained and certified; certified individuals must follow specific work practices ensuring that lead-based paint hazards are properly addressed.
Radon inspection - Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. Radon is the leading cause of lung cancer among non-smokers. Radon is the second leading cause of lung cancer in America and claims about 20,000 lives annually. You can buy an inexpensive do-it-yourself test kit at most home improvement stores, or hire a certified professional.
Tax adviser - an expert (CPA, attorney, certified estate planner, or certified financial consultant... or some combination of these professions) who understands federal, state and local tax laws and regulations including exceptions, and can advise you on how to use these statutes to protect your investment.
Sanitary systems expert - trained professional specifically in septic and sewer systems.
Survey company - a survey determines where property borders lie, whether any structure is within the property borders, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title.
Flood plain inspector - are able to inspect homes and businesses to ensure that they meet code requirements, including special requirements in high wind zones and designated "flood plain areas". These inspectors are also able to quickly and effectively assess the damage caused by hurricanes or flood to determine the safety and stability of homes and businesses.
Termite inspector - provides a visual inspection of the readily accessible areas of a home for evidence of wood-destroying insects (WDI) and wood-destroying organisms (WDO). The inspector will visually inspect the entire interior of a home (including accessing and entering any sub-space such as basement, crawlspace, and attic as well as exterior of the property.
Title company - provides title insurance services. Services vary throughout the country, depending on local practices and laws. In many states, title companies handle escrow as well as perform and insure title searches. A title search involves searching public records to ascertain if the seller has the legal right to sell the property.
Insurance consultant - provides insurance to lessen the property owner's liability in the event of property damage or personal injury to others.
Moving company - packing, packing supplies, shipping, unpacking.... whether you're moving in or moving out, a professional can get it done faster, safer, and with less breakage than most people moving themselves.
Checklist items used with permission from Kim Daugherty, Real Estate Checklists and Systems, http://www.realestatechecklists.com/. Definitions provided by Lake Placid Board of Realtors.
Appraiser - specialist in estimating the value of real property. Real Estate Appraisers prepare a written description of the property that usually includes a number of photographs, and make an estimate of its value. A variety of factors are affect the evaluation of a property including the neighborhood in which it is situated, any special features, income records and costs, and replacement costs. An accurate appraisal is essential for obtaining financing and in certain insurance situations.
Home inspector - will provide you with a thorough and unbiased analysis of the structure’s systems and components, including foundation, roof, electrical and plumbing systems, air conditioning system, etc.
Mortgage loan officer - advise clients about the variety of available loan products and guide them through the process of obtaining a loan.
Environmental specialist - protect and preserve the well-being of the environment and human health. The broad field of contemporary environmental problems faced by the state of Florida and the nation include drinking and surface water quality, solid and hazardous waste storage and disposal, indoor and outdoor air quality, systems ecology (interrelationship of organisms and their environments), and housing hygiene.
Lead paint inspector - required by the EPA (Environmental Protection Agency) to be professionally trained and certified; certified individuals must follow specific work practices ensuring that lead-based paint hazards are properly addressed.
Radon inspection - Radon is a cancer-causing natural radioactive gas that you can’t see, smell or taste. Radon is the leading cause of lung cancer among non-smokers. Radon is the second leading cause of lung cancer in America and claims about 20,000 lives annually. You can buy an inexpensive do-it-yourself test kit at most home improvement stores, or hire a certified professional.
Tax adviser - an expert (CPA, attorney, certified estate planner, or certified financial consultant... or some combination of these professions) who understands federal, state and local tax laws and regulations including exceptions, and can advise you on how to use these statutes to protect your investment.
Sanitary systems expert - trained professional specifically in septic and sewer systems.
Survey company - a survey determines where property borders lie, whether any structure is within the property borders, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title.
Flood plain inspector - are able to inspect homes and businesses to ensure that they meet code requirements, including special requirements in high wind zones and designated "flood plain areas". These inspectors are also able to quickly and effectively assess the damage caused by hurricanes or flood to determine the safety and stability of homes and businesses.
Termite inspector - provides a visual inspection of the readily accessible areas of a home for evidence of wood-destroying insects (WDI) and wood-destroying organisms (WDO). The inspector will visually inspect the entire interior of a home (including accessing and entering any sub-space such as basement, crawlspace, and attic as well as exterior of the property.
Title company - provides title insurance services. Services vary throughout the country, depending on local practices and laws. In many states, title companies handle escrow as well as perform and insure title searches. A title search involves searching public records to ascertain if the seller has the legal right to sell the property.
Insurance consultant - provides insurance to lessen the property owner's liability in the event of property damage or personal injury to others.
Moving company - packing, packing supplies, shipping, unpacking.... whether you're moving in or moving out, a professional can get it done faster, safer, and with less breakage than most people moving themselves.
Checklist items used with permission from Kim Daugherty, Real Estate Checklists and Systems, http://www.realestatechecklists.com/. Definitions provided by Lake Placid Board of Realtors.
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