Seller and Buyer Real Estate GUIDE · Seller and Buyer. Real Estate GUIDE. Heritage Realty. of Central New York. 7 James Street - Homer, NY 13077. 607-428-0708

Seller and BuyerReal Estate

GUIDE

Heritage Realtyof Central New York

7 James Street - Homer, NY 13077607-428-0708

www.hometoheritage.com

Our mission is to break the barrier of conventional real estate firms and involve the community with a new approach, while providing superior real estate services. Every Heritage associate believes in the importance of giving back to the community in order to ensure a bright future for generations of today and tomorrow. We will earn our client’s trust through providing professional, loyal, honest and ethical practices.

Principal Broker and Founder of Heritage Realty, Dana Decker, discovered his love for the real estate profession and decided it was a beneficial way to make a positive impact within his local community.

While growing up in Central New York, Dana realized the value of this area’s rich Heritage. In order to enhance this Heritage, the company has developed a way to generate funds to act as a catalyst to inspire growth in our local communities.

When clients look to Heritage Realty to lead the through a real estate transaction, they are opening the door to superior service and care that will not be beat. Heritage Realty associates will take the extra step in ensuring that the client will have a smooth, stress-free, and successful transaction.

When looking for the solution to your real estate needs, be sure to call Heritage Realty and experience how together, we can make a difference.

Upon completion of every sale Heritage Realty will make a donation to a local cause or charity of your choice.

Heritage Realty Mission

Dana DeckerPrincipal and Founder

Table of Contents

SELLER’S GUIDE:

Page 1: Listing ProcessPage 2: Website and MLS ExposurePage 3: Showing Process / Is Your Home ReadyPage 4: First Impressions for Home ShowingsPage 5: How To Get An Offer / Property Under Contract...What to ExpectPage 6: Moving Checklist for Sellers Page 7: What To Have On Hand For New Owners

BUYER’S GUIDE

Page 8: Getting Ready For Home OwnershipPage 9: Purchase Offer Has Been AcceptedPage 10: Common Closing CostsPage 11: Final Walk-ThroughPage 12 Closing Documents You Should Keep – Seller’s and Buyer’s

Additional Information

Page 13-16: Glossary of Real Estate Terms Your Property Wish List (insert)Resource List (insert)

Listing ProcessSELLER’S GUIDE

1

Selling or buying a home requires multiple forms; the listing packet includes:

• New York State Agency Disclosure• Exclusive Right to Sell Contract• New York State Alliance Data Input • Sellers Property Disclosure Statement (filled out by the seller, not the agent)

• Property Information• Disclosure Regarding Lead Based Paint (homes built prior to 1978)• Lead Based Paint Pamphlet• Flood Insurance Disclosure (if property is located in Flood Plain)• Electric, Utility, Agricultural District, Uncapped Natural Gas Well Disclosures• Protection Device Disclosure (Smoke Alarms, Carbon Monoxide Detector and

Oil, Gas, Mineral and Timer Rights)• Status Change Form (in there are any changes made to the original contract,

price, expiration date, etc.)• Copy of Deed• Copy of Survey

The agent may suggest that you install a lock box to allow for convenience of showing your home. The lock box will allow access to the home for showings. The Showing Activity Report provides information on all of the showings of your home and will be available to you.

Website and MLS Exposure

2

www.hometoheritage.com www.cortlandmls.com

www.realtor.com

www.zillow.com

www.cnyrealtor.com

Once the agent has received all signed documents and photos of your home the information is uploaded to the MLS database where it is distributed to the following websites:

Your listing is now available to all agents in our MLS and will automatically send your listing to potential

buyers through the auto-responder email system.

SELLER’S GUIDE

Cortland CountyBoard of Realtors®

Showing Process

Is Your Property Ready

3

Your home is actively on the market and agents from other firms will call your listing agent to set up showing appointments. Please allow your home to be shown at a “reasonable hour” between 9:00 A.M. and 8:00 P.M.

Do not allow anyone to enter your home without an appointment or without a Real Estate Agent. Please leave the home during showings. This allows potential buyers to look in closets and cabinets, etc. and express their opinions openly.

We will give feedback on your showings either by text message, phone call or email.

HERE ARE SOME SUGGESTIONS:

• Organize and clean. Pare down clutter and pack up your least-used items, such as large blenders and other kitchen tools, out-of-season clothes, toys, and exercise equipment. Store items off-site or in boxes neatly arranged in the garage or basement. Clean the windows, carpets, walls, lighting fixtures, and baseboards to make the house shine.

• Get replacement estimates. Do you have big-ticket items that are worn out or will need to be replaced soon, such your roof or carpeting? Get estimates on how much it would cost to replace them, even if you don’t plan to do it yourself. The figures will help buyers determine if they can afford the home, and will be handy when negotiations begin.

• Find your warranties. Gather up the warranties, guarantees, and user manuals for the furnace, washer and dryer, dishwasher, and any other items that will remain with the house.

• Spruce up the curb appeal. Pretend you’re a buyer and stand outside of your home. As you approach the front door, what is your impression of the property? Do the lawn and bushes look neatly manicured? Is the address clearly visible? Are pretty flowers or plants framing the entrance? Is the walkway free from cracks and impediments?

SELLER’S GUIDE

SELLER’S GUIDE

First Impressions are Everything

HERE ARE SOME SUGGESTIONS:• Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of

your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.

• Wash your windows and screens. This will help get more light into the interior of the home.• Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers

that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.

• Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house..

• Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.

• Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.

• Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.

• Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.

• Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.

• Buy a flowering plant and put it near a window you pass by frequently.• Make centerpieces for your tables. Use brightly colored fruit or flowers. • Set the scene. Set the table with fancy dishes and candles, and create

other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.

• Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.• Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.• Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your

bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.

• Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.

• Lock up or remove valuables, jewelry, money, prescription drugs and guns. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.

4

SELLER’S GUIDE

Obtaining An Offer

Property Under Contract..What to Expect

5

• Price it right. Set a realistic price consistent with your property’s Comparative Market Analysis (CMA)

• Be flexible about showings. It’s often disruptive to have a house ready to show at the spur of the moment. But the more amenable you can be about letting people see your home, the sooner you’ll find a buyer.

• Anticipate the offers. Decide in advance what price and terms you’ll find acceptable.

• Don’t refuse to drop the price. If your home has been on the market for more than 30 days without an offer, you should be prepared to at least consider lowering your asking price.

1. Do you have an Attorney? (3 day Attorney Approval Clause)

2. Home Inspection3. Radon Test4. Financing – Buyer will make formal

loan application5. Appraisal6. Mortgage Commitment7. Septic and Well Certifications

NOW THAT WE HAVE COMMITMENT1. Attorney orders updated abstract and survey2. Well and Septic Test and Certifications3. Final Walk through

SELLER’S GUIDE

SELLER’S GUIDE

Moving Checklist for Sellers

6

SELLER’S GUIDE

• Cancel the newspaper, or change the address so it will arrive at your new home.• Check insurance coverage for the items you’re moving. Usually movers only cover what

they pack. • Clean out appliances and prepare them for moving, if applicable.• Note the weight of the goods you’ll have moved, since long-distance moves are usually

billed according to weight. Watch for movers that use excessive padding to add weight. • Check with your condo or co-op about any restrictions on using the elevator or particular

exits for moving. • Have a “first open” box with the things you’ll need most, such as toilet paper, soap, trash

bags, scissors, hammer, screwdriver, pencils and paper, cups and plates, water, snacks, and toothpaste.

If you’re moving out of town, be sure to:

• Get copies of medical and dental records and prescriptions for your family and your pets.• Get copies of children’s school records for transfer.• Ask friends for introductions to anyone they know in your new neighborhood.• Consider special car needs for pets when traveling. • Empty your safety deposit box. • Put plants in boxes with holes for air circulation if you’re moving in

• Provide the post office with your forwarding address two to four weeks ahead of the move.

• Notify your credit card companies, magazine subscriptions, and bank of your change of address.

• Create a list of friends, relatives, and business colleagues who need to be notified about your move.

• Arrange to transfer utilities at your current house and make arrangements to have them connected at your new home.

What to Have on Hand for New Owners

7

• Owner’s manuals and warranties for appliances left in the house.

• Garage door opener.

• Extra sets of house keys.

• A list of local service providers — contractors, yard service, plumber, garbage, etc.

• Code to the security alarm and phone number of the monitoring service if not discontinued.

• As a courtesy, you could provide numbers to the local utility companies.

• If it’s a condo, leave information on how to contact the homeowners association.

SELLER’S GUIDE

8

Getting Ready for Home OwnershipBUYER’S GUIDE

• Make sure you include home owner’s assessments, utilities, and taxes when calculating the monthly mortgage payment

• Make an Offer• Ensure the property is inspected by a licensed home inspector• Read all contracts before signing—make sure you understand all of the terms, ask questions• Place a competitive bid and be prepared to make a counter-offer• Keep your credit score stable and in-check by waiting to purchase any big-ticket items until long after

the closing• Only one offer will result in a sale, so be prepared to move on if your offer is not accepted• Protect your new asset by obtaining insurance such as homeowner’s, flood, disaster, and fire• Maintain files—digital or print—for all warranties, insurance documents, contracts, etc.• Keep original closing documents in a safe place, preferably outside the home (such as a safety deposit

box)• Set up utilities bills in your name, maintain files• Implement desired aesthetic changes such as painting, minor construction, and re-flooring• If you’re happy with the work of your real estate professional, be sure to recommend her/him to friends

and family

DOCUMENTS• Agency Disclosure Buyers Acknowledgement• Purchase Contract Signed all parties • Escrow Check (to be deposited in Brokers Escrow Account)• Seller Property Condition Disclosure if applicable • Lead Base Paint (prior to 1978)• Electric, Utility, Agricultural District, Uncapped Gas Well, Disclosures• Smoke Alarms, Caron Monoxide Disclosure• Oil, Gas, Timber Rights Disclosure• Flood Insurance if applicable

• Build a good credit history• Get mortgage pre-approval• Find out what type of mortgages you qualify for• Save up for a down payment (typically 10-20% of

property’s value; if FHA-qualified, then possibly less) • Consider closing costs which can include taxes,

attorney’s fees, and transfer fees • Consider utilities and monthly bills, and taxes• Find the Right Property• Determine what is important to you, such as

particular schools, neighborhood amenities, monthly mortgage payment, public transportation, etc.

Purchase Offer Has Been Accepted

9

BUYER’S GUIDE

OFFER HAS BEEN ACCEPTED….HERE IS WHAT TO EXPECT

1. Do you have an attorney?2. Home Inspection3. Radon Test4. Financing – make formal loan application5. Apprasial6. Mortgage Commitment7. Septic and Well

NOW THAT WE HAVE COMMITMENT 1. Attorney orders updated abstract and survey2. Well and Septic Test and Certification3. Final Walk Through

Common Closing Costs

10

BUYER’S GUIDE

You’ll likely be responsible for a variety of fees and expenses that you and the seller will have to pay at the time of closing. Your lender must provide a loan estimate of all settlement costs. The title company or other entity conducting the closing will tell you the required amount for:

• Down payment • Loan origination • Points, or loan discount fees, which you

pay to receive a lower interest rate• Home inspection • Appraisal • Credit report • Private mortgage insurance premium• Insurance escrow for homeowner’s insurance, if being paid as part of the

mortgage• Property tax escrow, if being paid as part of the mortgage. Lenders keep

funds for taxes and insurance in escrow accounts as they are paid with the mortgage, then pay the insurance or taxes for you.

• Deed recording • Title insurance policy premiums• Proration for your share of costs, such as utility bills and property taxes

A Note About Proration: Because such costs are usually paid on either a monthly or yearly basis, you might have to pay a bill for services used by the sellers before they moved. Proration is a way for the sellers to pay you back or for you to pay them for bills they may have paid in advance. For example, the gas company usually sends a bill each month for the gas used during the previous month. But assume you buy the home on the 6th of the month. You would owe the gas company for only the days from the 6th to the end for the month. The seller would owe for the first five days. The bill would be prorated for the number of days in the month, and then each person would be responsible for the days of his or her ownership.

Final Walk-Through

11

BUYER’S GUIDE

What Not to Overlook on a Final Walk-through

It’s guaranteed to be hectic right before closing, but you should always make time for a final walk-through. Your goal is to make sure that your home is in the same condition you expected it would be. Ideally, the sellers already have moved out. This is your last chance to check that appliances are in working condition and that agreed-upon repairs have been made. Here’s a detailed list of what not to overlook on your final walk-through.

Make sure that:• Repairs you’ve requested have been made. Obtain copies of paid bills and

warranties.• There are no major changes to the property since you last viewed it.• All items that were included in the sale price — draperies, lighting fixtures,

etc. — are still there.• Screens and storm windows are in place or stored.• All appliances are operating, such as the dishwasher, washer and dryer, oven,

etc. • Intercom, doorbell, smoke alarm and carbon monoxide detectors are

operational.• Hot water heater is working.• No plants or shrubs have been removed from the yard.• Heating and air conditioning system is working• Garage door opener and other remotes are available.• Instruction books and warranties on appliances and fixtures are available.• All personal items of the sellers and all debris have been removed. Check the

basement, attic, and every room, closets, and crawlspace.

Closing Documents You Should Keep

12

SELLER & BUYER GUIDE

On closing day, expect to sign a lot of documents and walk away with a big stack of papers. Here’s a list of the most important documents you should file away for future reference. Please bring checkbook, drivers license and all keys to the property.

• Closing Disclosure: Itemizes all the costs — commissions, loan fees, points, and hazard insurance —associated with the closing. You’ll need it for income tax purposes if you paid points. It summarizes the terms of your mortgage loan, including the annual percentage rate and recision period.

• Mortgage and Note: Spell out the legal terms of your mortgage obligation and the agreed-upon repayment terms.

• Deed: Transfers ownership to you.

• Affidavits: Binding statements by either party. For example, the sellers will often sign an affidavit stating that they haven’t incurred any liens.

• Riders: Amendments to the sales contract that affect your rights. Example: The sellers won’t move out until two weeks after closing but will pay rent to the buyers during that period.

• Insurance Policies: Provide a record and proof of your coverage.

Glossary of Real Estate Terms

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AAbstract of Title - A summary of al1 of the recorded

instruments and proceedings which affect the title to property, arranged in the order in which they were recorded.

Accrued Interest - Accrue; to grow; to be added to. Accrued interest is interest that has been earned but not due and payable.

Acre - A measure of land equaling 43,560 square feet.Administrator - A person appointed by court to

administer the estate of a deceased person who left no will; i.e., who died intestate.

Ad Valorem - According to valuation.Affidavit - A statement or declaration reduced to

writing, and sworn to or affirmed before some officer who is authorized to administer an oath or affirmation.

Agency - That relationship between principal and agent which arises out of a contract either expressed or implied, written or oral, wherein an agent is employed by a person to do certain acts on the person’s behalf in dealing with a third party.

Agent - One who undertakes to transact some business or to manage some affair for another by authority of the latter.

Agreement of Sale - A written agreement between seller and purchaser in which the purchaser agrees to buy certain real estate and the seller agrees to sell upon terms and conditions set forth therein.

Amortization - A gradual paying off of a debt by periodic installments.

Appraisal - An estimate of a property’s value by an appraiser who is usually presumed to be expert in his work.

Appraisal by Income Capitalization Approach - An estimate of value by capitalization of productivity and income.

Appraisal by Sale Comparison Approach - Comparability with the sale prices of other similar properties.

Appraisal by Cost Approach - Adding together all parts of a property separately appraised to form a whole: e.g., value of the land considered as vacant added to the cost of reproduction of the building, less depreciation.

Assessed Valuation - A valuation placed upon property by a public officer or a board, as a basis for taxation.

Assessment - A charge against real estate made by a unit of government to cover a proportionate cost of an improvement such as a street or sewer.

Assessor - An official who has the responsibility of determining assessed values.

BBalloon Mortgage Payment - A large payment during

the term of a mortgage, often at the end.Beneficiary - The person who receives or is to receive

the benefits resulting from certain acts.Bequeath - To give or hand down by will; to leave by will.Bequest - That which is given by the terms of a will.Bill of Sale - A written instrument given to pass title of

personal property from vendor to vendee.Binder - An agreement to cover the down payment for

the purchase of real estate as evidence of good faith on the part of the purchaser.

Building Code - Regulations established by state or local governments stating fully the structural requirements for building.

Building Permit - Written governmental permission for the construction, renovation or substantial repair of a building.

CCapital Gain - Income that results from the sale of an

asset not in the usual course of business. (Capital gains may be taxed at a lower rate than ordinary income.)

Capital Improvement - Any structure erected as a permanent improvement to real estate, usually extending the useful life and value of a property. (The replacement of a roof would be considered a capital improvement.)

Caveat Emptor - Let the buyer beware. The buyer must examine the goods or property and buy at the buyer’s own risk.

Certificate of Occupancy (CO) - A document issued by a governmental authority that a building is ready and fit for occupancy.

Closing Date - The date upon which the property is conveyed by the seller to the buyer.

Cloud on the Title - An outstanding claim or incumbrance which, if valid, would affect or impair the owner’s title.


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Commitment - A pledge or a promise or affirmation agreement.

Conditional Sales Contract - A contract for the sale of property stating that delivery is to be made to the buyer, title to remain vested in the seller until the conditions of the contract have been fulfilled.

Consideration - Anything given to induce another to enter into a contract such as money or personal services.

Contingency - A provision in a contract that requires the occurrence of a specific event before the contract can be completed.

Contract - An agreement between competent parties to do or not to do certain things which is legally enforceable, whereby each party acquires a right.

DDeed - An instrument in writing duly executed and

delivered, that conveys title to real property.Deed Restriction - An imposed restriction in a deed for

the purpose of limiting the use of the land such as:1. A restriction against the sale of liquor thereon.2. A restriction as to the size, type, value or placement of

improvements that may be erected thereon.Default - Failure to fulfill a duty or promise, or to

discharge an obligation; omission or failure to perform any acts.Depreciation - Loss of value in real property brought

about by age, physical deterioration, or functional or economic obsolescence.

Dual Agency - Representing both principals (seller and buyer) to a transaction.

EEarnest Money - Down payment made by a purchaser of

real estate as evidence of good faith.Easement - A right that may be exercised by the public

or individuals on, over or through the lands of others.Eminent Domain - A right of the government to acquire

property for necessary public use by condemnation; the owner must be fairly compensated.

Encroachment - A building, part of a building, or obstruction which intrudes upon or invades a highway or sidewalk or trespasses upon the property of another.

Encumbrance - Any right to or interest in the land interfering with its use or transfer, or subjecting it to an obligation. (Also Incumbrance)

Equity - The interest or value which the owner has in real estate over and above the liens against it.

Escrow - A written agreement between two or more parties providing that certain instruments or property be placed with a third party to be delivered to a designated person upon the fulfillment or performance of some act or condition. (See Rule 175.1)

Estate - The degree, quantity, nature and extent of interest which a person has in real property.

Eviction - A legal proceeding by a lessor landlord to recover possession of real property.

Exclusive Agency - An agreement of employment of a broker to the exclusion of all other brokers; if sale is made by any other broker during term of employment, broker holding exclusive agency is entitled to commissions in addition to the commissions payable to the broker who effected the transaction. (See Rule 175.24)

Exclusive Right to Sell - An agreement of employment by a broker under which the exclusive right to sell for a specified period is granted to the broker; if a sale during the term of the agreement is made by the owner or by any other broker, the broker holding such exclusive right to sell is nevertheless entitled to compensation. (See Rule 175.24)

Executor - A male person or a corporate entity or any other type of organization named or designed in a will to carry out its provisions as to the disposition of the estate of a deceased person.

Executrix - A woman appointed to perform the same duties as an executor.

F

Fee; Fee Simple; Fee Absolute - Absolute ownership of real property; a person has this type of estate where the person is entitled to the entire property with unconditional power of disposition during the person’s life and descending to the person’s heirs or distributees.

Fiduciary - A person who on behalf of or for the benefit of another transacts business or handles money or property not the person’s own; such relationship implies great confidence and trust.

Fixtures - Personal property so attached to the land or improvements as to become part of the real property.


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I

Instrument - A written legal document; created to effect the rights of the parties.

Interest Rate - The percentage of a sum of money charged for its use.

J

Joint Tenancy - Ownership of realty by two or more persons, each of whom has an undivided interest with the “right of survivorship.”

Judgment - A formal decision issued by a court concerning the respective rights and claims of the parties to an act or suit.

L

Lease - A contract whereby, for a consideration, usually termed rent, one who is entitled to the possession of real property transfers such rights to another for life, for a term of years, or at will.

Lien - A legal right or claim upon a specific property which attaches to the property until a debt is satisfied.

Life Tenant - The holder of a life estate.

Littoral Rights - The right of a property owner whose land borders on a body of water, such as a lake, ocean or sea, to reasonable use and enjoyment of the shore and water the property borders on.

M

Market Value - The most probable price that a property should bring if exposed for sale in the open market for a reasonable period of time, with both the buyer and seller aware of current market conditions, neither being under duress.

Marketable Title - A title which a court of equity considers to be so free from defect that it will enforce its acceptance by a purchaser.

Mechanic’s Lien - A lien given by law upon a building or other improvement upon land, and upon the land itself, to secure the price of labor done upon, and materials furnished for, the improvement.

Meeting of the Minds - Whenever all parties to a contract agree to the substance and terms thereof.

Mortgage - An instrument in writing, duly executed and delivered, that creates a lien upon real estate as security for the payment of a specified debt, which is usually in the form of a bond.

Mortgage Commitment - A formal indication by a lending institution that it will grant a mortgage loan on property in a certain specified amount and on certain specified terms.

Multiple Listing - An arrangement among Real Estate Board of Exchange Members, whereby each broker presents the broker’s listings to the attention of the other members so that if a sale results, the commission is divided between the broker bringing the listing and the broker making the sale. (See Rule 175.24)

NNotary Public - A public officer who is authorized to

take acknowledgments to certain classes of documents, such as deeds, contracts, mortgages, and before whom affidavits may be sworn.

PPoints - Discount charges imposed by lenders to raise

the yields on their loans.Power of Attorney - A written instrument duly signed

and executed by a person which authorizes an agent to act on his/her behalf to the extent indicated in the instrument.

Proration - Allocation of closing costs and credits to buyers and sellers.

RReal Property - Land, and generally whatever is erected

upon or affixed thereto.Realtor - A coined word which may only be used by an

active member of a local real estate board, affiliated with the National Association of Real Estate Boards.

Recording - The act of writing or entering in a book of public record instrument affecting the title to real property.

Referee’s Deed - Used to convey real property sold pursuant to a judicial order, in an action for the foreclosure of a mortgage or for partition.

Release - The act or writing by which some claim or interest is surrendered to another.


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Restriction - A limitation placed upon the use of property contained in the deed or other written instrument in the chain of title.

Right of Survivorship - Right of the surviving joint owner to succeed to the interests of the deceased joint owner, distinguishing feature of a joint tenancy or tenancy by the entirety.

Right-of-Way - The right to pass over another’s land pursuant to an easement or license.

Riparian Rights - The right of a property owner whose land borders a natural water course, such as a river, to reasonable use and enjoyment of the water that flows past the property. Riparian literally means “riverbank.”

S

Sales Contract - A contract by which the buyer and seller agree to terms of sale.

Second Mortgage - A mortgage made by a home buyer in addition to an existing first mortgage.

Setback - The distance from the curb or other established line, within which no buildings may be erected.

Statute - A law established by an act of the Legislature.

Statute of Limitations - A statute barring all right of action after a certain period of time from the time when a cause of action first arises.

Subdivision - A tract of land divided into lots or plots.

Subletting - A leasing by a tenant to another, who holds under the tenant.

Survey - The process by which a parcel of land is measured and its area ascertained; also the blueprint showing the measurements, boundaries and area.

T

Tenancy in Common - An ownership of realty by two or more persons, each of whom has an undivided interest, without the “right of survivorship.”

Tenancy by the Entirety - An estate which exists only between husband and wife with equal right of possession and enjoyment during their joint lives and with the “right of survivorship.”

Tenancy at Will - A license to use or occupy lands and tenements at the will of the owner.

Tenant - One who is given possession of real estate for a fixed period or at will.

Title - Evidence that owner of land is in lawful possession thereof; evidence of ownership.

Title Insurance - A policy of insurance which indemnifies the holder for any loss sustained by reason of defects in the title.

Title Search - An examination of the public records to determine the ownership and incumbrances affecting real property.

Transfer Tax - A tax charged under certain conditions on the property belonging to an estate.

WWarranty Deed - A conveyance of land in which the

grantor warrants the title to the grantee.Water Rights - The right of a property owner to use

water on, under or adjacent to the land for such purposes as irrigation, power or private consumption.

Will - The disposition of one’s property to take effect after death.

Wraparound Loan - A new loan encompassing any existing loans.

ZZone - An area set off by the proper authorities for

specific use; subject to certain restrictions or restraints.Zoning Ordinance - Act of city or county or other

authorities specifying type and use to which property may be put in specific areas.

Heritage Realty of Central New York, LLC welcomes the opportunity to offer our knowledgeable real estate services whether you are selling or buying

a home.

As a member of the Cortland County Board of REALTORS® (CCBR) we are authorized to use the term REALTOR® (a registered trademark that identifies a real estate professional who is a member of the NATIONAL ASSOCIATION of REALTORS® and subscribes to its strict Code of Ethics) and New York State Association of REALTORS®. Through our membership in CCBR we subscribe to the New York State Alliance Multiple Listing Service which includes a market area in surrounding counties: Cayuga, Cortland, Jefferson-Lewis, Madison, Onondaga and Oswego.

We will help you navigate through the selling and buying process to get you the best deal and avoid delays or costly mistakes. Provide you with information on local community utilities, zoning laws, schools, mortgage financing, home inspectors and more. We will help negotiate price, financing, terms, date of possession and inclusion or exclusion of repairs, furnishings or equipment. In addition the purchase offer contract should provide a period of time for you to complete appropriate inspections of the property before you are bound to complete the purchase.

Your home will be marketed through advertising in local newspaper, websites and other forms of media. Generally we will prescreen and accompany qualified buyers through your property.

We will prepare a Comparative Market Analysis (CMA) showing recent home closings or active homes in your area to set the right price for your home to sell.

Heritage Realty of Central New York

7 James StreetHomer, NY 13077

607-428-0708www.hometoheritage.com