KJW BUYER RESOURCES:
- (FREE) KJW account – create one in 30 seconds, save a lot of time.
- (FREE) email updates
- (FREE) local MLS access – if you prefer traditional MLS updates or MLS Client website, we can create that for you as well. Just email your criteria and we’ll have MLS send you daily emails with updates (3 times a day)
- (FREE) iPhone app to search and view properties on the go. HOW convenient
USEFUL LINKS
- Mortgage Calculator
- 2010 Loan Limits
- Los Angeles Neigborhoods Information
- Los Angeles County Property Tax
Greater LA Cities’ Web sites:
- City of Los Angeles
- City of Culver City
- City of Santa Monica
- City of Beverly Hills
- City of West Hollywood
- City of Manhattan Beach
- City of Hermosa Beach
- City of Redondo Beach
- City of El Segundo
- City of Malibu
- City of Pasadena
Cool and Informative LA Watch Web sites:
- Los Angeles Metropolitan historic restaurants and historic bars from the 30s, 40s, 50s and 60s with a description of their history – LA Time Machines
- Los Angeles Real Estate Watch and New Developments Blog by Community – Curbed LA
- Celebrity Real Estate – Berg
- Streets of LA blog
- Home Tours, Architecture, Cool Furniture, Green Housing at apartment Therapy LA
Investor Resources:
- Property Investment Calculator
- Rental Income and Expenses Tax
- California Building Standards Commission
- LA County Zoning Ordinance
- Building Permits
Local publications:
- The Argonaut
- Santa Monica Daily Press
- Surf Santa Monica
- The Santa Monica Sun – covering entire Westside
- Venice Beachhead
- The Beach Reporter – covering Beach Cities
REAL ESTATE GLOSSARY:
a
Appraisal
a document that gives an estimate of a property’s fair market value; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.
Assessor
a government official who is responsible for determining the value of a property for the purpose of taxation.
b
Building code
Based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.
c
Certificate of title
A document provided by a qualified source (such as a title company) that shows the property legally belongs to the current owner; before the title is transferred at closing, it should be clear and free of all liens or other claims.
Closing Costs
Customary costs above and beyond the sale price of the property that must be paid to cover the transfer of ownership at closing; these costs generally vary by geographic location and are typically detailed to the borrower after submission of a loan application.
Condominium
A form of ownership in which individuals purchase and own a unit of housing in a multi-unit complex; the owner also shares financial responsibility for common areas.
Cooperative (Co-op)
residents purchase stock in a cooperative corporation that owns a structure; each stockholder is then entitled to live in a specific unit of the structure and is responsible for paying a portion of the loan.
d
Deed
The document that transfers ownership of a property.
e
Equity
An owner’s financial interest in a property; calculated by subtracting the amount still owed on the mortgage loan(s)from the fair market value of the property.
Escrow account
A trust account created by a third party to hold money. A mortgage escrow account is an account set-up to pay taxes and insurance. Monthly mortgage payments may include 1/12 of annual property taxes and insurance. When the bills comes due, lenders use the money in the escrow account to pay them.
f
Federal Housing Administration (FHA)
Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.
Foreclosure
A legal process in which mortgaged property is sold to pay the loan of the defaulting borrower.
h
Home inspection
An examination of the structure and mechanical systems to determine a home’s safety; makes the potential homebuyer aware of any repairs that may be needed.
HVAC
Heating, Ventilation and Air Conditioning; a home’s heating and cooling system.
l
Lien
A legal claim against property that must be satisfied when the property is sold.
p
Pre-approve
lender commits to lend to a potential borrower; commitment remains as long as the borrower still meets the qualification requirements at the time of purchase.
Pre-foreclosure sale
Allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.
Pre-qualify
A lender informally determines the maximum amount an individual is eligible to borrow.
r
Realtor
A real estate agent or broker who is a member of the NATIONAL ASSOCIATION OF REALTORS®, and its local and state associations.
Refinancing
Paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (such as a lower interest rate).
t
Title insurance
Insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers.
