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The requirements for a vacation home mortgage vary, depending on the type of loan you have and the condo you buy. For example, you cannot use VA loans or FHA mortgages for vacation homes.
According to Redfin data from November 2024, the housing prices in Arizona went up 2.7% on an annual basis, reaching the median price of $448,900. The Arizona real estate market had 6,834 homes ...
What Renting vs. Buying Involves. Renting in Arizona can be more affordable in the short term, as it involves lower upfront costs compared to the costs of buying. Renters typically pay a security ...
This is an upfront charge paid to the lender to get a lower mortgage rate – the same as “buying the rate down” 803 - Appraisal Fee; This is the cost of the independent appraisal. It is usually paid by the buyer. 804 - Credit Report; This is the cost of the credit report. The lender does not have to pass this cost along to the buyer.
It cannot be the case that a lawyer can become a seller's selling agent if that is all the service that is being requested by the client. Lawyers would still need to be licensed as a broker if they wish to perform licensed activities. Nevertheless, lawyers do get a break in the minimum education requirements (for example, 90 hours in Illinois). [3]
The Act was patterned after the Securities Act of 1933 and required land developers to register subdivisions of (currently 100 or more) non-exempt lots or condominium units. Originally, the filings were to be with the United States Department of Housing and Urban Development .
When buying a condo, you’re purchasing only the interior space of your dwelling unit. The land and other facilities are owned in common with the other owners of the complex.
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
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