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http://www.thecharlottepost.com 5C CJjarlotte REAL ESTATE THURSDAY, FEBRUARY 5, 2004 Roland H.'WVKINS Know your real estate terms There are five real estate terms that everyone should know and understand when buying or sell ing real estate. The first term is the real estate contract. An offer to purchase and contract is not a binding con tract until all the terms and con ditions of the offer are agreed upon between the buyer and sell er. A legally binding contract must always be in writing. A ver bal contract is not enforceable according to North Carolina real estate law. A fully executed contract must be signed by aU parties involved. All changes and/or scratched out markings must be initialed and should be dated, only then do you have a fully executed and bind ing contract. It is prudent to always docu ment everything in writing. This will eliminate any discrepancies and disagreements about what was and/or is agreed upon. Earnest money is a monetary deposit given with the contract to show the seller(s) that he or she is sincere about purchasing the seller(s) property. In the event that the buyer breaches the con tract, this earnest money could be forfeited. On the other hand, if the buyer’s genuinely make a concerted effort to obtain their financing objective and the seller does not meet his or her contrac tual obligations, these monies shall be returned to the buyerfs). Closing costs are those fee and expenses a person incurs in the transferring of ownership of real estate property (i.e. attorney fee, property appraisal, title search and insurance etc). These fees are paid over and above the sales price of the property. Your lender will generally pro vide you with a Good Faith Esti mate of all the fees and expenses that you may incur base on the executed sales contract. Remem ber, a Good faith Estimate is only that, an estimate since your lender cannot precisely predict the fees of other service providers (i.e. attorney, appraisers, lenders, inspectors etc). Your final closing costs however, should be within the range of your lender’s origi nal (jood Faith Estimate. Appraisals are a written analy sis of a property, prepared by a qualified appraiser. An appraiser should not be confused with a home inspector. A home appraiser is a licensed individual who is qualified by education, training and experi ence to estimate the value of real estate property. Usually this per son is an independent appraiser , that is hired by your lender. A title is a legal document evi dencing a person’s right to own ership of property. A company specializing in this business will check title records to ensure that the seller is the legal owner of the property and that there is no hens or other claims outstanding prior to transferring the title to its new owners. A title insurer will also provide the new owners with insurance that protects the buyer against loss arising from any disputes over ownership of the property. Understanding real estate ter minology is essential in the home purchasing process. Because of its importance some government home loan programs now require first-time homebuyers ,to com plete a home bu5dng course prior to providing them a mortgage. ROLAND K. HAWKINS is a real estate agent with Coldwell Banker United Realtors. He can he reached at (704) 840-5762 or www.roland- hawkins.com ■■ M ' A m V" * St ! Ill* II isY: - » PHOTO/ARA CONTENT Tradition revisited in formal home design ARTICLE RESOURCE ASSOCIATION Though “traditional” in home design has been interpreted as stilted and formal in the past, today’s “traditional” women are redefining the style. No longer fraught with exces sive moldings and fussy finishes, the new face of tradition borrows the best of old and new. Classic elements are being combined with simpler furnishings, tailored fabrics and modem conveniences to provide comfort and efficiency. Mixing an antique bench from Bali with a modern Italian leather sofa and an Afncan tribal hunting mask is wonderful, not “weird.” When renovating a kitchen, a simple cabinetry door in a natur al stain or fresh, clear color beats a highly detailed door, dressed to the nines in bulky cornices and triple-stacked moldings. Even traditional-minded home enthu siast publications are recognizing this movement, updating their mission statements and editorial content to reflect the desire for classic styles mixed with a bit of modernity. Meredith Publishing’s “Country Home” magazine features “A More Modem Country.” And “Tra ditional Home” magazine offers up “Classic Taste. Modem Life.” Manufacturers are developing products and services that echo this new take on tradition as well. The “New Traditional” kitchen from Plain & Fancy Custom Cab inetry is one example. “Five years ago we saw tradi tional being interpreted as “over- the top,’ in cabinet finishes, door styles, architectural details and accents,” says Vince Achey, vice president of sales and marketing for Plain & Fancy. “Customers used extravagant moldings everywhere, and deco rated with heavily textured and patterned upholstery and window treatments. Taday, homeowners are looking for spaces that reflect simpler, cleaner style, with a scale and overall look that’s easier to live with.” For New Traditional, the com pany pairs one of its latest finish es, Cashmere glaze, with its old est, best-selling door style, \^n- Please see TRADITI0N/6C PHOTO/ARA CONTENT Soaking your way to health and happiness ARTICLE RESOURCE ASSOCIATION Stress has become an accepted fact of modem life — overbooked schedules, the push and pull between work and home obligations, and even current world events all contribute to the symptoms we know so well: tight Itiuscles, exhaustion, short tempers and other physical and psychological ailments. While you may not be able to avoid stress, there are ways to cope with it. Exercise, relaxation tech niques and massages are all tried and tme methods for treating the symptoms of stress. Hydrotherapy, or water massage, is also a popular relaxation option. Now, a new generation of water massage technology allows bathers to enjoy a personalized bath experience tailored to their unique needs. Acryline USA, based in Cliffwood, N.J., makes baths that use air instead of jets to circulate water, making for a gentle whole body massage that provides a con stant pressure. “Jetted water systems, such as whirlpools, provide pin-point massage to portions of the body by apply ing a strong water jet column to those areas of the body close to the water column,” says Acryline spokesperson Scott Tennant. “Because injected, or channeled air immediately diffuses into bubbles once it enters a bath, it provides a systemic method for massaging the entire body with thousands of tiny bubbles,” he continues. The company offers three different bathing sys- Please seeS0AKING/6C Oriental rugs are luxurious, affordable ARTICLE RESOURCE ASSOCIATION An Oriental mg instantly trans forms any space, whether it’s a living room, a home office or a foyer. Luxu rious and colorful, these mgs have a timeless quality that enhances any decorating scheme. But if you think something so elegant is out of reach, think again. “A tme Oriental or Persian mg is now affordable,” says Nizzi Renaud of Rugman.cpm, the leading online source for authentic Oriental mgs. With an ever-increasing selection, both in price and design, there is something to fit every need and bud get. A mg is one of the easiest ways to update a room. Unlike painting the walls or reupholstering the furniture, there is no work involved. A mg does n’t need to be installed, and it can even be placed over existing carpet ing. It offers a quick change that makes a big impact. With so much to choose from, selecting an Oriental mg can be intimidating. “The most important factor to con sider is whether or not you like it,” says Renaud, who adds that there are many resources to assist buyers. One is the free Buyers Guide available on the mgman.com site, which includes information on how to tell whether a mg is handmade, historical mg styles and step-by-step guidance on how to select a mg. The following are some tips from the experts at Rugman.com on how to decorate with an Oriental mg: • Color: To blend an Oriental mg into an existing decor, select a mg that has a color that echoes another color in the room, such as that of the walls or sofa. Tying the colors togeth er will allow even a traditional mg style to work well with a contempo rary room. Rug weavers have started to use more modem colors in their designs to suit changing global tastes, so it’s getting easier to find an Orien tal mg in the right colors. • Design: The more opulently deco rated a room, the more a curvilinear design will enhance the effect. Rugs with geometric details are a good choice for more mstic or modem inte riors, and they will also “de-fuss” a traditional interior. An allover repeat ing motif will look the same from all angles, which allows for flexible placement in a room. If a mg has a center medallion, this is the design’s focus. Don’t choose this kind of mg for a dining room or living room area where the medallion will be hidden; choose an allover design for these areas. • Size: There is a range of sizes available, and you can choose whether or not you want your furni ture on or off the mg. Placing furni ture back from the mg puts the mg center stage. A more luxurious, tradi tional look is for all furniture to be placed on the mg. For luxury as well as comfort, mgs for dining areas should be about four feet wider than the table, so that there is room to slide the chairs back without moving them off the mg. For more helpful hints, visit www.mgman.com. \fisi- tors can browse the inventory, which ranges from 10,000 to 14,000 antique, semi-antique and new Oriental mgs. The site also includes a “RugWizard” which sorts the inventory to find the right mg. Evolved from a 50-year-old, third-generation family mg import business, Rugman.com offers authen tic Oriental mgs at or below whole sale cost by working directly with weavers and merchants in the tradi tional mg making centers. Shipping is free in the U.S. and Canada, and there is a 30-day return policy.
The Charlotte Post (Charlotte, N.C.)
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Feb. 5, 2004, edition 1
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