Downtown San Diego Home Selling Tips and Terms

July 7th, 2015

Effective home selling in Downtown San Diego requires real estate know how. Here are some key terms that you should know:

A 1031 Exchange is a tax aspect of the Internal Revenue Code to allow a real estate investor who meets all the requirements to sell their property and defer paying taxes on the gain. By completing an exchange, the owner can dispose of their investment property, use all of the equity to acquire replacement investment property, defer the capital gain tax that would ordinarily be paid, and leverage all of their equity into the replacement property.

A Breach Of Contract occurs when a party is in violation of a direct obligation or failure to perform provisions in the contract agreement. In the world of real estate, a contract breach occurs most often in two ways: 1. A failure to perform in the property listing agreement between the broker and the seller. 2. A violation of terms in the sales contract between the buyer and the seller.

Contingencies in real estate contracts are the specific clauses in the contract that must be fulfilled by both the buyer and the seller, or provide a way to void the contract. For example, a current home sales contingency is often used when a buyer is making an offer on a home before selling the existing home. The buyer may need to sell the present home before being able to qualify and afford the purchase. Therefore, the offer is contingent upon the sale of the existing home. Key standard contingencies include home inspections, financing, and appraisal.

The Alienation Clause Due on Sale Clause is the specific verbiage in a mortgage or deed which asserts the lender’s option to force that the balance of the secured debt becomes immediately due and payable if the property is sold by the borrower, thus preventing the homeowner/borrower from assigning the debt without the lenders approval. Derived from the term “alienate”, which means to transfer or convey the title to a property from one party to another.

Exclusive Right to Sell is a common type of real estate listing agreement. A specific broker is given the exclusive right and authorization to market the sellers property. A key to this agreement is that if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. Therefore, this type of listing agreement offers the best opportunity for brokers to earn a commission. This is also known as an exclusive agency listing.

The Neuman & Neuman Team has guided 1,000s of people through the process of buying a Downtown San Diego Condo. If you have any questions or if you are interested in a Downtown San Diego Condo feel free to contact one of our team members and we would be happy to answer any questions you have.

[email protected]

1.800.221.2210

The Latest Headlines

Top 100 Downtown San Diego Real Estate Agents of 2012

Real Marketing Inc. is congratulating the 2012’s Top 100 Downtown San Diego Real Estate agents! In the zip code of 92101, 895 sales were made, which is a 5.6% reduction from 2011.......

read more

Diamond Terrace San Diego Market Updates

Diamond Terrace – Market Updates Located directly in front of the entrance to PETCO Park, Diamond Terrace is in the heart of Downtown San Diego. It was completed in 2005 and features......

read more

Columbia Place San Diego Market Updates

Columbia Place – Market Updates Columbia Place, located at 655 Columbia Street and 620 State Street is a 4-story, 103-unit development built in 1989 by the Great American Development Company. The smallest......

read more

Top 5 Resale Agents in 92101

The 2012 results for the Top 5 Resale Agents of Downtown San Diego, zip code 92101, had Gregg and Debbie Neuman of Neuman & Neuman leading. The Real Estate team was number......

read more

Hawthorn Place San Diego Market Updates

Hawthorn Place – Market Updates Hawthorn Place is located on the corner of Hawthorn and India Streets in Little Italy. Hawthorn Place stands at the heart of an ideal lifestyle that combines......

read more

Staging your Downtown San Diego Condo for a Quick Sale

If you’ve been thinking of selling your condo, you should make sure that you take full advantage of home staging trends. There are several advantages to home staging trends, which we will......

read more

Downtown San Diego November 2013 Events

San Diego Brewers Guild Festival Nov. 1-2 The San Diego Brewers Guild Festival is the OFFICIAL kickoff event for San Diego Beer Week (Nov. 1-10)! Come out to the beautiful Port Pavilion......

read more

Sapphire San Diego Market Updates

Sapphire – Market Updates Completed in 2008, Sapphire Tower is divided into three different low density designs – the Cosmopolitan Series, the Sapphire Series, and the Penthouse Series. This condominium tower is......

read more

235 on Market San Diego Market Updates

235 on Market – Market Updates If a quiet, more intimate setting appeals to your San Diego downtown senses, condo ownership at 235 on Market may be the perfect Real Estate opportunity.......

read more

Little Italy San Diego Market Updates

Little Italy – Market Updates With views of the San Diego Bay, old-world restaurants, charming shops and parks, downtown San Diego’s Little Italy has a small town feel in an opportune urban......

read more

Get Listings and Articles Delivered Straight to your inbox