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The recent settlement between the National Association of Realtors (NAR) and the Department of Justice (DOJ) has significant implications for Marylanders involved in the real estate market. Both buyers and sellers, as well as individuals interested in real estate news, should pay attention to the changes that will be implemented as a result of this settlement.

For buyers in Maryland, this settlement brings about more transparency in the home-buying process. One of the key changes is the requirement for listing agents to provide more information to potential buyers, including past sales prices and commission structures. This will empower buyers to make more informed decisions and negotiate better deals. Additionally, the settlement allows for greater competition among real estate agents, which may lead to more options for buyers and potentially lower costs.

On the other hand, sellers in Maryland may experience some adjustments with this settlement. It aims to address issues related to the practice of buyer broker commissions, which could impact seller costs. However, it is important to note that these changes are intended to improve competition and benefit consumers in the long run. Sellers should consult with their real estate agents to understand how these changes might affect their home-selling experience.

For those interested in real estate news, this settlement signifies a significant shift in the industry. It highlights the importance of fair competition and consumer rights, ultimately leading to a more transparent real estate market. Staying informed about these changes can help individuals make more informed decisions when buying or selling a property in Maryland.

In addition to the NAR settlement, it is crucial for Marylanders to stay up to date with other real estate news and market trends. Factors such as mortgage rates, inventory levels, and local market conditions can greatly impact the buying and selling process. Keeping a close eye on these developments can help individuals make better decisions and seize opportunities that arise.

As the real estate landscape continues to evolve, it is essential for Marylanders to be aware of the changes brought about by the NAR settlement. Whether you are a buyer, seller, or simply interested in real estate news, understanding the implications of this settlement can help you navigate the market with confidence. Stay informed, consult with professionals, and make the most of the opportunities that arise in the Maryland real estate market.l. We’d love to talk with you!

Aug. 16, 2021

What's an Easement in Real Estate?

A term that every prospective or current homeowner should know is "easement." This term seems to be little understood by those, not in the real estste industry but it's very important to know what an easement is if you're in the market to buy a home, the consequences of a land easement can be felt for the entirety of your time living in your home even up the time you're ready to sell.

easement contract

So What Is an Easement?

The legal term "easement" refers to the legal right to use another person's real estate for a defined purpose and for a set period of time. A legal right to pass through another person's land is granted by an easement, as long as the use is compliant with the easement restrictions. The proprietor retains title to the property, even though an easement offers a possessory interest in the land for a specific purpose.

In simple terms, an easement offers the use of owned land to others who have no ownership of the land to use for a specific purpose outlined in the easement contract. The reason that easements are so important to understand is that they often survive the transfer of ownership meaning that if the previous owners of your homemade an agreement for a neighbor to use your lands road to reach a point outside of your property then more than likely that agreement is still in effect even though you now own that land. 

What are the different types of easements?

Each state has different laws regarding property rights but in general, there's a few different types of easements that are common in the United States. 

Easement By Necessity;

A typical sort of easement appurtenant is an easement by necessity. By necessity, an easement is created by law, which means that it is not created by a specific pledge or agreement between neighbors, but rather by the law implying its existence in order to accomplish just results.

The most common example of this is a remote lot that needs to use a road that runs through another to allow access to a property.

Easement by Prescription; 

An easement can be obtained by using the servient land in a specific way for a lengthy period of time. A prescriptive easement is one type of easement. By openly, adversely, continuously, and exclusively using the land for the number of years specified by state statute, the user obtains an easement.

An example of this is if you were to use a lake located on a neighbors land for many years you can then request an easement by prescription to continue using the lake if for instance a new owner took over the land and tried to say that you could no longer use the lake.

Negative Easement;

A promise to not do something on a piece of land.

An example of this is a promise to not build a structure over 3 stories tall on your land as to not block the view of others. 

Utility Easement; 

Utility easements are one of the most popular types of easements for private land, allowing public utility companies to access the property for the purposes of installing, repairing, and maintaining utility lines. Overhead electric, telephone, and television lines, as well as underground electric, water, sewer, telephone, and cable lines, are examples of these.

An example of this allowing BGE to cut branches from a tree on your property in order to ensure the branches cant fall and damage a power line. 

Some other types of easements that you may see less commonly include 


How To Discover Easements

Easements on a property will be recorded on the property deed if you already own your home then the deed can be found usually in the closing documents for your home. If your looking at buying a home your K2 homegroup real estate agent can request the deed to a prospective home for you so that you can be sure of what you're buying. If you are unable to find the deed to your home then you can go through your county's public records at the assessor's office or county clerk in order to receive a replacement deed. 

So Now That You Know...

If you have any questions about easements or anything else relating to your home search, our expert team of realtors at K2 home group would love to speak with you. If you found the article helpful you'll surely enjoy our other informative posts on the home buying process.




July 30, 2021

Maryland Home Inspection (What To Expect)

Every Real Estate professional will tell you that the importance of a home inspection prior to submitting a purchase offer cannot be overstated. You may be wondering why that is, well we'll discuss why the home inspection, though not required in Maryland is so important, what to expect, and how you can best avoid any major surprises when it comes to the condition of your future home. 


A Maryland home inspection is a vital part of the home-buying process. It's your first chance to look around the house and assess for yourself what you're getting into in terms of its condition. It's your chance to inspect the property for any problems so you can work out a deal with the seller regarding who pays to rectify them.


A Maryland home inspection will provide you a list of faults to negotiate with the seller to repair or the possibility of a catastrophic event that could be on the horizon for the property that will allow you to back out of the agreement. The inspection report provides a detailed report to the homebuyer, similar to a new manual, with maintenance advice and schedules to follow.


It is expected that your real estate agent be present at the home inspection, in some cases, the seller's agent will also be present at the property inspection. 


Upon completion of the home inspection, you can expect the inspector to go through the home's systems with you and give you some maintenance advice. The inspector will write the final reports, which will include photographs, but being present on the day of the inspection will be quite beneficial since he will be able to physically explain the problem to you.


Common areas pricey issues are found


During the inspection be sure that the inspector included the areas listed below in his report confirming that they were indeed inspected if any of these areas are not included it's important to ask why as these areas are the places where the most expensive issues will be hiding. These home locations are as follows; Foundation, Plumbing, Roof, Land the house sits on, Basement, Exterior, and Attic.


Other areas that are important to inspect (Links to sites that explain exactly what to look for) 


Something that can be very helpful is to create a property inspection checklist based on all the common areas of issue mentioned in this article to ensure the inspector has inspected all these areas. 


Ensuring House is up to Code 


You should also have the home inspectors examine to see if the house is up to code, especially if it is pretty old. Maryland's older residences were built according to the current building code of the time. A property may have been subjected to several changes and renovations over the years, posing a significant risk that it is no longer up to code. Fixing up a home so that it gets up to code is likely going to be an expensive endeavor so it's essential to ensure that is the home not up to code to uncover this before purchase so that negotiations can be made with the seller. 


A Scary Thought


It's a scary thought that the home you buy and invest so much into may not be as advertised when you move in and problems start happening as time goes by. Failure to get a home inspection with a reliable professional can quickly turn your dream home into a nightmare. Luckily you now have the knowledge of what to look for during a home inspection and with K2 Home Group our agents have the experience needed to ensure a thorough inspection and the network of licensed home inspectors we can recommend to every buyer's individual situation. Contact us now to get the conversation going, our agents are eager to answer any of your questions.

April 7, 2021

Twenty Real Estate Terms that Maryland Home Sellers Need to Know

Selling a home can be a trying time. First, you must prepare your home for the market which includes a long list of to-do items like cleaning and fixing minor or major issues. Then, you have to list your home which is a whole new world of real estate terms and big numbers.

That’s why you need to know real estate terminology before you list your home for sale. It could help you make the right decisions as you prepare for this extreme life event.

Whether you’re thinking about selling your home or you’ve already listed it, we’re here to help. Keep reading for a comprehensive list of all the important real estate terms that Maryland home sellers should know.

Real Estate Terms Sellers Need to Know

Real estate jargon is a complicated language with a lot of terms and definitions. Not knowing what something means when your real estate agent or buyer or even banker is speaking to you can cost you time and money in the long run. It can also cause you to be taken advantage of if you’re not careful.

Take a look at these terms and make yourself familiar with them so that you can have educated discussions with all involved throughout the process of selling your Maryland real estate.

1. Listing Agent

If you’ve already listed your home, you may be familiar with this term. The listing agent represents the seller to home buyers and buyer’s agents.

2. Real Estate Agent

Sometimes also known as a realtor. Realtors must be members of the National Association of Realtors. Real estate agents and realtors can represent buyers and sellers as long as they hold current licensing.

3. Real Estate Broker

Real estate brokers generally work over other agents. They have passed a state broker’s exam and met a minimum number of qualifications to earn this title and responsibility.

4. Buyer’s Agent

You may have had a buyer’s agent when you bought your home. This agent represents the buyer during the sale process and transaction.

5. Loan Officer

A loan officer assists buyers with the purchase of a home. They generally work for mortgage brokers or banking institutions.

6. Commission

Real estate agents and loan officers earn a living off their commision. This is the premium charged, typically a percentage of the sale of a home, for services provided.

7. For Sale By Owner (FSBO)

If you are interested in selling your home without representation, you may list it yourself. You will be solely responsible for advertising the home. This is an easy way to avoid paying commission.

8. Owner Financing

May also be known as seller financing. This definition is just like it sounds – the buyer finances the home directly through the seller thereby bypassing conventional mortgage lenders and financial institutions.

9. Multiple Listing Service (MLS)

One of the most important real estate terms to know when trying to sell a house is MLS. The multiple listing service is a nationwide listing site where agents and sellers can list details of their property for sale so that buyers can find them.

10. Staging

Many sellers find it beneficial to stage their homes according to trends in decor and design in order to appeal to buyers’ interests. You can hire a home stager or do it yourself.

11. Pre-Qualification

In realtor terms, a pre-qualification simply means that a buyer has the credentials to purchase a home.

12. Pre-Approval

A pre-approval indicates that the buyer has the financing to purchase the home.

13. Appraisal

When selling your home, you must have it appraised in order to evaluate the market value. The appraiser will determine this value by comparing your home to other homes in the neighborhood.

14. Equity

Once your home is appraised, you will know how much equity is in the home. This is the amount of worth minus the difference in what you owe on the home. In other words, it is the profit you will receive for selling the home if you receive the full asking price.

15. Inspection

Each home for sale must have several inspections before a mortgage company will approve the purchase. This may include structural inspections, pest inspections, and others upon request of the buyer. Maryland does not require a home to be inspected before the sale, often buyers will desire a home inspection before an offer will be written.

16. Contingency

Contingencies are certain stipulations in a real estate contract that must be met before the final sale of the home. These are generally provided by both buyer and seller.

17. Counteroffer

Once a buyer offers you an amount on your home, you should always come back with a counteroffer. This should be a lower amount than what the buyer proposed but within your comfort range.

18. Purchase Agreement

There’s always a lot of paperwork when it comes to selling a house. Including a purchase agreement. This agreement demonstrates the buyer’s intent to purchase your home.

19. Title

A home title is similar to a car title – it represents your rights to the property. Each time a home is sold, the title is transferred from seller to buyer which gives the buyer legal rights to the property.

20. Closing

The closing is the last stage of a sale transaction. You will meet with the buyer and any agents that have been involved as well as a title closer to sign all necessary documents which legally transfer the property from you to the buyer.

Final Thoughts

Knowing all of the proper real estate terms will benefit you throughout the process of selling your home. Keep this real estate glossary with you as you navigate buyers and agents so that you have something to reference when they start throwing around mortgage language. Not only will you feel more confident, but you’ll also come off as more knowledgeable to those you’re dealing with.

While being well versed in these terms that are sure to come up in any transaction is very important, what is also essential is being represented by an experienced real estate agent with expertise in your market and that will advocate on your behalf to negotiate the best price and terms for the sale of your home. Our agents at K2 Home Group are just that and we would love to hear from you! Just head over to the contact us tab on our site menu to get the conversation started.


Posted in Sellers blog posts
July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

Get Local Market Reports Sent Directly to You

You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates