Olde Orchard Real Estate
(518) 399-2100
"With Olde Orchard, you have friends in the business"
4 William Street
Ballston Lake, NY 12019
ph: (518) 399-2100
fax: (518) 399-2188
info
Frequently Asked Questions
- How does the new 'First Time Homebuyer Tax Credit' work?
We have found a very informative chart of features and benefits for the Housing Recovery Act of 2008. Provided by the New York State Association of Realtors, it provides a wealth of information Click here to view this chart Everyone's scenario is different - be sure to check with your tax advisor to be sure that you maximize your benefit.
- What is a "fiduciary relationship"?
At it's core, a fiduciary relationship is built on trust and confidence and designed to protect the interests of the client. The laws governing real estate brokers and agents mandate a fiduciary relationship between the agent and client and requires that the agent fulfill certain duties. Among those duties are: confidentiality, loyality, obedience, accounting and disclosure. If you have further questions about how Olde Orchard Real Estate will work to protect your interests, please CLICK HERE.
- What is a Bilateral Contract?
- A contract in which each party promises to perform an act in exchange for the other party’s promise to perform.
The usual real estate sales contract is an example of a bilateral contract in which the buyer and seller exchange reciprocal promises respectively to buy and sell the property. If one party refuses to honor his or her promise and the other party is ready to perform, the nonperforming party is said to be in default. Neither party is liable to the other until there is first a performance, or tender of performance, by the nondefaulting party. Thus, when the buyer refuses to pay the purchase price, the seller usually must tender the deed into escrow to show that he or she is ready to perform. In some cases, however, tender is not necessary.
Depending on its wording, a listing form may be considered to be a bilateral contract, with the broker agreeing to use his or her best efforts to locate a ready, willing, and able purchaser for the property, and the seller promising to pay the broker a commission if the broker produces such a buyer or if the property is sold. Once signed by the broker and seller, such a listing contract becomes binding on both.
Still have questions? Please contact us anytime! In addition to ongoing training and education for our entire staff, we have aligned ourselves with the areas top attorneys, bankers, mortgage brokers, accountants, home inspectors, well and septic professionals and financial planners. We are always happy to help or provide you with the contact information of someone who can. We look forward to hearing from you.
4 William Street
Ballston Lake, NY 12019
ph: (518) 399-2100
fax: (518) 399-2188
info
