Charlotte Property Hunters - Find Your Dream Home in South Charlotte and Union County, North Carolina

Before the 1970′s, household paint often contained lead. Although it is no longer sold, it can still post a serious danger. As lead paint ages, it can chip or crumble into dust. If you live in or own an older home, you need to know how to protect your family. Lead-based paint is a major source of lead poisoning for children and can also affect adults. In children, lead poisoning can cause irreversible brain damage and can impair mental functioning. It can retard mental and physical development and reduce attention span.  In adults, it can cause irritability, poor muscle coordination, and nerve damage to the sense organs and nerves controlling the body. Lead poisoning may also cause problems with reproduction and may increase blood pressure. Young children, fetuses, infants, and adults with high blood pressure are the most vulnerable to the effects of lead

If your home was built before 1978, there is a very good chance that there is lead paint.  If you are buying a home or even leasing a home, federal law requires a lead-based paint disclosure be supplied.  It is possible that the current owner has no idea or if the home is for sale by bank they have no prior knowledge of the contents of the home.  Because of the wide spread usage of lead paints before 1978, it is a good possibility that you will find evidence of lead paint.  Home kits are available and while they will tell you if there is lead they are not a good predictor of hazard.  A paint inspection can be requested with or without a risk assessment.  The EPA recommends hiring a trained and certified testing professional who will us a XRF machine, lab tests of paint, dust and soil samples.

While paint isn’t the only source of possible lead contamination; it is the most common.  If you think your family may have been exposed, it is important to get tested. Children who may have been exposed to lead-based paint should have a blood test to see if they have elevated blood levels.

When shopping for a new home, especially if it is your first time, it can be intimidating when reviewing your different loan options and types. You will see and hear many different terms when dealing with lenders, agents and brokers. Below are some of the common terminology used so you can become familiar when going thru home buying process.

Annual Percentage Rate (APR): The APR for your home loan is an annual cost that includes the interest rate quoted by your mortgage company plus additional home loan costs such as origination fees and points.  Required by law, this amount is to be disclosed to the homeowner by the lender under the federal Truth in Lending Act. This amount includes up-front costs paid to obtain the loan but does not include the PMI,  title insurance, appraisal, and credit report.

Closing Costs: These are the expenses aside from the price of the property that are incurred by buyers and sellers when transferring ownership of a property.  These costs include origination fees, property taxes, charges for title insurance, escrow costs, appraisal fees etc.  Many times these costs are shared by the buyer and the seller.

Escrow: During the home loan process, a neutral third party known as Escrow holds documents and money (including earnest money deposits) for safekeeping until the real estate transaction is complete.

Points: The amount paid either to maintain or lower the interest rate charged. Each point is equal to one percent (1%) of the loan amount. This means that, to lower your interest rate by one point on a $300,000 mortgage, you’ll need to pay an additional $3,000 at closing.

Private Mortgage Insurance (PMI):  If you are purchasing a home and you do not have a the traditional 20 percent down payment,  lenders will require you to carry private mortgage insurance. Private mortgage insurance will usually require an initial premium payment and may require an additional monthly fee depending on your loan’s structure.

Title Insurance: This type of insurance protects both the buyer and the seller against legal issues that may arise with a  home’s title. If a problem occurs, the title company pays the associated legal fees to correct the situation.   

There are  many different terms out there that will come up when you buy a home and apply for a loan. If you are ever confused or have any questions about a particular term or contract be sure to ask your realtor or real estate attorney for clarification before signing any legal documents.

You might have heard a few stories on the news or possibly have known someone who found Radon gas in their home. Most people are unclear as to exactly what Radon is and unfortunately are unaware of just how dangerous it is. Radon is a colorless, odorless, radioactive gas that can pose a serious health risk if it becomes trapped under your house. Radon typically enters the home via underground crawl spaces, sump pumps, gaps in the basement and even the water supply. It can pollute your indoor air with its toxic vapors, and is held responsible for more than 20,000 lung-disease-related deaths every year. Radon is assumed to be present in millions of American homes and most homeowners have no idea.

In order to know if you have this dangerous gas in your home you will need to have your property tested by a professional. Many contractors are licensed or certified by state and/or local agencies. They will conduct diagnostic testing to determine if radon gas is at acceptable levels. If levels are dangerous, the contractor can install a radon reduction system. Ask the contractor for references documenting the results of past work in other homes. Make sure the company checks the house after the system is installed, to verify that it is reducing the radon levels.

Radon is a very serious and deadly gas. The U.S. Environmental Protection Agency (US EPA) and the Surgeon General’s Office have estimated that as many as 20,000 lung cancer deaths are caused each year by radon. Radon is the second leading cause of lung cancer. Radon-induced lung cancer costs the United States over $2 billion dollars per year in both direct and indirect health care costs.

If your home has high concentrations of radon there are ways to reduce it to acceptable levels. Most radon problems can be fixed by a do-it-yourselfer for less than $500. If you want or require the assistance of a professional you may wish to look at the list of certified radon mitigators for your state.