The summer is finally here! Even though summer is the season for relaxing vacations and fun in the sun, a responsible homeowner also knows that July presents an opportunity to give their home some routine TLC. Here are some areas of your property you should inspect and maintain now, in preparation for the harsher months down the road.

- Summer heat can cause your home’s paint to crack and peel. Check your exterior walls and see if you need to do some detail work, or even a full repaint job.

- Inspect your roof for missing shingles and replace if necessary. You may be able to check for leaks by looking for stains on the ceiling of attic spaces.

- Brick or masonry siding may show cracks or signs of missing mortar—use concrete caulk or new mortar to repair these.

- Fill cracks in concrete and asphalt driveways with patching material.

- Trim any plants that are scraping against your home siding.

- Make sure your security systems, such as motion detectors and automatic light timers, are working properly. These are especially important if you have vacation plans.

- Termites tend to swarm during spring and summer; check your foundation walls for any signs of damage and hire an exterminator if needed.

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Energy bills can often spike during the hot months of summer—everybody is just doing what they can to stay comfortable. By investing a little extra time and effort before the heat really kicks in, though, you can make your home much more energy efficient, which saves you money in the long run.

• Test your air conditioner to make sure it is adequately cooling the house. If your unit requires repair or replacement, take care of it as soon as possible! These are busy months for air conditioning specialists, and you wouldn’t want to be kept waiting.
• Replace your air conditioner filters monthly.
• Look for places where the seals can be tightened—test the air ducts for leaks, add insulation to the attic, and apply caulk or weather stripping to the windows.
• Installing a programmable thermostat can save you nearly $100 each year in energy costs.
• Consider installing ceiling fans in each room, or a whole-house fan in the attic, to reduce your need for the air conditioner at all.

Your home should be a place where you feel most comfortable regardless of the weather. By spending time and effort on some of these smaller tasks, you’ll also be ahead of the game financially!

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New homebuyers often have a lot to learn about the many moving parts of a property transaction—it’s usually not just a matter of handing over the money and receiving a deed. Besides the loan officer, attorneys, and various processing specialists, the buyer and seller may also need to engage the services of an escrow—a neutral third party who makes sure that the transfer of funds and property are handled in a timely and fair manner.

In real estate, escrow is used for two purposes, both before and after closing. After a real estate purchase agreement is signed by the buyer and seller, an escrow officer will be charged with collecting the buyer’s deposit as well as any documentation and contracts related to the purchase. This escrow officer may be from a licensed escrow or title company, and may be chosen by either the buyer or seller, per prior agreement (this agreement will also include deciding who pays the escrow fees, which may be about 1-2% of the home’s purchase price). The deposit, and any additional monies deposited by the buyer into the escrow account, will be used towards the price of purchase or to pay any contractors doing work related to the property. The escrow officer may also manage a number of “checkpoints” that either the buyer or seller must meet in order for the transaction to continue, such as a property inspection or the resolution of any easements or liens. If the deal falls through, the buyer will receive a refund of all money deposited into the escrow account. When the transaction officially closes, the escrow officer will release the money to the seller, and the title to the buyer.

After closing, a mortgage lender will often require that the borrower deposit into a new escrow account that collects payments for mortgage insurance and property taxes. The monthly escrow payment is calculated by dividing the expected annual cost of tax disbursements and insurance premiums by 12; this payment may be re-determined each year depending on changes in tax policy or insurance adjustments.

Escrow is used in certain housing markets more frequently than others, and individual states have different guidelines for how escrow is to be handled. The costs of using an escrow account may or may not be outweighed by its advantages and security features—the parties involved in the transaction will tend to decide that amongst themselves.

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