THE ULTIMATE WAY TO DOWNSIZE YOUR

HOME WITH DISTINCTION THE RIGHT WAY

A HOMEOWNERS
GUIDE

A consumer’s guide to enlarging your lifestyle through

strategically, selectively, and sensibly downsizing and
moving to a smaller home

BY TOI HOLLIDAY
 A Homeowner’s Ultimate
Guide to Downsizing Your
Home with Distinction
the Right Way

“Let me introduce myself and

explain why I’ve created this FREE
report to give you the information
you need to Downsize with
Distinction!

CONTACT: Toi Holliday, Realtor | DRE# 02018834 | [email protected] | www.toiholliday.com | Phone: (310) 684-3811
Toi Holliday Team. Each office is independently owned and operated.
This communication is not intended to cause or induce breach of any existing brokerage or agent agreement.
 Dear Home Seller,

Most Real Estate professionals would undoubtedly agree our Industry devotes more
attention towards encouraging and guiding first time buyers and those ‘moving up’
to larger homes than it does in effectively addressing the needs of those seeking to
‘right-size’ or ‘downsize’ their home-related lifestyle.

The lack of appropriate focus on this pronounced trend is puzzling. According to

research from the Demand Institute, there are three times as many Real Estate
consumers seeking to downsize than moving up.

It is due to this Industry-wide oversight that I am pleased to make on-going

assistance available to those in our community contemplating such an important
move, ensuring such a move is ‘by design’ and results in a distinctive lifestyle.

If you would be interested in finding out if now is the right time for you to take the
step to downsize and would like to explore the opportunities available to you, please
contact me via email at [email protected] or by phone at 310-684-3811 today
to arrange your private consultation.

Warmly,

Toi Holliday, Realtor®

Listing Specialist
Cell: 310-922-7037
Phone: 310-684-3811
Email: [email protected]
Website: www.toiholliday.com
DRE# 02018834

Call Direct, Scan QR Code to

Book Online Appointment
Or Visit: Bit.ly/Talk310

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How to Downsize with
Distinction the Right Way
Without Becoming Homeless or Having Two Mortgages
In decades past, downsizing one’s residence
was often viewed as a negative event. This,
however, is no longer the case. Many
homeowners are choosing to opt out of a large
home in a traditional neighborhood and instead
embrace the chance to have a new adventure by
purchasing a smaller property offering the
opportunity to escape the maintenance of their
current home and enlarge their lifestyle.
Downsizing to a sexy high-rise apartment in an
eclectic urban chic location is hardly what
downsizing was in your parents’ or grandparents’
day.

Many downsizers not only sell their home and

purchase a smaller home in their current
location to be near family but also purchase a
vacation home or second home in a new and
exciting destination! This enlarges not only
their own lifestyle but also that of their family.

As you make plans to downsize with distinction

there may be emotional decisions to make and
lifestyle preferences to consider. And we can’t
neglect to examine the financial ramifications of
your decision. For downsizers, the financial side
of the move is often the most important to sort
through prior to moving on to the needs and
wants in their next home.

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As you begin this process you will need to answer the following
questions:

● Are you looking to lower your monthly obligations and maintenance?

● What will the capital gain tax ramifications be?

● What will it cost to purchase your next home?

● How much will movers, staging and repairs cost in your current home?

● What timeline is needed to make it all happen?

● How can you accomplish all of this with minimal stress?

● And the biggest question of all: “Do I buy first or sell first?”

The answer to this question will depend on whether you can afford to purchase your next home without
selling, by either paying cash or by carrying two mortgages until your current home sells and closes.

Many downsizers would find owning two residences extremely stressful. That is why most prefer to sell
first before buying or closing on their next home. Some, who have large sums of cash on hand, may
choose to pay cash and move their possessions into the new home before listing their current residence.

To make a decision that is right for you, it might be best to discuss the options available to you with a
professional real estate agent, talk to a lender if financing will be needed, and consult with your CPA or
tax attorney.

Once you have the answers you need to make the financial choices that are right for you, you can then
create a transition plan, which is comfortable and practical.

Because this is a big move it can be emotionally taxing and to make it less stressful you may want to
begin the decluttering and staging of your present home well in advance.

If you feel repairs or upgrades are needed, the advice of a professional real estate agent will once again
be helpful. A professional real estate agent knows exactly what should be done to a property to help
maximize its value. They will also help you avoid spending money unnecessarily. Most real estate agents
can provide you with referrals to stagers and other services you may need as you give your home a tune
up.

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 Tips to Consider:
● Contact the professionals you need to assist you in this process well in advance
of your move.

● Do your research on your next destination. If leaving the area, your local agent of
choice can connect you through their referral network with a high- quality agent to
assist you on your next purchase.

● Consider an extended visit or at least commit to spending some quality time in your
future neighborhood or town to determine where exactly in that area you feel most
comfortable.

● You may want to do a preliminary declutter by offering your family the items you are
not interested in moving, so you can pare down your possessions prior to a garage
sale or estate sale.

● If you are moving to a condo or retirement community, make sure you carefully
review all association fees, documents, and any other details about the complex
or building.

● An out of the box tip: close off rooms in your current home and practice living in
the reduced space to determine if a smaller property will really work for you.

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When is the ‘Right Time’ to
Downsize?
Here are some questions which might help you decide. Please take a few minutes to answer the
following downsizing-related questions from Not Important to Very Important.

Not Somewhat Very

Important Important Important
To lower my maintenance
To lower my maintenance cost
To cash in my/our equity
To create greater family intimacy
To increase walking ability within community
To increase transportation efficiency
To improve my/our ecological footprint
To reduce cleaning time and effort
To respond to health reasons (live on one level, etc.)
To live closer to children
To live closer to grandchildren
To respond to a divorce
To prepare for retirement
To travel more
To live more responsibly
To reduce taxes
To de-clutter
To experience change
To join an active community
To join a community with recreational services
Other:

While there’s no such thing as a ‘final score’ when deciding whether this is the time to downsize, given the
importance of such a decision, these questions are meant for introspection or as discussion points for a
couple or family.

Moreover, by taking this quiz, it can help you (and me) to better understand what is most important to
you when renting or buying your next home.

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How Difficult Will It Be to
Sell My Home?
If you are like most downsizers, this will be a top-of-mind concern. To answer, you will need to speak with
a real estate agent who is not just an expert with data (let’s face it, data is everywhere) but also an expert
at helping you interpret the data and market trends and can ensure you time your move to catch the next
window of opportunity.

As you consider how saleable your home is, it may be helpful to review why homes sell.

The only satisfactory and professional explanation for why homes sell (or don’t) can be traced back to the
Four P’s of Marketing – a universally accepted principle in the world of selling and marketing.

The Four P’s of Marketing

Price, Product, Placement and Promotion combined, determine the outcome of whether a property sells or
doesn’t sell.

Most professional real estate agents are familiar with the Four P’s, and the agent you choose should be
dedicated not only to getting the home sold, but also to selling the home for more. The agent you select should
also incorporate a 5th P into your home’s marketing strategy: “Portability” of mobile marketing.

A good marketing strategy will focus on the following:

● Personal – finding just the ● Presence – ensuring the

right buyer for your home. lifestyle benefits the home
and area offer are properly
● Proximity – tapping into the
showcased online and
local buyer prospects who are
throughout all promotional
already sold on the area, while
marketing material.
also reaching out to global
buyers to maximize exposure.

While you may often hear that price is the only factor in selling a home, the reality is proper marketing
sells the home and pricing is only one piece of the overall marketing strategy.

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How to Choose the Right Real
Estate Agent
When selecting an agent to help you create your Downsize with Distinction plan, you need to choose
someone you trust and who has the experience and expertise needed to see you safely through to closing.

Consider the following when selecting an agent:

● Is the agent full-time?

● Is the agent accessible?

● What is their background and experience?

● What is their marketing proposal?

● What reach do they have inside and outside the community?

As you interview agent(s) you are interested in hiring, there are some key questions you may want to ask
to determine who the right agent is for you.

Frequently Asked
Questions…Answered.
How can I maximize my profits from the sale of my current residence?

You’re going to want to sit with a qualified real estate agent and look at the trends, the seasons, and the
salability of your property.

To maximize the profit of your current residence, you may want to consider, under the advice of your real
estate professional, if you should hire someone who can stage the property and if you should do repairs
or upgrades. Also consider any other changes or cleanu p that might make the property more modern or
more attractive to a buyer. But you will want to talk with your real estate professional before you do
this because you could risk investing in improvements, which make little or no difference to the
homebuyer.

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What recommendations would you make to help my home be more attractive and more in demand for
homebuyers?

When you’re choosing your next real estate agent, what I would suggest is to start out in front of the home
and, as objectively as possible, do a curb-to-curb. So, walk through your home, interior to exterior, and
make a big list. This is a wish list of all the ideal things that could be done. And then sit down with your
agent and choose those items which are the most important to the sale of the home and select from
that list the items you are willing to do. You will need to pay your vendors, but your agent will assist in
coordinating the repairs and staging services at no additional cost.

What should I be looking for in terms of unique marketing?

Put the burden on your agent and ask them to provide a custom marketing proposal. Agents
will often tell you price is the only thing that sells a home. While price is certainly part of it,
the way an agent presents your home to the market and the aggressive way they contact
other agents, buyers and the public to expose your home to those potential prospects can
make a world of difference in the price you achieve.

Exposure equals demand and a greater demand equals a higher price. Has the agent presented
their custom proposal? If you feel there are items the proposal does not cover but you would
like to have done, simply let them know what your requests might be. Now, if your requests
are above and beyond the normal, or if they are a little out of the box in terms of expense,
remember the agent is not earning anything up front. They are, in a sense, taking on the risk and
expense of marketing your home. Therefore, it is not uncommon that when there are unusual
items you would like to have done, you, the seller, may have to potentially front the cost for
those items and the agent will pay you back all or a portion at the closing.

What questions should I be asking my CPA?

The most important thing you should do is inform your CPA or tax attorney and let them know
what your plans are. With their help you can assess your capital gains. Also, choose a real estate
agent who has knowledge and experience to assist in determining what questions you should be
asking and who is willing to work with your CPA and tax attorney closely to ensure you maximize
any possible tax savings.

What retirement communities should I consider and how would I weigh the pros and cons?

When you look at a retirement community, you really want to ask yourself what lifestyle
benefits you are looking for. How active do you plan to be? What type of community location
are you interested in? Is it something you can transition into more care as you might need it
in the future? Retirement communities are certainly not for everyone. Some people don’t find
living among retirees is as invigorating as living out in a typical neighborhood or in some other
type of luxury high-rise. Some prefer to be in the mix of the population. However, some
people find the services and benefits retirement communities offer to be easy and stress-
free with low maintenance. Ask yourself, what is the lifestyle you are looking to achieve?

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What databases, networks, or sources of quality prospects should my agent have access to?

Most seasoned veterans will have a database of peers, professional connections, past clients,
and friends and family and they’ll probably be involved in professional networking groups. So,
ask them, “What is your reach into the community?” See what they say. And I think based on
the answer, you will know right away how well connected they are.

Should I sell first, rent, and then purchase to give myself more freedom and flexibility?

This is an ideal method to follow if you’re looking to maximize the price of your home because
there is no stress or pressure, and you have the chance to hold out for a higher price. Then,
if you rent, consider renting in the community and location you’re interested in to give you
the opportunity to distill down your preferences and the features, benefits and location
which will be ideal for you. Now of course, it is going to require the expense of a double move.
However, you potentially could make up the cost of that double move by having a lot of
negotiating power because you have money in the bank, and you have nothing to sell when
you are ready to buy. And you will want to consider the trends in your market because if you
sell, and properties are rapidly escalating in price, it might not be wise to rent for a long period
of time.

Do most real estate agents actively prospect to bring buyers to my home, and should they?

It is a good practice that many top producers aggressively market the homes they list, not
only to the real estate community but also to their database, their leads, and the areas where
they think the move up buyers may be coming from. And this is really the definition of a strong
marketing agent. They don’t list your home and then go to Starbucks to wait for someone
else to sell it. They are an active participant in adding value by maximizing the exposure,
because additional exposure equals a greater demand, which will often net you a greater
price.

What is your post listing service plan? How should I expect my agent to keep me informed about all
they are doing?

My suggestion would be to ask them what their standard service plan is. Make sure it meets
with your standard, and if it does not, ask them for the additional service items and updates
you feel you need. Most quality agents will stay in touch with you weekly by phone, will be
very responsive to your emails and texts, and will provide periodic reports about market
activity showings, feedback and internet traffic. You decide what service will make you feel
like you have all you need to be comfortable and all you are expecting is being done to sell
your home.

Where do buyers come from?

According to the National Association of Realtors, buyer leads come from other real estate
agents, the internet, yard signs, websites, friends and neighbors, magazines and the
newspaper with real estate agents providing the greatest number of buyer leads and the
newspaper the fewest number of buyer leads.

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Home Buying Process

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Needs and Wants
Name

Address

Telephone: (Home) (Work) (Cell)

Children (names/ages)

Pets:

Hobbies/Special Interests

Best times/days to look at homes.

Reason for move / purchase

Current home: Purchase (Date/Price) Estimated Equity

Other

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Needs
Type of home (number of stories)

Style of home

Size of garage needed

Exterior desired.

Lot size/yard features

Number of bedrooms needed Number of baths needed.

Special rooms needed.

Distance to:

Employment Public transportation Church

School Shopping Other

Other special needs

Wants

Include features the buyer would like to have such as a family room, dining room, patio, porch,
fireplace, heating/cooling systems, built-ins, recreation, sauna, hot tub, swimming pool, etc.

Estimated Move Up Purchase Price: __________________

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Downsizing Cost Analysis
Estimated sales price of my current home: $

Mortgage / loan / lien payoffs: - $

Estimated cost of repairs to maximize the sales price: - $

Estimated costs of sale: - $

Estimated net from sale: = $

Estimated capital gains I may pay on the profit: Estimated $

purchase price on new home: $

Down payment needed: $

Closing costs on purchase: $

Moving costs: $

Estimated improvement or upgrade costs to new property: $

New mortgage amount: $

New monthly payment: $

Annual property taxes: $

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 Key Features to Showcase When Marketing My Home
This worksheet will give your real estate agent valuable information to help them showcase
your home and highlight key features and benefits in the marketing campaigns. Supply as
much detail as possible and they will know which items are best to use to add value and
create excitement.

1) What I have enjoyed most about living in this community:

2) The most recent upgrades and improvements:

3) The features about the home we utilize most:

4) What we will miss about living here:

5) The order I believe the photos should be taken to give the buyer the best sense of the
homes style:

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Upgrades That Boost
Your Property Value:
1) Curb appeal is critical. You don't have to spend a fortune to give your home a facelift!

2) Kitchens and bathrooms can be turn on or off. A complete remodel usually is not necessary
and may not be a wise use of funds. Anything you can do to update on a budget in these
rooms can make a significant difference. Replace an old appliance, changing an old toilet
or upgrading the countertops can be affordable and do make a big difference.

3) De-clutter and then de-clutter some more. Make your home decor as lean and clean as a
model home. In fact, taking a walk through a few model homes could give you some simple
staging ideas you can implement easily in your own home.

4) Remove wallpaper and brighten up especially dark rooms with lighter colored paint. A
neutral palette is best to allow the buyers’ imaginations to run free.

5) Fix obvious defects: broken tile, torn screen, cracked driveway, etc. Buyers may feel these
minor flaws are hiding bigger issues, or they may ask for significant discounts for repairs
that won’t cost you much to do.

6) Clean or replace carpet and remember to keep the color neutral. If your carpet is bad and
there are hardwood floors underneath, you may be able to get away by stripping the carpet
and cleaning up the floors. Even if they aren't perfect the buyer may prefer it to dirty carpet.

7) Ask your realtor to begin at the front curb and complete a curb-to-curb check up with you.
They will be able to best advise you what improvements are a must- do and what
improvements would be an over-do for your market conditions and price point.

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 ● Repair running toilet or faulty
Outdoors plumbing.
● Keep the lawn mowed, trim
hedges.
● Store hoses neatly; be sure Closets
sprinklers don’t water ● Replace burned out light
walkways. bulbs.
● Repair gates, fences and ● Hang clothes neatly, store
sidewalks shoes in boxes.
● Remove or replace dead/dying ● Not overcrowded, suggest
plants. inadequate storage space
● Add color with blooming
flowers. Kitchen
● Clear yard of all debris ● Clean appliances, cabinets
● Sweep front walkway. and floors
● Paint, fix, or wash railings, ● Organize cabinets.
storm drains, screens and ● Sink should be spotless.
doors
● Clear and clean countertops
Garage ● Repair faucets and appliances
● Keep the floors clean and
swept.
● Store or neatly arrange all Overall
items. ● Wash windows
● Show maximum storage space. ● Quick once-over with vacuum
● Flowers in main rooms
Bathrooms ● Play soft music and add air
fresheners.
● Polish the floor, mirror and
fixtures. ● Keep pets out of the way.
● Oil hinges, tighten knobs and
● Repair grout and caulking
faucets.

5 Steps to Downsizing with

Distinction
Step 1: Make a Commitment to Act
Funny as this may sound, I can’t tell you how many times people have requested this
report and then said to me, “If I would have known what you just showed me, I would have
avoided so many problems!”

I’ve shared a few simple ideas in this report. Ideas that if acted upon could prove to be worth
thousands of dollars when selling your home. But these ideas are only as good as the action
put into them. Decide to act right now.
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Step 2: List Your Objectives
Jot down what your goals are in selling your home. What is your ultimate goal? Selling
quickly? Getting top dollar? Not selling before you have an accepted home offer on your next
home?

What do you expect from the agent you hire? How and how often do you want them to
communicate with you? Do you want an open house held? If so, how often do you expect
it?

Step 3: Contact an agent who knows how to market your home effectively.
Of course, I’d love to be the agent you choose to work with, but let’s face it, I’m not right for
everyone. That’s why I’ve given you the questions to ask your potential agent – or as I like to
call them – your marketing partner.

If you would like additional information, please reach out to me at (310) 922-7037
or via email at [email protected].

Step 4: If you are leaving the area, ask your agent for a reference to an agent in the community
where you are moving.

Step 5: Act
Do I need to say anything more? Reach out to me and let’s talk about how to get your home
sold for top dollar. Let’s work together!

Referral Request
(If applicable)

I am leaving the area and need a referral agent to provide preliminary information to me.

My destination:

When I would like to be contacted by the agent:

Best method of contact:

When I expect to be in town to view homes:

Please complete the enclosed needs and wants list so that I can forward it to the agent in your
new destination so he or she can begin the search.

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Glossary of Terms
A
Acceptance – The time at which an offer to purchase is accepted. The fact that it was accepted
must be relayed to the person that made an offer for all parties to be bound to the contract.
Amortization – The repayment of a loan over time. With each payment, there is a reduction of
both principal (the original amount borrowed), plus the interest.
Appraisal – A professional determination of value. Mortgage companies usually require an
appraisal of the property by a licensed, disinterested party before agreeing to loan money on the
property. Methods of determining value may be based on many things, such as comparable sales
in the area, the cost approach, the income approach, or the highest and best use of the
property.
As-Is Condition – Disclaiming any warranties or representations regarding the condition of
the property.
B
Back-Up Contract – A contract or offer that is in a secondary position to an already existing
contract. This contract shall be elevated to the first position if some condition in the first
contract is not met. If the first position contract is consummated, then the second contract is
no longer in effect.
Bridge Loan, also called a swing loan - A short term loan used to transition in between paying
off an old loan, and the inception of permanent financing. This is often used to build or purchase
a new home, when the previous home is still owned, but is up for sale. Once the previous home
is sold, and the owner receives the proceeds from that sale, permanent financing is usually
obtained.
C
Certificate of Title - A statement verifying who has the rights and responsibilities of ownership
of a property. This may be ascertained by a public record search but does not guarantee that
any other parties may not stake a claim to the property. Title insurance protects against claims
that may arise against the title.
Clear Title - Ownership that is free of liens, defects and encumbrances, beyond those which
the owner agrees to accept.
Closing - The transaction where title passes from seller to buyer and the seller is paid. A
settlement statement shows all costs incurred and gained by both parties.
Closing Costs – The expenses incurred in obtaining the property and transferring title to the
new owner. This may include, but is not limited to attorney’s fees, points, title charges, credit
report fee, document preparation fee, mortgage insurance premium, inspections, survey,
appraisals, prepayments for property taxes, deed recording fee, and homeowners’
insurance.
Commitment Letter, also known as a loan commitment - A written offer by a lender to make a loan
by a particular date under certain conditions. A buyer has more clout with a seller if they submit
a letter of loan commitment from their lender to the seller at the same time, they submit their
offer to purchase to the seller than a buyer who has not even applied for the loan yet.
Contingency - A condition that must be met before a contract is legally binding, or before a sale
is to be completed. The contingency provides an out or an escape from performing if the
condition is not met.
Conventional loan or conventional mortgage - A real estate loan, which is neither insured b y
the government agency FHA nor guaranteed by the Veterans Administration. Typically,
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subject to the terms of their particular institution, the conditions may be more flexible, as the
lender is not required to follow federal guidelines. The lender looks to the credit of the borrower
and the security of the property to insure payment of the debt.
Counteroffer - If the receiver of an offer makes any changes to the original offer, it is considered
a rejection of the initial offer and becomes a counteroffer.
D
Deed of Trust - Some states use a deed of trust to convey property being held as security for a
loan. This document is then conveyed to a trustee and can be used to sell, mortgage or
subdivide the property.
Deposit – (also called Earnest Money) - A good faith deposit of a sum of money offered by the
prospective purchaser at the time of the offer to purchase. These funds are typically deposited
into an escrow account and held until the real estate closing takes place. At the closing, the
buyer is most often given credit for the earnest money that has already been paid, but in some
cases, it may be returned to the buyer at closing. These funds may also be returned to the
buyer in some cases if the contract on real property doesn’t go through to a final sale.
E
Earnest Money (also called Deposit) – Funds given by the buyer and held in an escrow account
until the real estate closing. In some cases, these funds are refundable if the loan fails to close,
but if the loan does close, the purchaser is given credit at closing for the earnest money.
Escrow – A neutral third party holds other people’s funds in a secure account for future u s e .
An e a r n e s t money deposit is held in a real estate broker’s escrow account. It is
the broker’s account, but he is holding the buyer’s funds in the account for safekeeping until
closing. In the case of a mortgage, the total monthly mortgage payment may include funds to
pay for future taxes and insurance paid in addition to the principal and interest. This escrow is
held by the lender until taxes and insurance are due, at which time the mortgage company pays
the taxes and insurance on the borrower’s behalf. After the taxes and insurance are paid, the
lender may re-adjust the total monthly payment to insure sufficient funds for future escrowed
items.
Exclusive Agency Listing – A written agreement between a property owner and a real estate
broker giving the broker the exclusive right to sell the property for a specified period and at a
specified fee. Agents whose licenses are held by a broker may sign on their broker’s behalf.
F
First Right of Refusal - A legal right by an individual giving that person the first opportunity to
purchase or lease real property.
H
HUD -The U.S. Department of Housing and Urban Development. This is the agency responsible for
enforcing the federal Fair Housing Act. Among HUD’s many programs are urban renewal, public
housing, rehabilitation loans, FHA subsidy programs, and water and sewer grants. The Office of
Interstate Land Sales Registration, the Federal Housing Administration (FHA) and the National
Mortgage Association (GMNA) are all under HUD.
L
Loan Commitment - A lender’s written approval granting a specific loan amount, conditions,
and a set time limit for closing the loan.
Loan Origination - The process of applying for a mortgage loan.
Loan Originator - The person who assists borrowers in obtaining their new loan.
Loan to Value - The ratio of the amount of the loan divided by the value or sales price of the home.
Lock In - An agreement in which the lender guarantees a specified interest rate for a certain amount
of time at a particular cost.

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N
Non-Conforming Loans - Loan amounts that exceed FNMA’s $726,000 (as of January 2023)
maximum lending.
P
Possession - The buyer occupying the property that is purchased or a tenant occupying the
property that is leased. In a real estate sale, possession is rarely granted prior to closing when
the seller receives their funds.
Prequalification - Having a mortgage lender advise that debt ratios and credit report plus other
factors show a borrower qualifies for a particular loan amount before signing a contract.
Purchase and Sale Agreement - The contract between the buyer and seller stating terms,
conditions, sales price and other pertinent information about the property being purchased.
Q
Qualify - To meet the guidelines based on debt, income, and credit worthiness. Qualifying
Ratios - Comparing a borrower’s income to their proposed monthly housing expense. Also
comparing their income to monthly housing expenses added to all the borrower’s other debt
obligations.
Quit Claim Deed - A document by which one property owner releases his or her claims, rights
and interest in a particular property.
R
Rate Lock -When the lender issues a written commitment to a borrower as to a specific interest
rate for a specific period.
Real Estate Owned – (REO) - Real estate that is owned by a bank or financial group. Usually, a
result of their borrowers defaulting on the loan and the subsequent foreclosure of the property
from that buyer.
Right of first refusal - The right to the first opportunity to lease or purchase real property. For
example, apartment tenants might retain the right of first refusal when their units are being
converted to condominiums.
S
Sweat Equity - The equity earned because of the owners’ labor in upgrading and improving the
property.
T
Tax Lien - A lien against a property for unpaid taxes.
Ten Thirty-One Exchange – (1031 Exchange) – A means of deferring capital gains taxes on real
estate exchanges for like kind properties. This is allowed under the
U.S. Internal Revenue Code, Section 1031.
Term - The length of time it will take to pay the mortgage in full.
Time Limit of an Offer - An offer should include a specified time period during which the other
party must decide to accept, reject, or counter the offer.
Title Company -The company that, for a fee, checks and insures the title against liens,
ownership claims, and title problems.
Title Insurance - An insurance policy that may be purchased to protect the new owner from
any liens or clouds against the title. In order to issue title insurance, the issuer will perform a
title search in the county records. Since title is searched at the time of closing, title insurance
is usually less expensive at the time of closing, rather than if a buyer called the title company at
a later time as an additional title search would have to be performed prior to issuing the
insurance.
Title Search - A review done by the title company’s representative of all records available to
determine if the title is indeed clear of all liens and claims.
Downsizing with Distinction
© Copyright 2023. All rights reserved.
ABOUT TOI HOLLIDAY

Toi Holliday is a real estate professional with a passion for helping people buy, sell, and invest in real estate. With over
20 years of experience as a business owner in the client service industry, she has spent her career building
trustworthy relationships and helping clientele from all walks of life.

As a licensed Realtor®, Toi serves clients (sellers and buyers) from the Los Angeles area, surrounding cities and cities
throughout the San Gabriel, Inland Empire, Orange, Riverside and San Bernardino counties. She is a member of
several California Realtor associations, including the Institute for Luxury Home Marketing, and has an expansive
network providing her leverage in meeting the needs of clientele in property sales and services.

Toi has a background in real estate sales & marketing, real estate investing, representing sellers and buyers,
distressed properties, probate sales, consulting, and project management. A few of her accomplishments include
authoring the popular book Selling Secrets You Can’t Afford to Miss, The Complete Guide to Buying a Home and
several other titles dedicated to guiding sellers and buyers through the real estate process.

Whether you’re purchasing for the first time, selling for the last time, or buying an investment property, Toi is
dedicated to catering the best possible experience in helping you with your real estate goals.

Cell: 310-922-7037
Office: 310-684-3811
Email: [email protected]
Web: www.ToiHolliday.com

Downsizing with Distinction

© Copyright 2023. All rights reserved.
THE ULTIMATE WAY TO DOWNSIZE YOUR HOME
A CONSUMERS EDUCATIONAL GUIDE
COURTESTY OF TOI HOLLIDAY