Buyer Information

Call us to find out about $8,000 income tax credit.  It expires on December 1, 2009
 
    You start the home buying process in one of two ways: you see a home you are interested in buying or you consult a lender to figure out how much money you can borrow before you find a home (pre-qualifying).  The next step is to sign an agreement of sale with the seller, followed by applying for a loan to purchase your new home, and home inspection.  The final step is called "closing" where the legal title to the property is transferred to you.
 

Real Estate Agent

    Frequently, the first person you consult about buying a home is a real estate agent.  The common practice is for the seller to hire the broker to find someone who will be willing to buy the home on terms and conditions that are acceptable to him/her.   Therefore, the real estate broker you are dealing with may also represent the seller.  However, you can hire me as your own real estate broker (buyer’s broker) to represent your interests and provide you with the best service possible using the latest technology.  Also some agents may represent both buyer and seller in the same transaction.
    Even if the real estate agent represents the seller, state real estate licensing laws require that the agent treat the buyer fairly.  I will offer to help you obtain a mortgage loan. I may also recommend a particular lender or attorney.  You are not required to follow my recommendations.  You should compare the costs and services offered by other providers with those recommended by me.
 

Attorney

    Before you sign an agreement of sale, you might consider asking an attorney to look it over and tell you if it protects your interests.   If you have already signed your agreement of sale, you might still consider having an attorney review it.  An attorney will also prepare you for the closing.  An attorney who does represent your interests, may also represent the lender in the same transaction.
    If choosing an attorney, you should shop around and ask what services will be performed for what fee.  You may ask these questions:
  • What is the charge for
    • negotiating the agreement of sale
    • reviewing documents and giving advice concerning transaction documents
    • preparing and recording the closing records
 

Agreement of Sale

    Here are some important points to consider before you sign an agreement of sale.  I will give you a preprinted form of agreement of sale.   You may make changes and additions to the form agreement, but the seller must agree to every change.  You should also agree with the seller on when you will move in and what appliances and personal property will be sold with the home.
  • Sales Price.  For most home purchasers, the sales price is the most important term.  Recognize that other non-monetary terms of the agreement are also important.
  • Mortgage Clause.  The agreement of sale provides that your deposit will be refunded if the sale has to be canceled because you are unable to get a mortgage loan.   For example, your agreement of sale could allow the purchase to be canceled if you cannot obtain mortgage financing at prevailing interest rates.
  • Title.  "Title" refers to the legal ownership of your new property.  The seller should provide title, free and clear of all claims by others against your new home. Claims by others against your new home are sometimes known as "liens".
  • Home Inspection.  I recommend to have the home inspected.  An inspection will determine the condition of the plumbing, heating, cooling and electrical systems.  The structure also will be examined to determine the condition of the roof, siding and windows.  Most buyers pay for these inspections so that the inspector is working for them, not the seller.  If you are not satisfied with the inspection results, you may want to re-negotiate for a lower sale price or require the seller to make repairs.
  • Pests.  Some lender may require a certificate from a qualified inspector stating that the home is free from termites and other pests.  You may want to reserve the right to cancel the agreement or seek immediate treatment and repairs by the seller if pests, and pest damage is found.
  • Lead-Based Paint Hazards in Housing Built Before 1978.  If you buy a home built before 1978, you have certain rights concerning lead-based paint and lead poisoning hazards.  I will give you the EPA pamphlet "Protect Your Family From Lead in Your Home" and other EPA-approved lead hazard information.  I must find out and tell you what the seller actually knows about the home´s lead-based paint or lead-based paint hazards and give you any relevant records.  The seller must attach a disclosure form to the agreement of sale which will include a Lead Warning Statement.  You, the seller, and I will sign an acknowledgment that these notification requirements have been satisfied.

For site-related questions, please contact Chris Gorski

2000 © Chris Gorski All Rights Reserved

Revised: May 18, 2009