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Sellers Tips

Here are answers to commonly asked questions from sellers:

What is title insurance?

Title insurance protects the named insured against loss because of defects, liens, encumbrances, adverse claims or other matters not shown or disclosed to the new owner that attach before date of policy.

What is a wood-destroying organism inspection report?

A wood-destroying organism inspection report is a written opinion by a qualified state licensed structural pest control inspector based upon what was visible and evident at the time of inspection. The inspection report does not in any way represent or guarantee the structure to be free from wood-destroying organisms or their damage, nor does it represent or guarantee that the total damage or infestation is limited to that disclosed in the report. Wood-destroying organisms include subterranean termites, dampwood termites, carpenter ants, wood boring beetles and wood decay fungus.

What are the hazards of lead-based paint?

All buyers and sellers are required by law to receive and read a pamphlet outlining the hazards of lead-based paint for homes built before 1978. Be sure to ask your real estate agent for a copy.

What are closing costs?

Closing costs are an accumulation of charges paid to different entities associated with the buying and selling of real estate. For sellers, they are usually about 7-8% of the total sales prices of a property. Some of the closing costs you might encounter are: discount points, escrow fee, documentation fee, homeowners' association fees, pest/rot inspection, real estate commission and title insurance premium.

What is the difference between "pre-qualified" and "pre-approved"?

If a buyer is "pre-qualified" it has been determined, with a loan officer, what price the buyer can afford based on the down payment, debts and the amount the mortgage company will approve for the mortgage. Being "pre-qualified" is only a determination of probably credit. If "pre-approved", credit, employment and funds have been approved by the lender.

What should a home inspection include?

Every inspection should include, but not be limited to, an evaluation of the following:

• Foundations
• Roof
  
• Heating and air conditioning systems
  
• Ventilation
  
• Common areas (for condominiums)
  
• Septic tanks, wells or sewer lines*
  
• Insulation
  
• Plumbing and electrical systems
  
• Ceiling, walls and floors
  
• Doors
  
• Hazardous materials concerns*
  
• *There may be an additional fee for this

What property details are usually included by the Multiple Listing Service?

• Location
  
• Price
  
• Amenities
  
• Current financing (when assumable)
  
• Photograph
  
• Utilities
  
• Annual property tax
  
• Listing company

What pages are generally included in the Purchase and Sale Agreement?

• Agency Disclosure
  
• Financing Addendum/Clause
  
• Earnest Money Receipt
  
• Inspection/Clause
  
• Conditions/Disclosures Addendum
  
• Contingency
  
• Addendum Outlining Special Conditions
  
• Lead-Based Paint Notification
  
• Property Disclosure Form (completed by Sellers)

What is the difference between a REALTOR® and Real Estate Agent?

REALTOR® identifies real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. Not every real estate agent is a REALTOR®. A REALTOR® may be an appraiser, property manager or involved in some other aspect of the real estate business.

Buying Tips

Benefits of Home Ownership

Credit
Owning a home helps you establish financial credibility.

Independence
Owning your own home provides you with independence and more privacy than renting. You are free to paint walls, plant flowers, keep pets and anything else within legal bounds.

Investment
As you make more payments and own more of your home, you add to its investment value. Most improvements you make will also add to its value.

Pride
A home reflects its owner's values and lifestyle. Owning a home can provide you with a source of pride, enjoyment and satisfaction.

Security
A home can provide security against inflation because the value of your home increases as prices go up.

Stability
Being established in a community provides a sense of belonging, stability and security.

Tax Advantages
Interest on your mortgage loan is deductible on your yearly personal income tax return. Many of the closing costs associated with purchasing your home are deductible, as are your property taxes.

Finding The Right Home

You can sit down with a real estate agent and discuss your needs, type of area, style of home, amenities and everything you really want in your next home. Real estate agents can help you by accessing the Multiple Listing Service which covers all properties listed for sale within a specific area. Together, you can select the homes you would like to see, set appointments and preview homes in a short period of time. An agent can guide you through the entire process.

Newspaper Ads/Internet
Many people go through the real estate classified section or browse the Internet to find a home that appeals to them. However, your real estate agent will have many listings available that may not appear in the newspaper or Internet on a continuous basis. New listings come on the market daily.

Multiple Listing Service
Your real estate agent should have access to the multiple listing service if it is available in your area. It usually includes the following details about homes and properties for sale:

• Location
  
• Price
  
• Photograph
  
• Utilities
  
• Amenities
  
• Annual property tax
  
• Current financing (when assumable)
  
• Listing company

When Previewing A Home...

• Write notes when previewing a home so you will be able to discuss the details later with your real estate agent.
  
• Ask questions about the home and discuss any objections or concerns you may have.
  
• Ask about the community - schools, shopping and transportation.
  
• Ask specific questions about the construction of the home; electrical, plumbing, heating, cooling systems, etc.
  
• Have Fun Relax. Finding your new home can be a rewarding experience. Have a good time and enjoy the process.

Title Companies

This list of title companies is provided for the convenience of our costomers and clients, and is not intended to include every title company. In our experience, these companies have provided good to excellent service, but we cannot guarantee the work of any service provider. We recommend you interview at least three companies before making your final decision.

Banks and Lenders

This list of banks and lenders is provided for the convenience of our costomers and clients, and is not intended to include every bank and lender. In our experience, these companies have provided good to excellent service, but we cannot guarantee the work of any service provider. We recommend you interview at least three companies before making your final decision.