Property disclosure form This form requires you to reveal all known defects to your property. Your real estate agent will let you know if there is a special form required in your state. Purchasers’ access to premises agreement This agreement sets conditions for permitting the buyer to enter your home for activities such as measuring for draperies before you move. Sales contract This is...
The term “agency” is used in real estate to help determine what legal responsibilities your real estate professional owes to you and other parties in the transaction. The seller's representative (also known as a listing agent or seller's agent) is hired by and represents the seller. All fiduciary duties are owed to the seller, meaning this person’s job is to get the best price and terms...
Appreciation. Historically, real estate has had a long-term, stable growth in value. According to Census data, the median price of a home jumped from $172,900 in Q4 2000 to $417,700 in Q4 2023. That's greater than 6% appreciation per year on average. Equity. Money paid for rent is money that you’ll never see again, but paying your mortgage month over month and year over year lets you build...
REALTORS® are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics. When you're buying a home, here's what an agent who's a REALTOR® can do for you. Act as an expert guide. Buying a home typically requires a variety of forms, reports, disclosures, and other legal and financial documents. A knowledgeable real estate agent will know what's required in your...
Paying bills on time is just one step in maintaining a good credit score. Credit scores play a big role in determining whether you’ll qualify for a loan and what your loan terms will be. So, keep your credit score high by doing the following: Check for errors in your credit report. Thanks to an act of Congress, you can download one free credit report each year at annualcreditreport.com. If you...
Following these 7 principles will improve the homebuying experience. 1. Accept that no house is ever perfect. The yard may be smaller than you had hoped. The kitchen may be imperfect. The roof may need repair. But if the home is in the right location and fulfills your shelter needs, don't immediately discount it. Make a list of your priorities, focusing in on those that are most important to you....
1. Talk to a mortgage broker or lender. Prequalifying for a mortgage should be the first thing on your homebuying to-do list. Talk an agent who's a REALTOR®, a member of the National Association of REALTORS® for lender and mortgage broker recommendations. (Mortgage brokers don't fund loans; instead they offer options from several different lenders.) Shop around to find the best mortgage for your...
10 steps to take before applying for a mortgage loan. 1. Develop a budget. Instead of guessing what you can afford to spend on a house, use bank statements and a spreadsheet to create a budget that reflects your actual spending pattern over the last several months to a year. This approach will help you factor in unexpected expenses alongside more predictable costs such as utility...
Homebuyers are strongly encouraged to have an inspection before they close on the sale of a home. An inspection can uncover potential structural or mechanical issues. Here are nine questions an inspector should be able to answer to your satisfaction. Do you belong to a professional association? There are two main inspection organizations today, the American Society of Home Inspectors (ASHI) and...
Where you live should reflect your lifestyle. These questions will help you find the best community for you. Federal fair housing law prohibits real estate agents from steering you to one neighborhood or another, but agents they can direct you to resources that will answer your key questions about neighborhoods you're considering. Is it close to my favorite spots? Make a list of activities you...
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