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| In your home search, you will make many decisions - from home design preferences and financial decisions to neighborhood choice and commute distance. To help you in your decision making, we have put together some |
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| neighborhood descriptions, a complete inventory of Photo Listings, financial charts, a list of area attractions, definitions of common real estate terms, a mortgage calculator, and much more. |
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| Teaming Up With A Realtor: |
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| Most important, we encourage you to seek the services of one of our qualified, friendly and knowledgeable Realtors®. They know the neighborhoods and will guide you through the home search maze skillfully and professionally. Teaming up with one of our Realtors will simplify your home buying experience. |
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| Finding Your Home: |
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| Once you have a range of affordability, you can begin your home search. A professional Realtor will explain his or her role in this search and the new agency disclosure law. Upon first contact, the Realtor will explain your options regarding representation. You have the option of retaining a Realtor to represent you in a real estate transaction. This is called a buyer/broker |
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| arrangement. You may be expected to pay a fee for this service. Typically, most buyers opt to use the Realtor's services but the seller pays a fee. In this situation, the Realtor assists you in all matters regarding the buying of |
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| property but his or her fiduciary responsibility is to the seller. |
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| Presenting an Offer to Purchase: |
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| After carefully shopping for the right home, your next step is to present an offer to purchase to the seller. This written offer is called an earnest money agreement. It is here you will stipulate the terms of the purchase and the |
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| sequence of events needed prior to taking possession. It is crucial that this document be completed correctly and thoroughly as it becomes a binding agreement if the seller accepts it. A carefully constructed earnest money |
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| agreement will protect you and allow you freedom to find another home without financial penalty. Again our experienced Realtors are educated and informed about these matters. The conditions written in to the earnest money agreement are called contingencies and may include inspections, loan availability, repairs, and/or time constraints. |
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| Closing the Transaction: |
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| Once these contingencies are addressed to your satisfaction, arrangements are made to close the transaction. An escrow company (normally a title |
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| insurance company) acts as coordinator of the final closing. In addition to your down payment, there are other fees required to transfer title to you. These include loan and appraisal fees, title insurance, fire insurance, property taxes and recording fees. You will be furnished with an estimate of these fees prior to final closing. |
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