How to do Home Buying and Selling: Basic Information
Valuable resources for you, setup appointments with home inspectors, help you rank which homes you wish to view, collect and analyze pertinent information you’ll need to make an informed decision, organize the closing process, and help navigate the many areas of the buying and selling transaction. Following is a list of the various elements most involved in the home buying and selling process. Keep in mind that real estate agents are also a great resource for information.
These individuals are there to inspect the condition of the home you are interested in purchasing. A Home inspector is generally compensated on a percentage of the purchase price they determine the condition of the home to be in. Your real estate agent may give you a list of home inspectors, or you can ask for a recommendation from a local real estate agent. Your home inspector should produce a comprehensive report, including the following:
– Structural components of a home, including roof, foundation, walls, attic, basement, lot, rooms, plumbing, heating, cooling, insulation, electrical, and fireplaces.
– Property characteristics such as legal boundaries, zoning, drainage, private property uses, and easements
– Actual square footage of your proposed home
– Generation of your home inspector’s estimate of the closing price you’ll need to pay.
Your real estate agent or lender will probably recommend an appraiser. A home appraiser measures the square footage of your proposed home and compares it with the square footage and lot size of your potential new home. The appraiser will contact local real estate agents to obtain your asking price and the cost of homes in your desired area that have recently sold. This individual will also use public records to verify the amount of money owed on existing liens on your prospective home and property. If you or your agent are uneasy about the appraisal price, it is likely that a real estate broker, mortgage broker, or title company will help you persuade the appraiser to deliver the price you were hoping for. Your real estate agent or lender may also receive a copy of this report.
There will be certain legal requirements that must be met before the sale of your home. Most people hire a lawyer to review the sales contract, deed, and other contracts and related paperwork. Two main solicitor duties:
– crafts and prepares real estate contracts- handles legal requirements (eg, easement permits, requisite requirements of an escrow company)
– Treat the transaction to ensure that it is completed smoothly
Mortgage brokers and Title Companies
The mortgage broker and title company are the professionals least likely to be familiar with the state requirements that will be necessary to complete the transaction. Be certain to ask the relevant questions. An attorney who specializes in real estate can also provide particular help.
The attorney often has knowledge of government regulations that are often roadblocks to closing a home sale. In fact, many attorneys do not specialize in real estate transactions, but are invaluable sources of information if you are wondering what is, or is not, included in the purchase or sale of a property.
And, last but not least, let’s not forget that your real estate agent may have considerable knowledge of the area. Even though they’re not going to have a personal interest in your transaction, they have been involved in many transactions and know the local regulations, the title regulations, and the laws pertaining to your particular neighborhood.