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Buying Your 1st Home
Home Buying Refresher
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Courses in this Department
Step 1 - Planning
Step 2 - Financing
Step 3 - Selecting
Step 4 - Buying
Step 5 - Owning
TERMS TO KNOW
An individual with the ability to execute documents on behalf of another as a result of a power of attorney.
A provision of an adjustable-rate mortgage (ARM) that limits how much the interest rate or mortgage payments may increase or decrease. See lifetime payment cap, lifetime rate cap, periodic payment cap, and periodic rate cap.
A condition that must be met before a contract is legally binding. For example, home purchasers often include a contingency that specifies that the contract is not binding until the purchaser obtains a satisfactory home inspection report from a qualified home inspector.
A company that specializes in examining and insuring titles to real estate.
QUESTIONS: True or False
Other than the contract and loan papers, there isn�t much that goes into a settlement.
A home inspection is a structural/electrical/mechanical study of the home. It doesn�t look for cosmetic changes.
Home inspections are required when purchasing a home.
A home inspection only considers the house, but not the property, for potential problems or hazards.
Home inspections are the only inspections I will need.
Settlement attorneys will not name a price for the home, but will help me negotiate a better deal.
It is not enough to go by recommendations, especially from the seller, for settlement professionals. I have to check them out myself and ensure that they are impartial.
If I have a complicated real estate deal, I should get an attorney.
The Walk-Through Inspection...
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