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I. STEPS IN
BUYING A HOME
- Finding a broker
- Making an
offer
- Hiring a
lawyer
- Having the property
inspected
- Signing a Purchase
& Sale Agreement
- Applying for a
mortgage
- The closing (Becoming
the owner at last!)
II.
DIFFERENT TYPES OF RESIDENTIAL PROPERTIES
- Single Family
Homes
- Multifamily
Properties
- Condominiums
- Cooperatives/Trusts
- Vacant
Lots
III. LEGAL
FORMS OF OWNERSHIP
- Tenants by the
entirety (husband and wife)
- Joint tenants with
right of survivorship
- Tenants in
common
IV. BUYERS'
LEGAL CONCERNS
- Financing contingency
and notification deadline
- One
application
- Amount of
mortgage to be obtained
- Giving notice of
extension of deadline
- Review of Condominium
Documents and Status of Condominium
- Budget
- Assessments,
reserves, litigation
- Restrictions
(pets, rentals, etc.)
- Rental
Properties
- Status of current
tenants
- Eviction - notice
of termination of tenancy
- Transfer of
security deposit and last month's rent
- Use and
occupancy
- Terms of written
agreement
- Amount of use and
occupancy fee (per day)
- Not
rent
- Title
- Certification
from lender's attorney or your own (if no lender)
- Title
insurance
- The closing
- Closing
documents
- Closing
costs
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