Buying 101-01

Buying 101:

Follow these ten steps to a successful home purchase.

REALTOR® groups, working with legal counsel, have developed forms that are appropriate for realty transactions in specific communities. Such documents include numerous sale conditions and their wording should be carefully reviewed to assure that they reflect the terms you want to offer. REALTORS® can explain the general contracting process in your community as well as his or her role.

While much attention is spent on offering prices, a proposal to buy includes both the price and terms. In some cases, terms can represent thousands of dollars in additional value for buyers -- or additional costs. Terms are extremely important and should be carefully reviewed.

No one would drive a car without insurance, so it figures that no homeowner should be without insurance.


The essential idea behind various forms of real estate insurance is to protect owners in the event of catastrophe. If something goes wrong, insurance can be the bargain of a lifetime.

Go to any local courthouse and you can find property records detailing real estate ownership in your community -- sometimes records that date back hundreds of years.  These records are important because they provide today's owners with proof that they have good, marketable and insurable title to the property they are selling.

Equally important, such records enable buyers to provide proof of ownership when they sell.

You've done it. You've looked at properties, made an offer, obtained financing and gone to closing. The home is yours. Is there any more to the home buying process?  Whether you're a first-time buyer or a repeat buyer, there are several more steps you'll want to take.  Those papers you received at settlement are extremely valuable, so hold on to them! In the short-term they can help establish tax deductions for the year in which the property was purchased. In the future, such papers will be important for tax purposes when the property is sold, and in some cases, for calculating estate taxes.

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