 |
| Navigating the Paperwork of Selling |
|
 As
with any major sales transaction, there's a good amount of paperwork involved
when you decide to put your house on the market. First, there's the contract
you'll sign with your realtor should you choose to use one. In addition to
that, there will be purchase agreements, replies to offers to purchase,
disclosures, and a host of other real estate forms.
Once you've determined whether you're going to hire a real estate broker or
sell the home yourself (FSBO - for sale by owner), you can either download the
forms from a legal form site on the Internet or obtain then from your real
estate broker or real estate attorney.
Aside from the forms that pertain to actually selling your home, there are
other papers you'll need to secure. These documents need to be ready before you
even put your house up for sale, and before you take on the services of a realtor.
These documents include:
Records of Tax Assessments and Tax
Payments - lets the buyer know if they need to pay any late tax when they
purchase your property.
Financial Records - give these to
your realtor (or buyer if you're selling the home yourself) so they're aware of
any pending financial obligations for the property. This also verifies that the
property is in your name and that you are authorized to sell it.
Legal Property Description - you can
find the legal description of your property on certificates of titles,
warranties, and even quick claim deeds. Even if you don't have the original
sets because your property is mortgaged, you should have photocopies on file.
Property Listing - indicate which
pieces of property or equipment (tanks, appliances, curtains, etc.) will and
will not be included in the sale of your home.
Homeowners By-Laws (if applicable) -
if you live in a subdivision governed by a homeowners or neighborhood
association, be sure to prepare a copy of the by-laws.
If you are unsure about what other documents you need to prepare, consult with
a real estate lawyer or agent. They should be able to discuss these with you
and guide you through the entire home-selling process.
|
|
 |
| Homeowners / Neighborhood Associations |
| What You Need to Know |
In most cases, when you purchase a home in a new subdivision or
planned unit development (PUD), you automatically become a member of an
exclusive club - the homeowners' association (HOA). The club's members include
all the people who own homes in the same development. There can be a lot of
perks to being a member of an organization of homeowners; however, you may be
subject to a host of rules and regulations. In other words, the HOA will
probably exercise some control over how you use your property.
CC&Rs
Membership to most HOAs comes with a set of limitations -- called covenants, conditions,
and restrictions (CC&Rs). These rules put decision-making rights into the
hands of the HOA. Most associations try to make decisions which will enhance
the value of the houses. Some HOAs are quite stringent in the enforcement of
CC&Rs, while others are more relaxed.
Read the CC&Rs carefully before you buy and make sure they are compatible
with your lifestyle. Once you've moved in, getting relief from overly
restrictive CC&Rs isn't easy. Regulations often limit the color or colors
you can paint your house, the color of the curtains or blinds visible from the
street, and even the type of landscaping you can have.
Some CC&Rs require that garages facing the street be kept tidy, that
laundry be dried indoors rather than on an outdoor clothesline, prohibit
parking boats or RVs in the driveway, prohibit basketball hoops in the driveway
or front yard, etc. See the list below for more examples.
In order to bypass most CC&Rs, you'll likely have to submit an application
(with a fee), get permission from the rest of the HOA (your neighbors), and
possibly go through a formal hearing. If, later on, you decided you want to
make a structural change to your house, such as adding a room or building a
fence, you'll likely need formal permission from the association, in addition
to having to comply with city zoning rules.
Things Commonly Regulated By Homeowners'
Associations (not limited)
- exterior paint and shingles
- trees, lawns, and weeds
- fences and
hedges
- pools
- basketball hoops and swing sets
- garages and sheds
- mailboxes
- garbage cans and clotheslines
- outdoor lights and TV antennas
- window coverings and wreaths
- home businesses
- pets (breed and size)
- noises
and view obstructions
If you don't understand something regarding your homeowners' association or
their CC&Rs, ask for more information, and seek legal advice if necessary.
|
|
|
|
|
|
 The
sale of the century is happening all around. Everywhere you look, home prices
are dropping like flies. The deals are unprecedented, and the inventory is
vast. In short, a number of factors are coming together to present people in a
position to buy with some once-in-a-lifetime opportunities.
In addition to declining prices, mortgage rates are at a serious low. Rates on
a 30-year fixed-rate mortgage are at a level we won't see again in our
lifetime. Finally, if you buy before December 1, you'll get an $8,000 tax
credit if you're a first-time buyer.
For all those reasons, there's never really been a better time to go shopping
for real estate. Keep in mind, however, that declining prices have hit some
areas harder than others, meaning you might find some real bargains, depending
on where you live.
The cities that have seen the steepest declines in housing prices are all in
California, Florida, Arizona, Nevada, and Michigan. These areas are presenting
some incredible home buying opportunities right now. The states you'll want to
avoid are Utah, Montana, North Dakota, Wyoming, and Alaska. These states have
actually seen small increases in housing prices, but that's not to say they've
escaped the housing crisis - it just means it hasn't hit them yet.
If you're in a position to buy, but you're questioning whether you should buy
now or wait, there is no guarantee that prices won't continue to drop. You'll
have to feel that out for yourself. If now is definitely the time for you,
there are some things you'll need to have in place. First, a 20-percent down
payment (in your hands, not borrowed) is a must. Next, make sure you go with a
fixed-rate mortgage. Also, be aware of what you can afford in terms of mortgage
payments; a good rule of thumb is that an affordable payment is no more than
30% of your gross income. Finally, have an emergency fund on hand (for after
you buy) that equals six months' worth of living expenses. Irresponsible buyers
who don't abide by these guidelines are the reason the housing crisis occurred
in the first place. Don't perpetuate that cycle - be a responsible buyer.
|
|
|
So you've found the perfect home and you're ready to make an offer.
The
purchase offer you submit, if accepted as is, will become a binding
sales contract -- known in some areas as a deposit receipt, purchase
agreement, or earnest money agreement. Therefore, it's important that
it contains all the items that will serve as a "blueprint for the final
sale."
- Contents of a Home Purchase Offer
- Address and sometimes a legal description of the property
- Sale price
- Terms of sale - for example, all cash or subject to your obtaining a mortgage for a given amount
- Seller's promise to provide clear title (ownership)
- Target date for closing (the actual sale)
- Amount of earnest money deposit accompanying the offer, and whether
it's a check, cash, or promissory note, and how it's to be returned to
you if the offer is rejected - or kept as damages if you back out
without a good reason
- Method by which real estate taxes, rents, fuel, water bills, and
utilities are to be adjusted (pro-rated) between buyer and seller
- Provisions detailing who will pay for title insurance, survey, termite inspections, etc.
- Type of deed to be given
- Other requirements specific to your state, which might include a
chance for attorney review of the contract, disclosure of specific
environmental hazards, or other state-specific clauses
- A provision that the buyer may make a final walk-through inspection of the property just prior to closing
- A time limit (preferably short) after which the offer will expire
- Contingencies (see below)
Contingencies
If your offer says "this offer is
contingent upon (or subject to) a certain event," you're saying that
you will only go through with the purchase if that event occurs. The
following are two common contingencies contained in a purchase order:
* The
buyer is obtaining specific financing from a lending institution. If
the loan can't be found, the buyer won't be bound by the contract.
* A
satisfactory report by a home inspector. For example: "within 10 days
after acceptance of the offer." The seller must wait 10 days to see if
the inspector submits a report that satisfies. If not, the contract
would become void. Again, make sure that all the details are in the
written contract.
|
|
|
Your Name
800-123-4567
|
|
|
|
|
In This Issue:
|
|
 |
|
Contact me:
|
Your Name
800-123-4567
My Website
|
|
|
Easy Gardens
|
|
Want
some simple but eye-catching ideas for your garden? How about two or three
varieties of annuals that pack a color punch? Here are some lovely, low
maintenance combinations for you to try:
Celosia, Ageratum & Vinca
Golden celosia plumes are stunning when paired with the rich blue of the
ageratum (also known as floss flower). When you add a splash of deep pink
annual vinca, you have a color and texture combination that can't be matched.
These will do well in a hot, dry, sunny spot.
Petunia & Geranium
Try a high-contrast combination of cherry red geraniums and silvery blue
petunias. Although blooming will be best in sun, these plants can handle some
shade.
Salvia & Celosia
A combination of white and blue mealycup salvia and red-leaved plumed celosia
offers a lovely color scheme for your garden. These popular annuals like
sunshine, a bit of light shade, and a drink of water during dry spells.
Zinnia, Vinca & Annual Sage
Try a garden featuring white narrow-leaf zinnia, pink annual vinca, and medium
blue annual mealycup sage. These tough plants require almost no maintenance and
can withstand dry conditions once they've been established.
Marigolds & Begonias
Begonias usually do best in the shade, but the red-leaved varieties can handle
a bit more sun. That's the secret behind a pairing of pink-flowered wax
begonias and lemon yellow French marigolds, which, by the way, love the sun.
These two low-growing annuals will provide a bright carpet of color all season
long. Just keep the bed well watered, particularly in hot areas.
|
|
|
Security Systems: Should You Invest?
|
No matter where you live, home security has likely crossed
your mind at some point, particularly if you have a family to think about. Even
if you don't have children, you'll want to protect yourself from becoming a
victim, and you'll probably want to protect the possessions you've worked so
hard to earn. Perhaps you've considered securing your own little corner of the
world by investing in a home security system. Installing an alarm system will
not only give you greater peace of mind, but it will also deter any potential
intruders.
Many burglars are opportunity offenders, which means they're not going to go
out of their way if you've taken steps to make breaking into your home
difficult for them. Most likely, a burglar won't find your home an "easy
target" if you have a home security system. Security/alarm systems vary in
price from very basic, cheap models to highly sophisticated electronic systems.
Even if you choose to install the most expensive system, there's a good chance
it will pay for itself quickly in what it will save you in vandalism and theft.
For many people, high end security and alarm systems may not fall within their
budget. Don't hesitate to shop around. Find a reputable security company that
can put together a security plan that will meet your financial situation, in
addition to the needs of your home and its inhabitants.
In the event you opt for a home security system, make sure you're working with
trained security professionals who have all of the products you need to
implement a fail-proof security strategy in your home. Good security technicians
and sales staff will be happy to provide all of the latest information on the
best security products available, from a variety of home security kits,
security cameras, personal safety products, environmental control devices,
wireless security products, and much more.
|
|
|
del.icio.us
Digg
reddit
Facebook
StumbleUpon