Nolo's Essential Guide to Buying Your First Home (77 page)

Read Nolo's Essential Guide to Buying Your First Home Online

Authors: Ilona Bray,Alayna Schroeder,Marcia Stewart

Tags: #Law, #Business & Economics, #House buying, #Property, #Real Estate

BOOK: Nolo's Essential Guide to Buying Your First Home
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poor workmanship
 
for remodeling
 
when to use
 
Co-ops
 
benefits and drawbacks
 
board approval contingencies
 
celebrities who’ve owned
 
closings
 
Condo/Co-Op Worksheet
 
financial considerations
 
government-assisted loans for
 
inspections
 
investigating
 
master insurance policies
 
principal, interest, taxes, and insurance
 
restrictions on homeowners
 
rights of use clauses
 
stock certificates and proprietary leases
 
tax rules for
 
title insurance
 
trash collection
 
written agreements
 
Counteroffers, seller
 
Covenants, Conditions, and Restrictions (CC&Rs)
 
for condominiums
 
contingency removal
 
contingency review
 
homeowner’s insurance clauses
 
legal review of
 
recordkeeping
 
researching
 
Credit cards
 
in debt-to-income ratio
 
fictional character on use of
 
interest rates
 
notifying creditors of move
 
Credit history
 
correcting errors in
 
how lenders use credit scores
 
lack of
 
overview
 
repairing
 
for VA loans
 
Creditors
 
help in correcting inaccuracies
 
notifying of move
 
protecting property from
 
Credit reporting bureaus
 
correcting credit errors
 
free credit reports from
 
overview
 
Credit reports
 
correcting errors in
 
dangers of multiple inquiries
 
getting your own
 
understanding
 
Credit scores
 
FICO score
 
getting your own
 
how lenders use
 
insurance rates and
 
intrafamily loans and
 
multiple credit inquiries and
 
repairing
 
what they mean
 
Crime.
See
Safety
 
CRMSs (Certified Residential Mortgage Specialists)
 
D
 
Debts
 
benefits of reducing
 
title clouds and
 
Debt-to-income ratio 28/36 rule
 
calculating
 
overview
 
worksheet
 
Decorating, tips on low-cost
 
Deductibles, insurance
 
Deeds of trust (mortgages)
 
Deeds (warranty deeds)
 
ownership form
 
preparation fees
 
quitclaim
 
recording
 
reviewing and signing
 
Department of Housing and Urban Development (HUD)
 
government-assisted loans
 
settlement statements
 
Department of Motor Vehicles, notifying of move
 
Department of Transportation, mover licenses
 
Deposits (earnest money)
 
escrow or trust accounts for
 
for newly built houses
 
overview
 
purchase agreement clause
 
returned on cancellation of sale
 
state laws
 
Designated agencies, real estate agents
 
Developers
 
builder closeouts
 
compensating buyers for delays
 
design and upgrades for not-yet-built houses
 
disclosure requirements for
 
financing arranged by
 
home plans and other documents from
 
inspection contingency removal and
 
lawsuits against
 
new-home financing by
 
not-yet-built houses from
 
poor workmanship and
 
present at final walk-through
 
purchase offer contracts from
 
as real estate agents
 
repairs made/paid for by
 
sales tactics of
 
title insurance bought by
 
See also
Newly built houses
 
DigsMagazine
 
Disclosures, seller’s
 
for foreclosed properties
 
for FSBO purchases
 
lead-based paint danger
 
for newly built houses
 
for not-yet-built houses
 
overview
 
penalties for failing to disclose
 
for probate property
 
problems not addressed by general inspections
 
real estate agent role
 
review contingencies
 
sample
 
seller representations in purchase agreements
 
state requirements
 
trustworthiness of
 
what is in
 
Discount (full-service rebate) agents
 
Dispute resolution
 
boundary-line disputes
 
purchase agreement clause
 
seller unable/unwilling to transfer property
 
Domestic partners
 
community property
 
community property with right of survivorship
 
joint tenants with right of survivorship
 
Down payments
 
80/10/10 formula (piggyback loans)
 
80/20 formula
 
alternative sources for
 
benefits of large
 
benefits of small
 
for co-op buyers
 
for FHA loans
 
gifts from family or friends and
 
initial offer and
 
little or nothing down payments
 
loans from family or friends and
 
loan-to-value ratio and
 
overview
 
purchase agreement clause
 
seller-financed loans and
 
for VA loans
 
Dream list
 
instructions for completing
 
not-yet-built houses and
 
sample
 
Dry rot
 
See also
Pest inspections/pest reports
 
Dual real estate agents
 
Duplexes.
See
Townhouses and duplexes
 
E
 
Earnest money.
See
Deposits
 
Earthquakes
 
earthquake-prone states
 
hazard insurance exclusions
 
homeowner’s insurance rates and
 
insurance for
 
risk website
 
Easements
 
endorsements against unrecorded
 
in title report
 
EBAs (exclusive buyer agents)
 
Electricity
 
homeowner’s insurance exclusions
 
home warranties for
 
specialized inspections
 
See also
Utilities
 
11th Federal Home Loan Bank District Cost of
 
Funds (COFI), indexes from
 
Elias, Steve, background and thoughts
 
Emergency funds
 
Employers, for information on neighborhoods
 
Encumbrance reports.
See
Title reports, preliminary
 
Energy-efficiency
 
low-cost strategies
 
of newly built houses
 
of old houses
 
remodeling to improve
 
tax credits for
 
Entire agreement, purchase agreement clause
 
Equifax
 
Equity
 
defined
 
fixer-uppers and
 
home equity lines of credit
 
home equity loans
 
as homeownership benefit
 
starter houses and
 
Escape routes, planning
 
Escrow
 
property damaged during
 
real estate agent role
 
Escrow agents or officers.
See
Closing agents
 
Escrow fees, purchase agreement clause
 
Escrow or trust accounts, closing agent role
 
Estate planning
 
gifts of home-purchase money
 
living trusts for shared property
 
Eviction proceedings
 
public sale or auction properties and
 
against sellers

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