Home Warranties

Team CHR Buyer Insights, Buying

Ask your agent if he/she is aware of any existing home warranties that may be in effect or available for the house you are buying. Here are some possibilities: New Home Warranties: New home builders typically provided some kind of extended warranty covering the structure of a home for 5 to 10 years. The remaining term on such warranties usually transfers …

Lead-Based Paint Disclosures

Team CHR Buyer Insights, Buying

Federal law requires sellers to provide a lead-based paint disclosure to the buyer if the seller’s house was “permitted” prior to January 1, 1978. As part of that disclosure, the buyer acknowledges receipt of the government publication entitled “Protect Your Family from Lead in Your Home”. At this point, your CHR agent won’t know if you will buy a house, …

Radon

Team CHR Buyer Insights, Buying

Radon is a colorless and odorless gas produced by the radioactive decay of uranium. It has been linked to lung cancer. Radioactive materials in the soil decay and give off radon gas and the gas gets into a house through crawl spaces, sump pump pits, joints and cracks in basement slabs or sub-floors. The EPA has set a standard of …

Disclosures Made by Sellers

Team CHR Buyer Insights, Buying

Buyers and sellers are obligated to make accurate disclosures and representations when buying and selling real estate. For buyers, this primarily entails dealing fairly and honestly with the seller and not misrepresenting the buyers ability to obtain a loan. Things are a little more complicated for sellers. Sellers are obligated to disclose latent property defects to buyers. A latent defect …

Earnest Money

Team CHR Buyer Insights, Buying

The quick facts on earnest money When you execute a contract to buy a home, you will offer some earnest money to the seller. The contract specifies when you need to provide the earnest money to the seller or seller’s agent and this is normally within a few days of contract execution. This check will be cashed within 24 to …

Home Inspections

Team CHR Buyer Insights, Buying

You need to schedule inspections on the house you are buying.   2. You have to get your inspections done prior to the Inspection Objection Deadline found in Section 2 of the contract.   3. Read our report HERE re: inspections.   We consider the inspection process to be one of two of the most important steps in a home purchase …

Arrange Your Home Owner’s insurance

Team CHR Buyer Insights, Buying

It’s time to arrange your home owner’s insurance. Even if you are buying a condo or townhouse or any property where the hazard insurance on the structure is being paid by a home owner’s association, you’ll still need to obtain what is commonly called “condo” insurance — it covers certain interior real estate items, your personal property and liability protection. …

Your Loan Commitment Deadline Date is Crucial and Vital

Team CHR Buyer Insights, Buying

One of the most important deadline dates in your contract is the Loan Objection Deadline. You will find it in Section 2 of your purchase agreement. On or before this date, you can terminate the contract and get your earnest money back if you have not been able to obtain a firm loan commitment that is satisfactory to you. After …

Making Sure Funds Are Available for Closing

Team CHR Buyer Insights, Buying

The exact amount of cash you need to bring to closing is typically not known until within 24 to 48 hours of closing. At that time, you’ll need to be able to go to your financial institution to get a cashier’s check for that amount. Alternately, you’ll need to contact your financial institution to have the money wired to the …

Holding Title

Team CHR Buyer Insights, Buying

If you are buying a property with another person, you have to decide how you want to hold title to the property. If you are the sole purchaser of the property, you can ignore the rest of this post. The two options for holding title are: (1) Joint Tenants or (2) Tenants-In-Common. A basic difference is what happens when an …

Solar: One Home Owner’s Exploration

Team CHR Buying, Selling

A home owner recently called one of our agents for input. He and his wife were thinking about adding solar panels to their home. It turned into a fascinating conversation over a three-week period and resulted in identifying key factors to consider in making this decision. Here’s the summary of issues to contemplate: Environmental Care: Climate change is a controversial topic, but it …