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Once
you know how much you can and want to invest, the next
step is to find the properties that most nearly fit
your needs. This is the time to choose a real estate
licensee. When picking a real estate agent look for
one who is also a REALTOR®.
A
REALTOR® is a member of the NATIONAL ASSOCIATION
OF REALTORS®, a real estate trade association, and
all members agree to abide by a 17 article Code of Ethics.
A REALTOR® has many resources to assist you in that
search. Sometimes the property you are seeking is available
but not actively advertised in the market, and it will
take some investigation by your agent to find all available
properties.
Negotiating
the price and terms
There
are a myriad of negotiating factors, including, but
not limited to price, financing, terms, date of possession,
and often the inclusion or exclusion of repairs and
furnishings or equipment.
The
purchase agreement should also provide a period of time
for you to complete appropriate inspections and investigations
of the property before you are bound to complete the
purchase. Your agent can advise you as to which investigations
and inspections are recommended or required.
Due
Diligence
With
a negotiated agreement in hand, it is time to complete
the evaluation of the property. Depending on the area
and property, this could include inspections for termites,
dry rot, asbestos, faulty structure, roof condition,
septic tank and well tests, just to name a few. Your
agent can assist you in finding qualified responsible
professionals to do most of these investigations and
provide you with written reports. You will also want
to see a preliminary report on the title of the property.
Title indicates ownership of property and can be mired
in confusing status of past owners or rights of access.
The
title to most properties will have some limitations;
for example, easements (access rights) for utilities.
Your agent, title company or attorney can help you resolve
issues that might cause problems at a later date.
Finally,
there is the closing, or settlement, as it is known
in different parts of the country. The title or escrow
company will handle this process. Your real estate agent
can guide you through this process and make sure everything
flows together smoothly.
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