|
|||||||
|
|
|
|||||
|
|
|||||||
|
Homes For Sale in Philadelphia |
|
 Home Page | Real Estate Information| Steps in Buying a Home |
Words You Need to Know |
Where to Live
|
|
Re-al-tor - n: a real estate agent who is a member of the National Association of Real Estate Boards |
Words You should Know |
|
Closing Before closing, all details have to be taken care of. Mortgages have to be obtained, a title search must be done, and the agent must advise the client as to what closing costs can be expected. At closing, all documents are signed and money is transferred. Closing cannot take place without the transfer of the deed and title. A 'cloud on title' can scuttle the deal. That is why attorneys and/or agents, Mortgage Companies and Title Companies are all usually necessary. |
|
Contracts Some contracts you are required to sign. Some you are not. If an agent wants you to sign a contract that gives him the exclusive rights to be your agent, you do NOT have to sign that. Agents don't want you going to other agents and that is understandable. On the other hand, if they do not do their jobs, and you sign with them, you are stuck with them. Contracts for sale of property must be signed by both parties or there is no agreement. Read the contract carefully. It is for the protection of the buyer and the seller. |
|
Home Inspections Inspections are NOT required. However, they are for the protection of the buyer. Unless the buyer is very knowledgeable, or doesn't care what condition the property is in, a licensed Home Inspector should be used.Termite and Radon inspections are also offered. Radon is an oderless gas that has been linked to lung cancer. It is found in basements. Some stores offer inexpensive radon testing kits. That is up to the buyer. |
|
Mortgage When you purchase a home, if you need to borrow money, you get a mortgage. This becomes your source of financing, and you pay back according to the terms of the mortgage. There are many different types of mortgages. Ask your mortgage broker which you qualify for, and ask him to explain each. Depending on your situation, mortgage terms can vary a great deal. |
|
Multiple Listing Service Real Estate Agents who subscribe to multiple listing services all have access to the same homes. Unless an agent has an exclusive on property, everyone has a chance to sell it. If an agent tells you he has properties that no one else has, that is possible, but not probable. It is rare when an agent has homes that are not listed in Multiple Listing Services. However, it does happen. |
|
Seller Assist If the buyer is short on cash, and if the seller is willing, a Sellers Assist can be done. As an example, let us say that a seller is asking $100,000.00 for his home. But, he is willing to accept $95,000.00. Let us assume that a $100,000 mortgage is obtained. The seller agrees to give back $5,000 to aid in the closing costs. |
|
Taxes In Philadelphia, the seller and buyer both pay 2% of the cost of the property as a Transfer Tax. In the Counties, both pay 1%. There are other taxes to be paid. Mortgage companies usually demand that the buyer pay real estate taxes up front. These taxes can be substantial. The agent must advise the client in writing as to the estimated costs. A seller must be advised as to his/her financial responsibilities. |
|
|