In Colorado, real estate brokers (agents) are able to work with buyers as a buyers agent. The buyers agency agreement allows for the buyer to receive the
same kind of priority treatment that sellers have traditionally enjoyed!
A buyer's agent works solely on behalf of the buyer and owes duties
to the buyer which include the utmost good faith, loyalty and fidelity. The agent will negotiate
on behalf of and act as an advocate for the buyer. The agent must disclose to potential sellers
all adverse material facts concerning the buyer's financial ability to perform the terms of the
transaction and whether the buyer intends to occupy the property. A separate written buyer
agency agreement is required which sets forth the duties and obligations of the broker and the
client.
Typical questions to ask when discussing
excusive buyer agency are:
- Will you point out all the negative aspects of each property as well as all the positive aspects to keep me fully informed.
- Will you provide information on comparable sales and help me to formulate an offering price based on current and actual market
conditions.
- Do you have a list of lenders, home inspectors, and insurance agents and other professionals that you have dealt with in the past and
that you can recommend.
- We will show me all the homes on the market that meet my needs, including For Sale By Owner (FSBO) properties.
- Will you guarantee that any information I give you will be kept confidential?
- Will you guarantee me your undivided loyalty?
- Will you guarantee me you will not try to change your relationship with me to "dual agency", "designated agent", or
"transaction agent", or any other form of agency that offers reduced levels of service?
- Can you guarantee me 100% loyalty 100% of the time?
- Will you work solely on behalf of the Buyer and represent the Buyer's best interests.
- Will you work to get the lowest possible price and the best terms for the Buyer, not the Seller.
Get ready for your house hunting expedition by doing some planning ahead of time.
To prepare for your meeting with me to plan your house hunting, it's a good idea to so some planning
on your own. Take some time to think about the things that you feel are abolutely necessary to have in
your new residence. Although it is never possible to completely describe what you want, there are
always things that are uniquely important to you. It's crucial that I understand what these things are.
List the features that you want in their order of importance.
Type of residence - House, townhome, condo.
Style of residence - Two story, ranch, split-level, contemporary.
Location - Proximity to work, recreation areas and schools.
Schools - Ages of children and any special educational requirements they may have.
Financial - Must sell current residence, amount available for down-payment, maximum expense of ownership.
Space Requirements - Bedrooms, square footage, special requirements such as in-home office, space for
special hobby, garage space, finished basement, in-law apartment, etc.
Lifestyle - Entertain a lot, want minimum maintenance site for maximum liesure time, great deal of time is
spent at home with family activities, retirement community with total recreation package (pool, golf, tennis,
jogging, organized children's activities).
Special features - View, fenced yard, pool, horse facilities, handicap access, close to public
transportation.
After we have thoroughly discussed all of the things you want in your next residence, I will carefully select properties that could
be of interest to you. I promise to show you only those properties that are within the price-range you specify, in the areas
you specify, and of the style of your choosing.
As many of your needs and wishes as possible will be considered in finding the right communities and
properties for you to see. If you are uncertain about features of neighborhood and residence, I'll show you a
variety of each. Continually let me know what you like and don't like.
Keep in mind that in an active market the number of homes for sale at one time that fit your needs
may be limited. I will continually monitor the homes currently for sale and new listings that come on the market daily. By doing
this I give you the opportunity to be one of the first if not the first to see these new listings.
Ask Questions - About the neighborhood, the construction of the house, the schools, property
values in the neighborhood, how long will it take to get to work, why is this a good place to live, where do
I shop, where is the church.
Totally forget properties you didn't like - But tell me first why you didn't like them.
Take notes (and even a camera if you wish) - Looking at a number of properties can lead
to confusion about the features of each. After you have seen a property that might be a possiblity, jot
down a few things you liked about it to jog your memory later on.
Compare properties you have seen - Keep a ranking on paper or in your head of the three
best properites and rank them in order of desirability.
When you find the property you'd like to buy, make your offer as quickly as possible - If you
like the property, someone else probably will also. Don't delay in asking me to write your offer.
Type home: New______Resale______Other_______Condo________
Price range of present home:$_____________________Do you need to sell before you buy?________
Present Monthly Payment:$__________________
Preferred Monthly Payment:$__________________
Down Payment Available:$__________________
Style Preferred:$_________________________________________________________
Bedrooms:$__________________Baths____________Diningroom_____________
Family Room:$__________Fireplace_____________Air Conditining__________
Basement:$________Full_________Partial_________Finished________
Other:$________________________________________________________
Parking Requirements:Garage________Carport________Spaces_______Other______
Fence:____________Acreage___________Horses___________
Preferred Closing:$_________________________
Comments on special desires for new home:__________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
At the time an offer to purchasee is written, it must be accompanied by earnest money. This is
evidence of the fact that you are in earnest about the purchase of the home. Earnest money is
paid in the form of a personal check to be tendered to the listing agent with the contract and
deposited in the listing broker's trust account or a title company at listing company's direction, or an
earnest money note may be tendered which is usually redeemed in cash or certified funds upon the
acceptance of the contract or upon satisfaction of certian contract clauses.
The amount of money varies from $500.00 up to $10,000 or more depending upon the price of
the property and seller's requirements. Your Realtor will advise you in this
matter.
Title insurance is issued in almost all real esate transactions in Colorado. Title insurance protects against
loss or damage resulting from defects that may have occured in the past.
The process starts with a search of the public records to determine the facts relating directly toward
the property. Such as:
Easements and Restrictions,
Ownership,
Judgements or liens against the property,
Any other
recorded
interest in the property.
All defects of the title have to be removed or satisfied prior to closing. Once clear, the title is available
so we can start working on getting the title insurance policy. When al this information is compiled or
completed, then we can work on closing the transaction.
The title insurance policy is a one-time fee that includes the cost of the title search, examination,
production and risk. The title commitment is issued stating conditions under which the title will be insured.
The mortgage lender must be satisfied with the quality of the title because the property is security
for the new mortgage loan. The mortgage lender requires assurance that they will have a suitable position
if they have to forclose on the loan and take possession of the subject property.
Whether called 'Points', 'Discounts', 'Loan Brokerage Fees', or 'New Loan Fees', they are all the same.
Points provide the 'magic' in over half the home sales made in this area. Without Points, most new
loans and sales with low down payments would not be possible. Since Points are a vital part of selling
a home, a clear understanding is important.
What are Points? Through the use of Points, money is paid to lending institutions
(banks, savings and loans, mortgage companies, insurance companies, etc.), so lenders will
be able to make loans on property under the existing money market conditions. Points result
in "increasing the yield or rate of return" of lenders.
How are points figured? Very simply - one point is just one percent of the new loan,
NOT the selling price of the property.
| 1. Mortgagee's Title Policy & Endorsements (varies w/loan amount) |
| 2. Record Warranty Deed ($6.00 1st page / $5 thereafter) |
| 3. Record Deed of Trust ($6.00 1st page / $5 thereafter) |
| 4. Tax Certificate ($25.00) |
| 5. State Document Fee (1% of sales price) |
| 6. Loan Closing Fee ($180.00) |
| 7. Real Estate Closing Fee |
| 8. First Year's Homeowner's Insurance Premium |
| 9. Hazard Insurance Reserve (per date closed) |
| 10. Loan Origination and Discount Fee |
| 11. Survey (lender option) |
| 12. Appraisal |
| 13. Credit Report |
| 14. Interest on New Loan (per # of days on date closed) |
| 15. Tax Reserve (per date closed) |
| 16. Mortgage Insurance Reserve |
| 17. Document Preparation |
| 18. Flood Certifications |
| 1. Mortgagee's Title Policy & Endorsements (varies w/loan amount) |
| 2. Record Warranty Deed ($6.00 1st page / $5 thereafter) |
| 3. Record Deed of Trust ($6.00 1st page / $5 thereafter) |
| 4. Tax Certification ($25.00) |
| 5. State Document Fee (1% of sales price) |
| 6. Loan Closing Fee ($180.00) |
| 7. Real Estate Closing Fee ($180.00) |
| 8. Fed Ex Overnight Fee ($20.00) |
| 9. Tax Service Fee (per lender) |
| 10. First Year's Homeowner's Insurance Premium |
| 11. Hazard Insurance Reserve (per date closed) |
| 12. Loan Origination and Discount Fee |
| 13. Appraisal |
| 14. Credit Report |
| 15. Interest on New Loan (per # of days on date closed) |
| 16. Tax Reserve (per date closed) |
| 17. Mortgage Insurance Reserve |
| 18. Water & Sewer Escrows |
| 19. Underwriting Fee |
| 20. Lender Document Preparation |
| 21. Misc. Loan Fees (per lender) |
A growing trend in home sales today is the use of a home warranty.
This one year home warranty covers the component parts of a home, such as the appliances, central
heating and cooling systems, plumbing system, electrical system, water heater, and garage door openers.
It does not cover the structure itself such as a roof, walls, foundation, etc. The cost range is around
$295 to $350 which may be paid by the Seller or Buyer.
Additional coverage for roof, swimming pools, wells, etc. are available at an additional cost.
If the home you intend to purchase was built before 1978, it may contain lead-based paint. Approximately three
out of every four pre-1978 buildings have lead-based paint.
Lead poisoning means having high concentrations of lead in the body.
Lead Can ...
Cause major health problems, especially in children 7 years of age.
Damage a child's brain, nervous system, kidney's, hearing or coordination.
Affect learning,
Cause behavior problems, blindness and even death,
Cause problems in pregnancy and affect a baby's normal development.
Anyone can get lead poisoning, but children under 7 are at the greatest risk, because their
bodies are not fully-grown and are easily damaged. Women of childbearing age are also at risk,
because lead poisoning can cause miscarriages, premature births and the poison can be passed onto
their unborn babies.
The lead hazards that children most often touch are lead dust, leaded soil, loose chips and
chewable surfaces painted with lead-based paint. A child may be harmed when it puts into it's mouth
toys, pacifiers or hands that have leaded soil or dust on them.
If your home contains lead-based paint, contact a company that specializes in lead-based
abatement. Have professionals do the job correctly and safely.
A home inspection is basically a thorough examination of the systems of a home. These are:
Foundations,
Roof,
Structure,
Heating and Cooling,
Electrical and Plumbing,
Appliances,
Overall Condition,
The inspector will be helpful in maintenance tips as well as corrective measures that can be undertaken.
The inspection is not a punch-list for the sellers, but merely as an evaluation of the systems of a home.
After the inspection, a complete report will be given to the purchasers outlining the problems with the home.
A home inspection should not include cosmetic ratings such as carpet and paint. These are
obvious and visible and should be noted by the purchasers prior to making an offer.
After you examine the report, it is time to negotiate on those items which you believe the
seller should fix. The inspector will not tell you who should fix what; this is a negotiation process. An
experienced real estate agent will know the proper steps to take.
Radon is a radioactive gas. It comes from the natural decay of uranium that is found in nearly all soils.
It typically moves up through the ground to the air above and into your home through cracks and other
holes in the foundation. Your home traps radon inside, where it can build up. Any home may have a
radon problem. This means new homes, well-sealed and drafty homes, and homes with or without
basements.
Radon is estimated to cause many thousands of deaths each year. That's because when you
breathe air-containing radon, you can get lung cancer. In fact, the Surgeon General has warned that
radon is the second leading cause of lung cancer in the United States today. Only smoking causes
more lung cancer deaths. If you smoke and your home has high radon levels, your risk of lung cancer
is especially high.
Testing is the only way to know if you and your family are at risk from radon. EPA and the Surgeon
General recommend testing all homes below the third level for radon. Testing is inexpensive and
easy - it should only take a few minutes of your time. There are also professional inspection companies
that can do the testing.
If a radon problem exists, there are simple and inexpensive ways to fix the problem. Even high
levels of radon can be reduced to acceptable levels.
The average indoor radon level is estimated to be about 1.3 pCi/L and about 0.4 pCi/L of radon is
normally found in the outside air. The U.S. Congress has set a long term goal that indoor radon levels
be no more than outdoor levels. While this goal is not yet technologically achievable in all cases, most
homes today can be reduced to 2 pCi/L or below.
Like other environmental pollutants, there is some uncertainty about the magnitude of radon
health risks. However, there is more known about radon risks from most other cancer causing substances.
This is because estimates of radon risks are based on studies of cancer in humans (underground miners).
Additional studies on more typical populations are under way.
When all the necessary documents have been obtained and title problems, if any, cleared, a
closing is held. Although some sales agents perform this function in their own offices, this
service is most often provided by the title insurance company.
At this time, settlement sheets covering costs and pro-rations are reviewed, documents are
signed to be recorded, and funds are disbursed. In Colorado, in most closings, disbursements
of funds ocurrs simultaneously with the providing and signing of all required documents, and prior to
recording. It is possible, however, that disbursement of funds may be held until actual recording
has been done.
Cash or certified funds from the buyer are required to cover the down payment and buyer
closing costs. This figure will be determined one or two days prior to closing, during review of the
settlement sheet. Certified checks should be made out in the buyers' name, who will then endorse
the check over to the Title Company at closing. A picture identification (drivers license) is also required
for proof of identity.
Has the seller notified utility company, trash removal, post office, newspaper and etc. for change
of service and forwarding address?
Has the purchaser notified the above of beginning service dates?
Have the purchaser and seller agreed on possession date and time if the seller is occupying
the property following closing?
Did the seller leave warranty and operating instructions for appliances?
How will the buyer obtain keys to the property?
Listed below is a checklist of items that you will want to accomplish before the closing of your
new home at _________________________________________, as well as information on the closing.
Arrange for the cancellation of utilities, advise date to shut off service and where final bills are
to be sent.
| Electric _____________ |
Gas ______________ |
| Phone ______________ |
Cable TV __________ |
Send change of address cards to post office, magazines, insurance companies and stores
Cancel deliveries
| Newspapers_____________ |
Milk______________ |
Cancel trash removal.
Have electric and gas billing transferred on the day of closing
Call telephone company to have service transferred
Notify post office to start delivery
Arrange for trash pick up
Hazard insurance covering your new residence in compliance with lender's guidelines
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