Nolo's Essential Guide to Buying Your First Home (82 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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Piggyback loans (80/10/10)
 
PITI (principal, interest, taxes, and insurance)
 
Planned Unit Developments (PUDs)
 
for newly built houses
 
researching community
 
See also
Covenants, Conditions, and Restrictions (CC&Rs)
 
Plumbing
 
homeowner’s insurance exclusions
 
home warranties for
 
specialized inspections
 
PMI.
See
Private mortgage insurance
 
Points (loan origination fees)
 
avoiding loans with
 
benefits of finding lowest
 
interest rates and
 
intrafamily loans and
 
mortgage broker compensation and
 
online calculators
 
overview
 
paid by developers
 
paid by sellers
 
tax deductions for
 
Police activity, hazard insurance exclusions
 
Police departments, crime statistics
 
Possession, purchase agreement clause
 
Postal Service
 
getting rid of junk mail
 
notifying of move
 
Power outages, hazard insurance exclusions
 
Preapproval
 
for bank-owned property purchases
 
documents required for
 
financing contingency removal and
 
importance in hot markets
 
initial offer and
 
overview
 
vs. prequalification
 
where to go for
 
Preforeclosure, buying houses in
 
Prepaid legal plans
 
Prepayment penalties
 
for ARMs
 
avoiding
 
for FHA loans
 
reasons for avoiding
 
for seller-financed loans
 
tax deductions for
 
Prequalification vs. preapproval
 
Price of homeownership
 
Principal
 
defined
 
higher-than-required payments applied to
 
mortgage payment component
 
negative amortization and
 
Principal, interest, taxes, and insurance (PITI)
 
Privacy
 
CIDs and
 
renting out room in new home and
 
Private mortgage insurance (PMI)
 
down payment amount and
 
intrafamily loans and
 
tax deductions for
 
for VA loans
 
Probate, tenants by the entirety and
 
Probate sale property, buying
 
Promissory notes (notes)
 
for loans from family or friends
 
reviewing and signing
 
Property descriptions
 
boundary-line disputes
 
preliminary title report review
 
purchase agreement clause
 
Property fact sheets
 
Property inspectors
 
city inspectors
 
contacting to ask questions
 
disclaimers by
 
hired by seller
 
as information resource
 
investigating
 
overview
 
questioning reports
 
repairs done by
 
repairs prioritized by
 
responsibilities of
 
safety of
 
selecting
 
See also
Inspection contingencies; Inspections/ inspection reports
 
Property interest, in jointly owned property
 
Prorations and assessments, purchase agreement clause
 
“Protect Your Family From Lead in Your Home,”
 
Public sale or auction properties
 
auctions by sellers
 
buying
 
probate property
 
Purchase agreement clauses
 
agent payment or commissions
 
agent release
 
closing agent choice
 
closing date
 
damage to property
 
dispute resolution
 
down payment amount
 
earnest money amount
 
entire agreement
 
fees
 
fixtures and personal property
 
loan amount and conditions
 
offer and purchase amount
 
parties clause
 
possession
 
property description
 
prorations and assessments
 
rights of use
 
seller representation
 
signatures
 
time is of the essence
 
title
 
See also
Contingency clauses
 
Purchase agreements (house purchase contracts)
 
bringing to final walk-through
 
co-op agreements
 
counteroffers as
 
from developers
 
discussing with agent or attorney
 
earnest money deposits
 
escrow or trust accounts
 
initial offers as
 
to mortgage broker or lender
 
for newly built houses
 
overview
 
See also
Offers, written
 
Purchase price
 
appraisals for less than
 
determining offer amount
 
expenses beyond
 
first-time homebuyer tax credit and
 
house size and
 
intrafamily loans and
 
offering more in cold markets
 
overpriced houses
 
purchase agreement clause
 
real estate agent commissions and
 
reduced by cost of repairs
 
reduced in cold markets
 
seller financing and
 
See also
Value of property
 
Q
 
Questions for Seller Worksheet
 
Quitclaim deeds, sole property and
 
R
 
Radon gas, inspections to check for
 
ReadyMade
magazine
 
Real estate abbreviations, common
 
Real Estate Agent Interview Questionnaire
 
Real estate agents
 
assistants
 
attorneys for
 
designated agencies
 
dual agents
 
exclusive buyer agents
 
fictional
 
firing
 
full-service rebate agents and
 
how they are paid
 
licensing
 
listing agents
 
money-saving agent agreements
 
movie stars as
 
for newly built houses
 
overview
 
selecting
 
thanking
 
visiting houses without
 
Real estate agents, as information resource
 
on attorneys
 
on home inspectors
 
on homeowner’s insurance
 
on housing developments
 
on market temperature
 
on mortgage brokers
 
on neighborhoods
 
overview
 
on pest inspectors
 
on state disclosure requirements
 
Real estate agents, roles
 
closing
 
co-op closing
 
counseling
 
final walk-through
 
FSBOs and
 
househunting
 
inspections
 
intrafamily loan documents
 
offers
 
overview
 
short sales
 
Real estate brokers
 
discussing agent firing with
 
overview
 
websites sponsored by
 
Real-estate-owned (REO) properties
 
Real estate professionals
 
See also
Attorneys, real estate; Closing agents; Mortgage brokers; Property inspectors; Real estate agents
 
Real Simple magazine, organizing tips
 
Realtors.
See
Real estate agents; Real estate brokers
 
“Reasonable time,” closing within
 
Recasting loans
 
Recordation
 
administrative fees
 
closing agent role
 
of deeds
 
of deeds of trust
 
Recordkeeping
 
maintenance records
 
organizing resources
 
overview
 
personal records
 
purchase and ownership records

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