REAL ESTATE FAQs

What are some key issues for me to consider when reviewing a contract to purchase property? What is a title examination? What is title insurance and why do I need it? How should my name appear on the deed? What is the difference between a General Warranty Deed, Special (Limited) Warranty Deed, and Quit Claim Deed? What is a survey and why should I pay for one? What is an easement? If I have an easement over someone else’s property why do I need it? If someone else has a properly recorded easement over my property, what are my obligations and rights with respect to that easement? What is an escrow agent? How do I know what the land surrounding my property will be used for?

1. What are typical costs associated with entering into a lease?
2. What are typical costs associated with ending a lease?
3. Can someone refuse to rent to me because I have children?
4. My Landlord didn’t give me a move-in inspection sheet to fill out when I moved in. What should I do?
5. Can my landlord refuse to renew my lease even though I’ve been a good tenant?
6. Can my landlord give me a notice of termination without a reason?
7. How do I terminate my lease?

1. I am a homeowner and I received court papers for a mortgage foreclosure. What does this mean? Do I have to move?
2. I am a renter and I received court papers for a "mortgage foreclosure". What does this mean? Do I have to move?

1. Am I required to use an attorney when selling my home?
2. Should you buy another home before you sell you existing home?
3. Do I need a contingency provision if I have to sell my existing home before I purchase a new home?
4. Should I buy my new home and sell my new home in the same day?
5. What costs are associated with the sale of a home?
6. What do I need to do to get my home ready to sell?
7. Should I use a real estate sales agent in selling my home?
8. How do I find a real estate agent?
9. What agreement do I sign with the real estate agent when selling my home?
10. When should you consider selling your home yourself?

1. What is the difference between a fixed rate mortgage and adjustable rate mortgage?
2. Should I apply for an FHA Loan?
3. Will FHA make my payments for me if I can no longer afford to make my monthly mortgage payments?
4. What is private mortgage insurance (PMI)?
5. How do I determine how much I can afford to pay monthly for a home?
6. What is a point? Do I have to pay points when I take out a mortgage?
7. How do I qualify to obtain a VA loan?
8. How does the lender decide whether to lend you money?
9. What document will the lender provide me when my loan is approved?
10. What is the difference between the down payment and earnest money?
11. What is a good faith estimate?
12. Why do I need an appraisal of the property?
13. What happens at the closing?

1. Glossary
2. Other Link - ABA legal tips about home ownership web site (link)

• Buying a Home
• Leasing
• Foreclosure
• Selling a Home
• Financing the Transaction: Lenders and Mortgages
• Glossary of Commonly Used Terms and Other Links

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