The Home Buyer's Guide- Mock Up

The Home Buyer Guide Lane Bennet Homes

The Home Buyer Guide p. 2 the best journeys in life bring you home.

Lane Bennett Homes p. 3

contents The Home Buyer Guide p. 4

p. 5 WELCOME 6 Lane Bennett Homes ABOUT LANE BENNETT 8 OUR VISION & VALUES 9 MEET THE TEAM 10 ADVANTAGES OF REALTORS 12 GUIDE TO AGENCY TERMS 14 USING OUR SEARCH TOOLS 15 HOME OWNERSHIP BENEFITS 16 QUALIFYING FOR MORTGAGE 18 BREAKDOWN OF YOUR MORTGAGE 19 BUYER COSTS TO CONSIDER 20 HOME SEARCH FACTORS 22 THE BUYING PROCESS 26 COMMON BUYER MISTAKES 30 REAL ESTATE GLOSSARY 34 RICHMOND NEW RESIDENT INFO 36 OUR RECOMMENDED VENDORS 38 TESTIMONIALS 40 CONTACT THE TEAM 42

The Home Buyer Guide Welcome WE BELIEVE A HOME IS MORE THAN JUST A HOUSE IT'S THE HEART OF YOUR FAMILY. A CHERISHED GATHERING PLACE. YOUR OWN PERSONAL HAVEN. Whether this is your first purchase or your fifth, a vacation property or an investment property, our team is committed to the process of your home purchase. Because with our team, it's personal. Your home purchase is more than just a transaction, and we want to encourage and equip you along the way. Use the reference pages and explanations within this guide as a compass for your home-buying journey. As you move forward, know that we are here to offer our full expertise and all the resources of our office to offer expert guidance and achieve results. Bringing you home is our mission. Growing in passion for homes and people is our movement. And we are delighted to be a part of your journey. Warmly, The Lane Bennett Homes Team p. 6

Lane Bennett Homes p. 7

The Home Buyer Guide About Lane & Jill Bennett LEAD REAL ESTATE CONSULTANTS A WORD FROM LANE: I am a second generation REALTOR® and former loan officer who is proud to call the real estate industry not just my career, but my passion. Having spent more than 10 years listing and selling homes in the Richmond area, I consistently rank in the top 5% of REALTORS® nationwide. Read through my recommendations later in this guide and you will discover a dedicated, hardworking consultant who is as concerned about the details as he is savvy about strategy. I bring an \"out-of-the-box\" approach to clients looking for trusted guidance and real results, and my team as a whole reflects my vision for excellence in all things. I believe that being a real estate consultant means caring deeply for people, and those who know me best agree that I have always been one to prioritize relationships. I am grateful to have my beautiful wife, Jill, at my side as Co-Owner of Lane Bennett Homes. Jill specializes in home sellers and keeps me sane; together, we are backed by a team of professionals who are equally trained in all aspects of the transaction process. We like to thank that Lane Bennett Homes does real estate differently, simply because we think differently about ourselves - and by extension, our clients. We know we are more than just agents. We are consultants, creative strategists, problem solvers, home stagers, opportunity makers. And it's our privilege to serve you every step of the way in your journey home. AWARDS & DESIGNATIONS THE REAL ESTATE BROKERAGE 1 SOCIETY AWARD THE REAL ESTATE BROKERAGE 2 EXECUTIVE CLUB RICHMOND REAL ESTATE 3 TOP PRODUCER AWARD, 2017 p. 8

p. 9 Vision & Values WE BELIEVE IN TRUSTED WE BELIEVE IN EXCELLENT RELATIONSHIPS FOR LIFE. ELEVATED CLIENT EXPERIENCES. Your home purchase is likely the most Lane Bennett Homes takes a creative significant transaction of your life, and approach to the real estate world, offering we don't take that lightly. We are full-service solutions + commitments to consultants who value lifelong make your goals a reality. Our vision is to relationships with the clients who trust be thought leaders in an industry where us with their business. We believe in going \"above and beyond\" should be the being consistent. Attentive. Data- standard, rather than the exception. driven. Caring . We promise to distinguish ourselves with expertise We invest in each client with catered to your personal situation, tremendous energy, because you with excellent service extending well deserve an elevated level of service. beyond the closing table. What gets us up in the morning (besides really great coffee)? A desire to give our Bringing box-demolishing solutions to best and leave each client with a 5-star the real estate process is one of our core experience. Otherwise, we have not values. At the end of the day, we love done our job. what we do and believe we do it better than anyone else. That's just who we are. THE REAL ESTATE Lane Bennett Homes brokerage

The Home Buyer Guide meet the team... 01 02 03 04 01 .p

p. 11 who we are 0 1 LANE BENNETT 02 JILL BENNETT OWNER & TEAM LEADER CO-OWNER & LISTING SPECIALIST Direct: 757.851.2341 Direct: 512.596.3245 Email: [email protected] Email: [email protected] 03 ADAM JONES 0 4 AMY OLMSTEAD BUYER SPECIALIST EXECUTIVE ASSISTANT Direct: 254.451.2389 Direct: 254.697.3486 Email: [email protected] Email: [email protected] Lane Bennett Homes

The Home Buyer Guide advantages of working with a realtor® MARKET ANALYSIS We know the housing market inside and out and can help avoid many a \"wild goose chase\". As your search unfolds, we can help you discover and evaluate any home in the area, even if it is listed elsewhere or being sold by the owner directly. LEGAL KNOWLEDGE While we are not lawyers, we are experts in the contract involved in your transaction and the legal ramifications or potential hazards of certain steps along the way. REFERRAL NETWORKS We know the best lenders in the area, along with the title insurers, appraisers, and other real estate professionals who have a necessary hand in sale agreemets. p. 12

It's hard to argue with all of the quality traists experienced real estate consultanst bring to the p. 13 trablce for thier clients: seasoned negotiationg skills, a rich understanding of the local housing landscap, legal knowledge, and in-depth advice for home butyers on how to approach the process as a whole. Licensed REALTORS® are members of the National Association of REALTORS® (NAR) and must abide by a meticulous Code of Ethics and Standards of Practice. Far more than just \"agents\", they mare expert consultants who bring a wealth of knowledge and experience to the business of buing a home. COMMUNITY EXPERTISE We know the housing market inside and out and can help avoid many a \"wild goose chase\". As your search unfolds, we can help you discover and evaluate any home in the area, even if it is listed elsewhere or being sold by the owner directly. REPRESENTATION + NEGOTIATION We are experienced at presenting your offer to the homeowner and can assist you through the process of negotiating the best deal possible for you and your family. INFORMED PERSPECTIVES We bring objectivity to the buying transaction, identifying the advantages and disadvantages of a specifi property. Lane Bennett Homes

The Home Buyer Guide A quick guide to SELLER'S AGENT agency terms BUYER'S AGENT A seller's agent works solely on behalf of the seller to promote the interest of the seller with the highest p. 14 SETTLEMENT AGENT good faith, fidelity and loyalty. The agent negotiates on behalf of, and acts as an advocate for, the seller. The seller's agent must disclose to potential buyers all adverse material facts that he or she knows about the property. A separate written listing agreement is required which sets forth the duties and obligations of the broker and seller. A buyer's agent works solely on behalf of the buyer to promote the interests of the buyer with the highest good faith, fidelity, and loyalty. The agent negotiates on behalf of, and acts as an advocate for, the buyer. The buyer's agent must disclose to potential sellers all adverse material facts actually known by him or her, including the buyer's financial ability to perform the terms of the transaction and, if a residential property, 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 buyer. The settlement agent, working beneath the banner of a title company or law firm, ensures that all laws and regulation are followed in transferring real estate from one owner to the next. He or she oversees title searches, legal documents, fee payments, and other aspects of the property transfer, acting on the buyer's behalf and in coordination with the buyer's agent to ensure the conditions of the contract have been met and appropriate real estate taxes have been paid.

p. 15 using our Lane Bennett Homes search tools 24/7 ACCESS + UPDATES. ALL THE TOOLS YOU NEED FOR AN EFFICIENT PROPERTY SEARCH. We have employed cutting-edge technology in order to provide you with the most robust search tools and information about brokers, home buyer resources, and market data. With our Property Alerts feature, you can share properties, save searches, and automatically keep our team informed of your picks and preferences. The cornerstone of our website is our uniquely interactive, map-based property search, which enables you to search for just the right home and neighborhood. Enjoy... ABILITY TO DRAW CUSTOM SEARCH FOR BOUNDARIES. REAL TIME, DYNAMIC SEARCH FUNCTIONALITY. MARKET DATA AND STATISTICS, DISPLAY OF ALL PROPERTY LISTING DATA ON THE MAP, ACCORDING TO THE SEARCH CRITERIA OF YOUR SELECTION.

The Home Buyer Guide benefits of home ownership p. 16

p. 17 A HOME IS MOST LIKELY THE MOST SIGNIFICANT PURCHASE YOU WILL EVER MAKE. WHILE NO SCIENTIFIC FORMULA CAN TELL YOU WHEN YOU'RE READY TO BUY, YOU SHOULD TAKE STOCK OF YOUR FINANCIAL SITUATION AS WELL AS YOUR PERSONAL LIFESTYLE, THERE ARE A NUMBER OF ADVANTAGES TO HOME OWNERSHIP IN GENERAL, BOTH TANGIBLE AND INTANGIBLE, FOR YOUR CONSIDERATION AS THE BUYER. INVESTMENT Every payment you make on your mortgage puts you one step closer to acquiring a major possession. And every improvement you make to your property not only enhances your way of life, but also adds value to your home. For many people, this long-term benefit alone is enough to justify the cost of ownership. PROTECTION FROM INFLATION Once you purchase a home, the bulk of your housing costs are not exposed to inflation. That means your only housing expenses that will rise over time with inflation are property taxes, homeowners insurance and maintenance costs. EQUITY Because a home increases in value even as you are paying down your loan, most buyers effortlessly build equity. Equity creates wealth and helps you accomplish many financial goals, such as paying for retirement and funding a child's education. SATISFACTION For many people, home ownership simply makes life more enjoyable, whether it's the pride that comes from decorating and maintaining your home or the knowledge that your children will grow up in teh neighborhood of your choice. Home ownership is still the American Dream. Lane Bennett Homes

The Home Buyer Guide qualifying for a mortgage YOU MAY BE TAKING OUT ALL CASH FOR YOUR NEW HOME. BUT IF NOT, THEN YOU WILL BE TAKING OUT A MORTGAGE AND SHOULD BE ADVISED OF THE QUALIFICATION REQUIREMENTS AND PROCESS. HERE ARE SOME ASPECTS TO CONSIDER: INCOME History of employment, stability of income, potential for future earning, education, vocational training and background, and any secondary income such as bonuses, commissions, child support, etc. CREDIT REPORT History of debt repayment, total outstanding debt and available credit. PROPERTY The home you are buying must be appraised to determine that it has adequate value and is marketable to ensure it will secure the loan. ASSETS Cash on hand, other liquid assets such as savings, checking, CDs, stocks, and so forth. p. 18

BREAKDOWN OF p. 19 YOUR MORTGAGE Lane Bennett Homes PAYMENT PRINCIPLE The amount of money borrowed. Each month a portion of the principle is paid back. Over time, interest becomes a smaller portion of the monthly mortgage payment, and more of the payment goes toward reducing the principle owed. INTEREST The cost of borrowing money, usually expressed as an annual percentage of the loan amount, for example, 4% of 6%. Principle and interest are amortized over a period of years, typically for 15 or 30 years. PROPERTY TAXES Taxes paid to a local government, usually a percentage of your property value. Your lender generally collects the taxes through your monthly payments and pays them directly to the local government. The amount of tax will vary depending live and the type of property you own. PRIVATE MORTGAGE INSURANCE (PMI) An insurance policy of down payments of less than 20% of the home price, which helps mortgage lenders recover some losses if a borrower fails to fully repay. Mortgage insurance makes it possible to buy a home with a low down payment.

The Home Buyer Guide buyer costs to consider AS A BUYER, THERE ARE A FEW CASH/OUT OF POCKET EXPENSES YOU WILL BE REQUIRED TO PAY UP FRONT. OUR TEAM WILL BE PROVIDE YOU WITH DETAILS ON THE EXACT AMOUNTS OF EACH EXPENSE, WHICH WILL VARY DEPENDING ON THE TRANSACTION. WHEN YOU ARE READY TO MAKE AN OFFER, THESE ARE THE INITIAL EXPENSES TO PREPARE FOR: INITIAL OUT OF POCKET EXPENSES DEPOSITS HOME INSPECTIONS APPRAISAL EXPENSE This is your cash up front You have the right to The exact amount is to show good faith that request an inspection of dependent on your loan type. you plan on proceeding any property you are Ask your lender if this fee is with the contract as it is thinking of purchasing by a paid at closing. written and to abide by professional inspector of deadlines. An initial \"offer your choice. You should deposit\" of $500 - $1000 always exercise your option is usually required, which to have the physical binds the contract. After condition of the property satisfactory inspections and its inclusions inspected. are complete, an Depending on the size and additional deposit is specification of the required of generally 5% property, a general home of the sales price, less inspection will run you the offer deposit. between $400 and $600. p. 20 THE DOWN PAYMENT Depending on the type and terms of your loan, your down payment may be anywhere between 0% and 5% or more of the home's sale price. If you can manage a 20 - 25% down payment, you may be eligible to take advantage of special programs and possibly eliminate mortage insurance. Many buyers believe that \"bigger is better\" when it comes to down payments. In many cases, this may be true. However, the arithmetic will differ from case to case. A bigger down payment means smaller monthly payments and lowers interest expense for as long as you remain with a mortgage. This can be an important factor for many people. A smaller down paymenyt, on the other hand may allow you to keep your extra cash liquid and avaialble for an emergency.

p. 21 THE CLOSING COSTS In addition to the down payment on your home, you will be required to pay fees for loan processing and other closing costs.These fees must be paid in full in cash at the time of the final settlement, unless you can include these in your financing. Typically home buyers will pay between about 2 to 5 percent of the purchase price of their home in closing fees. Frequently buyers can negotiate that the seller pay closing costs; this is part of the offer and negotiation period. That said, here are some of the fees that make-up closing costs: MORTGAGE APPLICATION FEES OR LOAN ORIGINATION FEES. The lender charges this fee to process the loan. It may be paid prior to or at closing by the buyer. APPRAISAL FEES. Charged by the appraiser to determine the value of the home, these fees paid by the buyer, usually at closing (but sometimes outside of closing, depending on the lender). FEES FOR SURVEY, TITLE SEARCH, AND RECORDING FEES. These are paid by the seller or buyer and at the closing table. PROPERTY INSURANCE. Paid by the buyer to insure the property, this may be paid to the insurance company prior to closing or included in the closing transaction.  PROPERTY TAXES. This amount must be calculated to determine how much the buyer and seller must pay for the prorated portions of the tax year. POINTS. The amount is charged to reduce the interest rate through the life of the loan. One point is equal to one percent of the loan amount. TITLE INSURANCE. Homeowners title insurance, as well as lender title insurance. Lane Bennett Homes

The Home Buyer Guide home search factors THE CONDITION Whether you're interested in homes built in the last several years or properties constructed at the turn of the 20th century, chances are there are some flaws - potentially perhaps even major issues - that merit some attention and action. Here are the primary issues to look for: FOUNDATION POWER + HEAT if you discover any breaks, cracks, pets, or mold Low-performing air and heating systems, near the foundation of a home, that could be a window leaks, or wiring and insulation, and red flag. Consult a professional for a specific faulty switches are all telltale signs of a home insight before assuming the problem is a total that may need some updating. deal - breaker. EXTERIOR ODORS Take the time to observe any outdoor elements Smell doesn't lie. A general air quality or a for potential defects, such as panels siding, specific area of the home may cause a physical roofing, window shutters, and holes / cracks in reaction; in those cases, ask the right questions the wall. Also take a look at important spaces to see if the issue can be remedied, or consider such as the yard, driveways, pools, and sheds. whether you just need to move on. p. 22

p. 23 THE TYPE & PRICE You may be a couple looking for a small retirement home, or a growing family in need of an upgrade. Whatever your situation, know that every listing you preview will reflect its own unique style, size, and shape, so it's important to decide what your expectations and requirements actually are. Meanwhile, don't forget the overarching financial considerations to bear in mind as you move forward. THE TYPE The kind of residence you desire may not exist in every community. For example, townhomes are prevalent in cities, where as ranch style homes are often easily found in suburban and rural areas. Whatever style you prefer realize that each property type comes with its own set of advantages. A condo in the city will likely have easier access to stores gyms and other amenities. On the other hand, if you plan to purchase a detached, single-family home in The burbs you may find that the arrangement affords more privacy and space, especially for kids to enjoy the outdoors. Also consider the age of the property. Pre-owned listings tend to sell more affordably than new construction so if you are leaning toward a brand new home, be sure to take any special down payment requirements and the like into account FOUNDATION before you start touring homes, break down your budget and assess what the ceiling is for your maximum monthly payment. There are many mortgage calculators available online, so find one, and put the figures reflective of your financial situation parentheses current income, projected income, savings, etc. Parentheses to help you determine what's a feasible monthly home loan payment would look like. Lane Bennett Homes

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The location p. 25 Where are the nearest public transportation hubs? What kind of businesses are nearby? What is the quality of school systems in the area? Questions like these, and many others, are necessary as you begin your home search with the \"big picture\" of your preferred environment it's important to ensure you are near useful amenities, agencies, etc. WORK COMMUTE SCHOOLS Consider whether it is easy for you, and any You may not have children now, but others you intend to live with, to get to and from regardless, the quality of a school system work on a regular basis. What are traffic has an enormous impact on the value of a patterns like? Is public transport nearby? home, its resale value in the development of its community. CHILD CARE PUBLIC SERVICES As you tour homes, considered the options you Learn all you can about general municipal may have for quality care for your children, or services and nearby hospitals, local police, future kids. Are there any reputable daycare and fire departments. Get a feel for the centers nearby? community and the accessibility of its various public services. Lane Bennett Homes

The Home Buyer Guide the buying process: the details p. 26

p. 27 the offer 01 Once you have found the home you wish to purchase, you will determine the specifics of your offer. Remember, be realistic. We are here the to advise you regarding exactly how to proceed in this stage of the transaction process, based on your specific needs, market analysis, etc. To communicate your interest in purchasing a home, we will present the listing agent with a written offer. The offer will either be accepted, rejected, or the seller will make a counter-offer. This is when we will negotiate terms of the contract of necessary. There are five primary areas of negotiation: price, closing costs assistance fees, terms, inclusions, possession, and contingencies. We will walk through these as the offer moves forward. Once an offer has been successfully negotiated and executed by both parties, it is \"ratified,\" becomes a legal contract, and we move into the property inspection period. the inspection 02 If you are purchasing a resale property, we highly recommend that you Lane Bennett Homes have a professional home inspector conduct a thorough inspection. The general inspection will include but me not be limited to the following colon appliances, plumbing, electrical, air conditioning & heating, ventilation, roof and attic, foundation, general structure. The inspection is not designed to criticize every minor problem or defect in the home it is intended to report on major damage or serious problems that require repair and to provide you with important information about the home. A property cannot pass or fail inspection, and your inspector should not tell you whether he / she thinks the home is worth the money you are offering the inspectors job is to make you aware of recommended repairs.

The Home Buyer Guide the closing 03 A \"closing\" is the meeting the buyer(s) and their agent, along with the settlement agent, wherein the actual transfer of the title to the property occurs. The Purchase and Sales Agreement you have signed describes the property, states the purchase price and terms, sets forth the method of payment, and usually names the date and place where the closing or actual transfer of the property tile and keys will occur. This meeting is also referred to as \"the settlement\". The title company (or law firm) transferring ownership of the property to you will prepare a new deed. Your lender will require you to sign a document,usually a promissory note, as evidence that you are personally responsible for repaying the loan. You will also sign a mortgage, or deed of trust, on the property as security to the lender for the loan. The mortgage or deed of trust gives the lender the right to sell the property if you fail to make the payments. Before you exchange these papers, the property may be surveyed, appraised, or inspeced, and the owenership of the title will be checked in court records. You will also be required to pay all fees and closing costs in the form of \"guaranteed funds\" such as a cashier's check of wire transfer. your agent or settlement agent will notify you of teh exact amount before closing. p. 28

START HOME HUNTING BUYING PROCESS: p. 29 QUICK OVERVIEW 01 We are available at any time to help you SUBMIT YOUR OFFER find your ideal home, utilizing 02 When you find powerful and the right home, efficient tools. you should present a GO UNDER CONTRACT competitive offer right away. 03 When the seller accepts your offer, you \"go CONDUCT INSPECTIONS under contract.\" We will get to 04 7-10 days after work on all the ratification, particulars. inspections are performed to CLOSE ON YOUR HOME ensure the property is just right for you. 05 Bring your MOVE IN AN ENJOY driver's license to the closing 06 The home is Lane Bennett Homes procedure - yours to love. your next steps Make sure to will be into your notify important new home! contacts, agencies, etc. of your move.

The Home Buyer Guide COMMON BUYER MISTAKES TO AVOID MISTAKE #1: NOT GETTING PRE-APPROVED Convinced a home purchase is in the near future? Your initial step should be to speak with a qualified lender about how much you can afford to spend. This one step will save you considerable time by allowing you to preview homes you know you can afford, rather than pursuing properties outside of your determined price range. Also, pre-approval status puts you in a better position over another bidder who is not pre-approved. If you don't already have a lender you trust, don't worry - we can help you out there. MISTAKE #2: NOT CREATING A LONG-TERM BUDGET Before you begin a home search, you should consider creating a practical working budget. A good rule of thumb is to allocate no more than a third of your monthly household income to housing costs, including mortgage principle, interest, insurance, and taxes. Work sheets are available online to assist you in determining how your income, debts, and expenses influence what you can and cannot afford each month for the next 15 or 30 years. Plan wisely for the future. p. 30

MISTAKE #3: NOT USING PROFESSIONAL HELP p. 31 One may always purchase a home without the assistance of a real estate professional. However, consider just how much time, energy, and stress and expert agent can save you. To begin with, our team of professionals has access to all the homes on the market through the multiple listing service, or MLS, including those already under contract or sold. As specialists, we can gather and compare all of these listings, schedule appointments, show you properties, create comparative market analyses to determine pricing, and meet with all parties involved in the transaction. We can also help you navigate many pages of legal paperwork. Buying a home is an extremely detailed process with many moving parts. Why go it alone? Lane Bennett Homes

The Home Buyer Guide MISTAKE #4: BELIEVING YOU WILL GET EVERYTHING ON YOUR \"WISH LIST\" Many home buyers make the mistake of being overly close-minded when searching for the ideal property. Prior to previewing homes, you might create a needs/wants list to guide you. Possible \"must haves:\" new kitchen appliances, big trees in the backyard, or an extra room for a study. Understand that a certain amount of flexibility is essential as you aim to satisfy your needs and stay within your budget. MISTAKE #5: NOT CONSIDERING THE RESALE VALUE OF YOUR HOME As a buyer, there are a few cash/out of pocket expenses you will be required to pay up front. our team will be provide you with details on the exact amounts of each expense, which will vary depending on the transaction. When you are ready to make an offer, these are the initial expenses to prepare for: p. 32

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The Home Buyer Guide Glossary of real estate terms Abstract of Title. A complete historical summary of the public records relating to the legal ownership of a particular propoerty from the time of the first transfer to the present. Adjustable Rate Mortgage. Also known as a variable-rate loan, an ARM is one in which the interest rate changes over time, relative to an index like the Treasury index. Amortization. The process of reducing the principle debt through a schedule of fixed payments at regular intervals of time, which an interest rate specified in a loan document. Appraisal. A professional appraiser's estimate of the market value of a property based on local market data and the recent sales prices of similar properties. Assessed Value. The value placed on a home by municipal assessors for the purposes of determining property taxes. Closing. The final steps in the transfer of property ownership. On the closing date, as specified by the sales agreement., the buyer inspects and signs all of the documents relating to the transaction and the final disbursements are paid. Also reffered to as the Settlement. Closing Costs.  The costs to complete a real estate transaction in addition to the price of the home, may include: points, taxes, title insurance appraisal fees and legal fees. Contingency. A clause in the purchase agreement that describes certain conditions that must be met and agreed upon. Counter-Offer. Also known as a variable-rate loan, an ARM is one in which the interest rate changes over time, relative to an index like the Treasury index. Conventional Mortgage. One that is not insured or guaranteed by the federal govenment. Dept-to-Income Ratio. A ratio that measures total dept burden. It is calculated by dividing gross monthly dept repayments, including mortgages, by gross monthly income. Down Payment. The money paid by the buyer to the lender at the time of closing. The amount is the difference between the sales price and loan. Requirements vary by loan type. Earnest Money. A deposit given by the buyer to bind a purchase offer and which is held in escrow. If the property sale is closed, the deposit is applied to the purchase price. If the buyer does not fulfill all contract obligations, the deposit may be forfeited. p. 34

p. 35 Escrow. Funds held by a neutral third party (escrow agent) until certain conditions of a contract are met and the funds can Lane Bennett Homes be paid out. Escrow accounts are also used by loan services to pay property taxes and homeowners insurance. Equity. The value of the property, less the loan balance and any outstanding liens. Easements. Legal right of access to use of a property for specific purposes. Lien. A claim or charge on property for payment of a debt. With a mortgage, the lender has the right to take the title to your property if you don't make the mortgage payements. Market Value. The amount a willing buyer would pay a willing seller for a home. An appraised value is an estimate of the current fair market value. Mortgage Insurance. Purchases by a buyer to protect the lender in the event of default (typically for loans with less than 20% down). Available through a government agency like the Federal Housing Administration (FHA) or through private mortgage insurers (PMI). Pre-Approval Letter. A letter from a mortgage lender indicating that a buyer qualifies for mortgage of a specific amount. It also shows a home seller that yuo're serious buyer. Principle. The amount of money borrowed from a lender to buy a home, or the amount of the loan that has not yet been paid. Does not include the interest paid to borrow. Purchase and Sales Agreement. A contract in which a seller and buyer agree to transact under certain terms spelled out in writing and signed by both parties. Survey. An assessment of property lines to determine the exact amount of land that a homeowner that is not insured or guaranteed by the federal govenment. Title. The right to ratio that measures total dept burden. It is calculated by dividing gross monthly dept repayments, including mortgages, by gross monthly income. Title Insurance.  Insurance policy that guarantees the accuracy of the title search and protects lenders and homeowners against legal problems with the title. Two separate policies are recommended --- lender title (required) and owners title policy. Title Search. A histroical review of all legal documents relating to ownership of a property to determine if there have been any flaws to prior transfers of ownership or if there are any claims or encumbrances on the tite to the property.

The Home Buyer Guide Richmond New resident info p. 36 CABLE TV/SATELLITE COX CABLE................................................................................................804.239.2834 cox.com DIRECT TV.................................................................................................804.856.2939 direcTV.com COMCAST...................................................................................................804.235.2834 Xfinity.com DISH NETWORK....................................................................................804.982.3949 dish.com UTILITIES DOMINION ENERGY..........................................................................804.886.3946 richmondgov.com/power TRASH COLLECTION........................................................................804.856.2939 richmondgov.com/trash WATER/SEWER...................................................................................804.856.2939 richmondwater.org POST OFFICE US POSTAL SERVICE........................................................................804.856.2939 richmondwater.org PUBLIC SCHOOLS RICHMOND PUBLIC SCHOOLS.................................................804.856.2939 richmondps.com DIVISION OF MOTOR VEHICLES VEHICLE LICENSE INFORMATION.........................................804.856.2939 virginia.org/dmv

TRANSPORTATION p. 37 REGIONAL TRANSPORTATION DISTRICT.........................804.239.2834 Lane Bennett Homes rtd-virginia.com AMTRAK......................................................................................................804.856.2939 amtrak.com AIRPORT INFORMATION..............................................................804.235.2834 flyvirginia.com VOTER REGISTRATION VOTER REGISTRATION INFORMATION.............................804.886.3946 richmondgov.com/voting GENERAL CITY OF RICHMOND CITY OF RICHMOND SERVICES...............................................804.886.3946 Dial 311 for more information: LANEBENNETTHOMES.COM/ RELOCATION

The Home Buyer Guide our recommended vendors p. 38 This list was assembled for your use in your new home, based off of recommendations from local residents and our experienced team. please use this compilation of helpful information on contractors, electricians, plumbers, etc., as a starting place for any of your home project needs. CONTRACTORS LEGACY HOME.......................................................................................804.239.2834 legacyhome.com MORRIS CONSTRUCTION GROUP.........................................804.856.2939 mconstruction.com THE FINAL TOUCH..............................................................................804.235.2834 the finaltouch.com ELECTRICAL & PLUMBING NICHOLS ELECTRIC..........................................................................804.886.3946 nicholselectricgroup.com G & L PLUMBING..................................................................................804.886.3946 glplumbing.com FENCING GATEWAY FENCING.........................................................................804.886.3946 gatewayfencing.com FLOORING RICHMOND CARPET AND TILE,..............................................804.886.3946 richmondcarpettile.com HOME CLEANING ACCURATE CLEANING...................................................................804.886.3946 accuratecleaning.com

p. 39 NEED MORE RECOMMENDATIONS? Lane Bennett Homes JUST GIVE US A CALL. HOME INSPECTIONS THE HOME INSPECTOR LLC.....................................................804.886.3946 thehomeinspector.com APEACE OF MIND INSPECTIONS............................................804.874.2774 pominspections.com RC INSPECTIONS...................................................................................804.112.3995 rcinspect.com LANDSCAPING & MASONRY ROBINSON LANDSCAPING.........................................................804.388.5064 robinsonlandscaping.com JULIA'S GARDEN...................................................................................804.374.2774 juliasgarden.com ED GREGSON MASONRY..............................................................804.112.3995 edgregmasonry.com

The Home Buyer Guide \"I never doubted for a moment that Lane's entire team had me in good hands. Honestly, i cannot imagine a better experience buying my very first home.\" TESTIMONIALS p. 40

p. 41 \"exceptional in every aspect\" \"I have bought two homes in the past, but bought my 'forever home' with Lane Bennett and her team. Best decision I ever made. Everyone on the team exceptional in ever aspect and made me feel like I was their only client. Not something you see every day! I'm so grateful for their help and care.\" ( Tom L.) \"made the process amazingly enjoyable\" \"As first time home buyers, my husband and I had our doubts. Every part of the process was intimidating to us, until we called the LB team. They made the process amazingly enjoyable. It was really a joy to be their client.\" (Natalie N.) \"I would recommend this team to anyone\" \"I have to say, I never doubted for a moment that her entire team had me in good hands. Honestly, I cannot imagine a better experience buying my very first home. I thought I would wear the team out with my many questions, but everyone had my back and I closed without a hitch. I would recommend this team to anyone. Thans, Lane Bennett Team!!\" (Amy M.) \"exceeded my expectations\" \"We bought our home with Lane Bennett and she exceeeded my expectations in every way. Keep up the good work, Lane!\" (Joy A.) \"a job so well done\" \"When I bought my home, the process was not without twists and turns. At one point I thought we'd lose the deal...but Lane resolved the issue with grace and strategy. A job so well done. I am grateful to her.\" (Jeff W.) Lane Bennett Homes

The Home Buyer Guide Contact our tEAM Office Phone: 123.456.7995 Email: [email protected] lanebennetthomes.com facebook.com/lanebennetthomes p. 42

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THE REAL ESTATE brokerage All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Lane Bennett Homes shall be responsible for any typographical errors, misinformation, or misprints and shall be held totally harmless