Buyers Guide Full Size Booklet - Blue

Bhandubook y e rYour guide to purchasing a home.

WELCOME TO YOUR HOMEBUYER GUIDE THIS GUIDE BELONGS TO: Buying a home is one of the biggest, most important investments you'll make in your life. It could also be stressful, especially if you're a first time home buyer or if you don't quite understand the process. Before you start anxiously shopping for properties, make sure you're ready and that you have at least a baseline understanding of the process to make it as smooth as possible. This guide will walk you through the steps of purchasing a home from start to finish. There is space in this guide to write down your mortgage information, house hunting criteria, and other notes to keep you organized and informed throughout the entire process. [email protected] 352-448-8780 MALCOM.KW.COM -2-

4 PARTNER WITH AN AGENT HOME BUYING 6 GET YOUR FINANCES IN ORDER 10 SECURE FINANCING PROCESS 15 START HOUSEHUNTING 22 GET UNDER CONTRACT 25 CONTRACT TO CLOSE 38 CLOSING DAY! 39 PACKING AND MOVING 42 REAL ESTATE TERMS -3-

FIRST THINGS FIRST Buying a home is no small task and requires a lot of time and effort. Don't go down that road alone. Your very first step is to choose someone you trust to help you get ready for the process. Whether you're ready to buy now or a year from now, having someone in your corner keeping you up to date on what's happening in the market is essential. 1. Partner with a Real Estate Agent As you set out to find the right home for Did You Know? you, be sure to select an experienced, trusted professional who will help you Buyer's agent services make informed decisions and avoid any come at no cost to you. pitfalls. Buyer's agents are typically compensated by the Seller Your real estate agent will be your \"wingman,\" helping you navigate each at closing. step of the home buying process while being readily available to answer your questions. From helping you find lenders, inspectors home insurance options, home repair contractors or anything else you may need along the way, the right agent will use their knowledge, experience and community connections to make the experience as smooth as possible for you. Your agent job will help you find a home that meets your needs and budget requirement. They can also provide information on neighborhoods, schools, property tax rates and more and will handle negotiations with the seller when you're ready to put an offer on a home. -4-

MEET YOUR TEAM Malcom Askew Ashlei Harris A native of Jacksonville by way of Daytona Originally from Homestead, a city in Dade Beach, Malcom relocated to Gainesville in 2006 County FL, Ashlei relocated to Gainesville in where he pursued his degree in Business from 2006 to earn her Bachelor's degree in Business Santa Fe College in 2011, shortly before from the University of Florida and is now a becoming a licensed Realtor in 2012. With 200+ double-Gator after having earned her Master’s closed sales and 10 years of experience, 8 of In Business as well in 2018. which as a multi-million dollar top producer, he continues to seek education and training to Ashlei has over 15 years of experience in the stay ahead of the ever-changing real estate Human Resources field where she specialized market. He is also a real estate instructor and in system automation and optimization focused coach for new and experienced agents all on enhancing the employee experience. She across North Florida. has been managing the real estate team part- time for the last three years and recently joined When he’s not studying real estate market full time in 2022. trends or working hard for his clients, he enjoys rooting for his beloved Florida Gators (Go Ashlei’s dynamic and diverse skill set has taken Gators!) and his hometown Jacksonville Jaguars. the team (and ultimately the client experience) He also enjoys playing chess, adding to his to new heights in her 3 years as the Director of smart home collection, and spending quality Operations. She is an innovative and aggressive time with family and friends. problem solver and does so with a pleasant demeanor and warm smile. Ashlei recognizes Malcom has a deep passion for empowering the trust our clients place in us to guide them and connecting with fellow young professionals through one of the biggest financial decisions in the Alachua County area. He has served as of their lives. She strives everyday to exceed the Membership Committee Chair of Alachua their expectations and anticipate their every County Emerging Leaders (ACEL), Chair of need. GACAR Young Professionals Network, and an Ambassador for Gainesville Black Professionals. In her free time, Ashlei enjoys DIY home Malcom currently serves as Vice Chair of the renovation projects, traveling, trying new GACAR Tech Committee, and is a member of recipes and spending time with loved ones. the Associate Leadership Council for KW Gainesville. -5-

GET YOUR FINANCES IN ORDER 2. Check your credit report and know where you stand The next step is to fully understand your finances. It's not as fun as looking at homes, but it's important and necessary to help you determine your budget or how much home you can afford. YouCrredit Report Your credit score will determine your interest rate and what loan programs This is a record of money you qualify for. Make all your debt borrowed, history of payments on time and keep revolving repayment, and how much account balances low. Credit card open credit is available to you. balances of less than 30% is good but Lenders rely heavily on this less than 10% is best. information as it signifies your creditworthiness and the You can obtain a free copy of your likelihood that you'll repay your credit report at mortgage. Your credit report www.annualcreditreport.com or by details: calling 877-322-8228. If you see any errors on your credit report, now is the A list of debts and a time to work on it. Be sure that when history of how you've you apply for your mortgage loan, you paid them, including will not have any surprises pertaining to credit cards, car your credit. loans, and student loans. Next, create a budget - a financial plan that helps track and control your Any bills referred to a spending and allows you to save collection agency money. Use the worksheet on the next page to help you determine what your Public-record monthly housing budget should be. information such as tax liens and -6- bankruptcies Inquiries made and if you were given credit based on your inquiry.

How Much Home Can I Afford? Mortgage Qualification Worksheet Before you fall in love with a home, you should determine how much you can comfortably afford to pay each month. It's not about the maximum amount you can borrow based on your income; it's about deciding for yourself what is a manageable monthly payment. You don't want to fall into the trap of being \"house poor\" where so much of your income is spent on homeownership that there is very little left in the budget for other important expenses. So how much you can afford? You can start by using the debt-to-income ratio (DTI) - a measurement of how much debt obligations you have against your total income. Most experts will use the 28/36 percent Calculate Your DTI rule as a benchmark. The first qualifying number (28%) is the amount of your Gross Monthly Income monthly gross income that should be allocated toward your housing costs only. x Second Qualifying Ratio X 36% This amount includes principal, interest, property taxes, insurances and HOA dues. = Total allowable for monthly debts The second qualifying number (36%) is the amount of your monthly gross income - Total Monthly Debt that should be allocated toward all your debts, including your housing costs. (Car loans, student loans, etc.) If you have a lot of debt, your housing = *Total available for payment may need to be below 28%. mortgage payment *Ensure this amount does not exceed the first qualifying ratio of 28% of gross monthly income. If you do not have a lot of debt, the amount of your monthly gross income available may exceed 28%. It is still a good practice to keep this number under 28%. After you calculate your housing budget using the qualifying ratios of 28/43 percent, you can then decide if you are comfortable allocating that amount towards your housing cost or if you want to adjust your payment down to a more comfortable level. With this number in mind, your lender can help us determine what price range to shop within based on your quoted interest rate and loan type. -7-

GET YOUR FINANCES IN ORDER Start preparing for down Benefits of a 3. payment, closing costs Large Down Payment and future maintenance Better interest rate expenses. Lower upfront and For down payment, most loan programs allow a ongoing fees minimum of 3-5% down and some require none, such as government-backed programs More equity in the home offered by the VA and USDA. However, there are benefits to larger down payments. Lower mortgage payment Avoid PMI For closing costs, expect to pay between 3-5% Did You Know? of the purchase price. These costs are incurred to facilitate the purchase transaction A relative can help cover and include lender fees, title fees, recording your down payment fees, etc. expenses in the form of a Most buyers already know to start saving for a gift. Ask your lender down payment and closing costs well in advance of buying a home, but what is often about any restrictions. forgotten is the true cost of homeownership which includes repairs and maintenance. The last thing you‘d ever want to happen is to deplete your bank account buying your dream home and not having the funds to make the necessary repairs. Save early and save plenty. Homeowners spend on average between 1- 4% of their home value on annual repair and maintenance costs. -8-

How Much Do I Need to Save? Savings Prep Worksheet Using your ideal monthly payment figure from the Mortgage Qualification Worksheet, let's estimate how much you should have saved for the purchase of a new home. The chart below provides a rough estimate of your purchase price power based on your monthly payment figure. Monthly Payment Purchase Price $ 800 - $1000 $100,000 - $150,000 $1000 - $1500 $150,000 - $250,000 $1500 - $2000 $250,000 - $300,000 $2000 - $2500 $300,000 - $400,000 Calculate Your Savings Budget Ideal Monthly Payment Estimated Purchase Price Down Payment (5%) Closing Costs (4%) Repair Budget (4%) Total Savings for Purchase Keep in mind, that these are just estimates to help you set some goals and get started. Your lender will account for all factors that will affect your monthly payment and purchase price including loan type, actual down payment, actual closing costs, HOA fees, taxes, insurance and your interest rate. -9-

SECURE FINANCING Submit a mortgage Application Sections: 4. application and obtain a Section 1: Borrower Information: Collects your personal information, pre-approval letter. income and employer After getting your finances in order, the Section 2: Financial Information - next step in the home buying process is to Assets and Liabilities: Collects submit a mortgage application with a local information about your financial lender. assets, personal financial obligations and debts you owe. Working with a trusted local lender is going to increase your chances of getting Section 3: Financial Information - your offer approved and closing on time. Real Estate: Collects information Their reputation is key to their success about property you already own and and are more likely to provide higher the debts and expenses related to the levels of service and more local expertise property. than working with a national lender. Section 4: Loan and Property The lender's loan application, will ask you Information: Collects information information about your credit, debts, work about the loan purpose and the history, residential history, and down property your are buying or payment. refinancing With this preliminary information, the Section 5: Declarations: Asks specific lender will review your current financial questions about the property, how the status to determine if you are eligible for a property will be financed, and your loan. past financial history If your lender determines you qualify for a Section 6: Acknowledgement and loan, you'll receive a pre-approval in Agreements: Informs you of your writing that outlines the maximum amount legal obligation related to the you can borrow. Remember, it's a mortgage application, and asks that maximum, and not necessarily the amount you acknowledge that certain you should borrow. Receipt of a pre- information will be obtained, used and approval letter is essential before we start shared househunting. Section 8: Loan Originator - 10 - information: Provides you information about the loan originator Section 7: Demographic Information: Requests information the Lender is required to ask you by law

Pre-Approvals: Why Are They So Important? The 4 C's of Credit Analysis A pre-approval is not a commitment to lend; it is simply how much your lender is willing to CAPACITY lend to you - pending forthcoming details, such as the value of the home and the Your current and future ability specifics of your loan. to make loan payments A pre-approval allows you to look for a home with greater confidence and demonstrates to CREDIT the seller that you are a serious buyer. Without a pre-approval letter, your offer has a Your history of paying bills and very low chance of being accepted by a seller in a multiple offer scenario. When the sellers other debts on time knows you're qualified to buy the home, you're in a better position to potentially win CAPITAL the bidding war. The money, savings and Pre-approval letters have an expiration date of typically 60-90 days, so be sure to ask your investments you have that can lender how long your letter will remain valid. be sold quickly for cash Prior to issuing a pre-approval your lender evaluate your “4 Cs” to determine how much you may be qualified to borrow. The “4 Cs“ refers to the four lending criteria lenders use to evaluate the strength of a loan: Capacity, Credit, Capital and Collateral. COLLATERAL The home you want to buy must have enough value to use as security for the loan

SECURE FINANCING LOAN DOCUMENTATION Checklist Every mortgage loan may be different, but the documentation lenders will need in order to pre-approve a loan are standard. The common items are listed here. Be ready to submit these along with your application: Valid Driver's License or other acceptable form of ID Social Security card Two year residential address history Two year work history Income verification - Employer name and address Two recent years of W-2s Two recent pay stubs Two months of bank statements Copies of recent federal tax returns List of assets - particularly real estate owned If VA - Certificate of Eligibility If self-employed - business license, personal and business federal tax returns, business bank statements, and business Profit & Loss Statement - 12 -

What Types of Home Loans Are Available? As you go through the pre-approval process, your lender will also discuss different loan options that may be available for you. Here is a list of the most common types of loan products that buyers use to purchase property. Conventional Conventional loans are the most common Conventional loan characteristics: in the mortgage industry. They are not government-backed but they do follow Minimum credit score of 620 lending rules set by Fannie Mae and Down payment as low as 3% Freddie Mac. No private mortgage insurance (PMI) with 20% down payment Conventional loans are for buyers who No upfront fees want a basic, standard loan. It is designed Loan amounts up to conforming for primary residences, second homes, limits and investment properties. FHA FHA loan characteristics: Minimum credit score of 580 FHA loans are insured by the Federal Down payment as low as 3.5% Housing Administration and are designed 1.75% funding fee for homebuyers with less-than-perfect 0.45-1.05% mortgage insurance credit. The loan requirements are lenient premium (MIP) compared to other loan programs, Primary residence only therefore, it serves a larger population of Loan amounts up to county prospective buyers. limits VA VA loan characteristics: 0% down payment VA loans are backed by the Veterans No minimum credit score Administration and offered to veterans, No PMI active duty service members, guardsmen, Funding Fee assessed reservists, and surviving spouses. Primary residence only Loan limits up to A valid Certificate of Eligibility will be conforming limit required to take advantage of this loan program. - 13 -

What Types of Home Loans Are Available? USDA USDA loan characteristics: USDA loans are designed for those who 0% down payment prefer pastures over pavement. It is a loan No minimum credit score insured by the U.S. Dept of Agriculture and No maximum loan limit used to finance eligible rural properties. 1% funding fee and 0.35% annual fee Rural properties only Primary residence only Loan Characteristics Conv FHA VA USDA Credit score requirement 620 580 None None Down payment 3% 3.5% 0% 0% Maximum DTI 50% 57% 60% 41% Upfront fees None 1.75% 2.3% 1% PMI Yes No No No Annual fees/ MIP No Yes Yes Yes Primary residence only? No Yes Yes Yes Notes: 1.FHA - minimum 3.5% down with 580 credit score; 10% down with 550-579 credit score. 2.VA and USDA - agencies don’t have a minimum credit score requirement but most lenders do. - 14 -

START HOUSEHUNTING 5. Start your home search. Before we begin looking for a home, it will be essential to know exactly why you want to buy, what you want to buy and where you'd like to live. Where do you want to live? Location is a key factor on what you can afford, how long your daily commute will be and your designated school district. When determining where you want to live, ask yourself: Urban or suburban: Do you want the convenience and walkability of city life? Or do you want a larger home with a yard, away from the hustle and bustle of urban living? Proximity to your job: Are you willing to make an hour-long drive to work or do you want a short commute? Consider your current job and future opportunities. Access to public transportation: Do you need access to public transportation to get to and from from, school, or your primary health care provider? - 15 -

START HOUSEHUNTING What type of home is best for you? Each type of home has its advantages and disadvantages and the right one for you will depend on your finances, lifestyle and stage of life: Single-family: Typically, these are the largest of the property types - providing you with the most privacy and space. If you buy a single-family home, you're responsible for every aspect of the home which requires both time and money but allows you more control over your home and your privacy. Townhomes: These are often a good option for first-time homebuyers as they are more affordable than single family homes. They require little outside maintenance and many townhomes include amenities such as parks and playgrounds. Manufactured Homes: Today's new generation of high-quality factory-built homes are comparable to single-family homes and offers features such as garages, permanent foundations and built-in porches. More affordable than site-built homes, they offer a good option for first- time homebuyers. Condominiums: This type of home can provide you with a maintenance-free lifestyle and are typically located in urban settings. They may provide access to amenities like pools and fitness facilities and are usually within walking distance of shops, restaurants, and public transportation. - 16 -

START HOUSEHUNTING Why do you want to buy? Everyone has their own reason(s) for wanting to purchase a home. Keeping your reason why in mind will be helpful as we begin shopping. Pride of Ownership: Paint the walls, make permanent changes to your home to reflect your personal tastes and aesthetics. Make all your Pinterest board and saved TikTok designs come to life by tailoring each room until you feel completely at home. Space for Family/Pets: Perhaps you have certain living needs that are difficult to come by with rental properties. Have as many pets or occupants as you want without worrying about getting approval from your landlord. Build Equity: Buying a home builds long-term wealth through \"forced savings.\" With each mortgage payment, you are paying down your mortgage debt and accumulating equity. Perhaps you can't afford your dream home just yet. Some buyers purchase what they can afford now and start building equity (instead of building your landlord's equity). After a few years, you can leverage the equity you have accrued and value you have appreciated in your starter home to purchase the home you really want. Future Investor/Landlord: Many people buy their first property with the intent to rent it out in the future. Living in your first rental property is one of the easiest ways to get into real estate investing. Your Home Wishlist Determine your \"must-haves\" and your deal breakers. Think about your household now and how your needs may change in the future. It is easy to get overwhelmed with so many possibilities use the next page to create your home buying wish list to narrow down your choices. - 17 -

Home BuyerWishlist Home Requirements New: Yes No Resale: Yes No Bedrooms: Both: Yes No Bathrooms: Garage spaces: Is an older home acceptable? Yes No Square footage: Type of home: How old? Single Family Townhome Circle the most important features: Condo Manufactured Home Multi-Family Other Open floor plan Formal dining Desired Location: Office or study Attic Storage City, area, or neighborhood(s): Bonus room Fireplace Pool Large yard Nice view School district or specific Fenced yard Patio or deck school(s): In-law suite Are you familiar with your Yes No Extra Parking No carpet desired location? Eat-in kitchen Pantry Separate laundry room Are stairs acceptable? Yes No Newly renovated Formal living Will your new home require Security system Walk-in closet accommodations for anyone with Yes No New roof New appliances disabilities? How much renovation A lot Some None New HVAC Energy efficient would you be willing to do? Move-in ready Privacy/Seclusion Do you have to be close to Yes No Fixer-upper Close to work/school public transportation? Community Features Yes No Maybe Do you want to live in an area with a Community Association? Playground Gated Community What else do you want in your community? Other Community Pool Tennis Court Golf Course Gated Community Basketball Court Clubhouse Are there any other specific features not addressed in this questionnaire that you wish to be included in the property search? - 18 -

HOUSE HUNTING Checklist THE HOME PROPERTY ADDRESS CCuurbrbApAppeapl eal Exterior Condition PRICE #BATHS Floor Plan Kitchen #BEDS Living Area TOTAL SQ. FT Dinning Room Laundry Room FEATURES Master Bedroom Laundry Appliances Extra Bedrooms Kitchen Appliances Garage Pool Lot Patio Backyard Security System Roof Heating & AC NEIGHBORHOOD Surrounding Homes ADDITIONAL NOTES Noise Level Traffic Proximity to City OVERALL SCORE 12345 - 19 -

HOUSE HUNTING Checklist THE HOME PROPERTY ADDRESS CCuurbrbApAppeapl eal Exterior Condition PRICE #BATHS Floor Plan Kitchen #BEDS Living Area TOTAL SQ. FT Dinning Room Laundry Room FEATURES Master Bedroom Laundry Appliances Extra Bedrooms Kitchen Appliances Garage Pool Lot Patio Backyard Security System Roof Heating & AC NEIGHBORHOOD Surrounding Homes ADDITIONAL NOTES Noise Level Traffic Proximity to City OVERALL SCORE 12345 - 20 -

HOUSE HUNTINGTips Know where you want to live, scope out the neighborhood and evaluate the school district. Drive through the neighborhood at different times throughout the day/week, in good weather and bad, to get a feel for traffic patterns, accessibility, noise levels, and lighting. Bring your house hunting checklist with you and ask questions. Bring a camera and take pictures. These pictures will help you make plans for the space before moving in. Look past small cosmetic issues. Focus on the things that would be expensive or difficult to change such as the structural quality, the size of the home or number of bedrooms. Don’t focus on the things you can change such as the paint color, flooring or decor. Know exactly what you want and need before you start looking at homes so you are ready to act quickly once you find the right fit. Homes priced correctly and going under contract in as little as 24 hours. Keep an open mind. It's rare that you will find a home that checks every one of your boxes. Figure out what features are most important to you and which ones are nice to have but not essential. Some homes have hidden potential and can check all your criteria with a little creativity and elbow grease. - 21 -

GET UNDER CONTRACT Determining the Price 6. Negotiate an offer and execute the contract. You've found the perfect home, have your pre-approval letter in Negotiating the Offer hand and are ready to make an offer. Now what? Your real estate Oftentimes, the seller will counter agent will be by your side, helping the offer, typically asking for a you determine a fair offer price higher purchase price or to adjust based on their experience and the closing date. In these cases, the following key considerations: seller's agent will submit a counteroffer to your agent, detailing Recent sales prices of similar the desired changes. Following the homes in the same counter offer, you have the option neighborhood to accept, reject, or counter again. The condition of the house Your agent will play a large role What you are willing to pay and during this part of the process, can comfortably afford communicating all changes with the seller's agent. Submitting the Offer Finalizing the Contract Once you've determined your price, your agent will draw up the The contract is considered final purchase agreement to submit to when both parties sign the written the seller's agent. The offer will offer. include the purchase price and terms and conditions of the purchase, including: Target closing date Provisions for certain fees A deadline for the sellers to accept or counter your offer Any contingencies (e.g. appraisal contingency) - 22 -

Making Strong Offers We are currently in a sellers market, which means competition is high among buyers and it's likely that you will find yourself in a multiple offer scenario. On average, buyers have to make up to 3-4 offers before getting a home under contract. This is another point where having the right agent in your corner is essential. Your agent must have a good reputation with other realtors in the area and should be able to find out what terms are most important to the seller. Let's explore some of the contract terms that can make your offer stronger. Purchase Price Earnest Money Deposit (EMD) This is arguably one of the most EMD is the amount of money you important criteria. If priced right, put down to demonstrate how homes in this market are selling at or serious you are about buying the above asking price. It's a good home. This tells the seller how practice to look at homes listed a little much you are willing to sacrifice if below your budget to ensure it's still you do not uphold your contract affordable for you if we have to go a obligations. We typically little higher. That said, highest price, recommend putting 1-5% of the does not always equate to an purchase price down. Your deposit accepted offer. There are other will go toward your balance due at factors we can use to make our offer closing. You can even put down an stand out. additional deposit after inspections to reconfirm how serious you are Inspection Period about purchasing the home. This is the amount of time you have Closing Date to inspect the home to make sure it meets your condition requirements. This is where working with the right Sellers like to see the shortest lender is essential. If we're able to timeframe possible so they don't lose shorten the time it takes to close, the a lot of time on the market in case more likely our offer is to be you decide to terminate the contract. accepted if this is important to the seller. - 23 -

Making Strong Offers Appraisal Contingency Type of Offer Your lender will order an appraisal, In this market, the As-Is contract is which is an independent evaluation of most commonly used. We are the home's value, to determine the essentially telling the seller that we maximum amount they are willing to are willing to take the home in its lend. We never recommend removing current condition. With this contract, the appraisal contingency entirely it's expected that we will ask for little unless you are a cash buyer. Instead, to no repairs, unless we find a major we can evaluate how much cash you issue during the inspection period. If have to contribute and how confident we know that the roof is old, or if we we are our own estimate of market see any major repairs needed value. If you really love the home and during the showing, its best in the there are a lot of competing offers, long run to ask for these repairs in we can offer to pay an \"appraisal the initial offer. gap,\" which is a certain amount above the appraisal in case it comes in Type of Financing lower than purchase price. Cash is typically king in a multiple offer scenario. However cash buyers shouldn't expect much of a discount, if any in this market unless the home will have a difficult time qualifying for financing. After cash, conventional loans are typically preferred by sellers since it suggests that the buyer is in a better financial position. Conventional loans also have fewer condition requirements than some other loans. FHA/VA loans are still good, but other terms in the offer should be strong. - 24 -

CONTRACT TO CLOSE 6. Schedule a home inspection. Once your offer is accepted, the next step is to get the home inspected. The inspection is not a requirement but is highly advised as it protects you from underlying issues with the home that you can't detect. Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend your hard-earned money buying it. It can be well worth it for both peace of mind and the potential cost of trouble avoided. You can choose your own inspector and your real estate agent should be able to recommend several well-qualified home inspectors if you need assistance. What can you expect during the home inspection? Your home inspector will climb atop the roof and crawl deep into the attic. Their job is to protect your investment and find any issues with the home, including: The roof Plumbing Electrical components Appliances Heating and air conditioning systems Ventilation Windows The fireplace and chimney The foundation After inspection, the home inspector will provide you with a detailed report on the overall condition of the house, including outlining any issues and necessary, or recommended, repairs. Having a home inspection contingency in your purchase contract is important because if any major issues are noted in the inspection report, you can renegotiate the sales price, require the seller to make repairs, ask the seller for a credit at closing so you can make the repairs, or back out of the offer altogether. As long as we make our decision before the end of our inspection period, you are entitled to receive a refund of your earnest money deposit. - 25 -

Home Inspection Checklist What to expect and inspect When it comes to buying a home, what you see isn't always exactly what you get. A home inspection will give you the opportunity to know the house before you close. Use this list to get the most value out of your inspection. Grounds Interior Trees in good condition without overhanging Floors, walls and ceilings appear straight and or touching the roof level without visible stains, cracking or Landscaping, driveway and walkways in good damage condition with no significant cracks Drainage away from the house with no Doors open easily and latch properly when standing water closed No evidence of leaks from septic tank Deck and stair railings are secure Lights and switches operate properly Detached garage, shed, fence and deck show no rotted wood or evidence of termites Adequate number of electrical outlets in each room Exterior Heating and air conditioning vents in all Exterior walls appear straight with no sagging, rooms bowing or staining Windows and door frames appear square Fireplace has no cracking and shows no Siding has no cracks, decay or curling staining Bricks show no damage or cracks in joints Stucco shows no large cracks Fireplace flue has been cleaned and is lined Paint is not flaking or blistered Roof shingles are not missing or damaged Smoke detectors and carbon monoxide and show no curling or cupping detectors are working properly and located Gutters show no decay and drain properly properly Chimneys appear straight and undamaged Automatic garage door operates properly and Stairway treads and risers are solid stops for obstructions Bathrooms Visible plumbing under sink is in good condition and shows no signs of water damage Ground fault circuit interrupter (GFCI) receptacles for all electrical outlets located within 6 feet of sinks Adequate water pressure for hot and cold water at all fixtures Tub, shower and sinks drain smoothly Toilet flushes and fills properly, is stable with no rocking or stains No evidence of leaking around base of tub or shower - 26 -

Home Inspection Checklist What to expect and inspect Kitchen Heating and Cooling Systems Visible plumbing under sink is in good condition No gas odor and shows no signs of water damage Air conditioning and heating operate well Ground fault circuit interrupter (GFCI) Air filters are clean receptacles for all electrical outlets located Flues have no open seams and slow up within 6 feet of sinks to chimney connection Working exhaust fan vents to outside Cooling unit has no visible rust Garbage disposal is operational Duct work is in good condition Water flow to sink is adequate and drains properly Electrical Systems Dishwasher drains properly and shows no evidence of leaks Wiring is in good condition Built-in appliances operate properly Service panel has normal capacity with Cabinets are in good condition cables attached correctly Cables are secured and protected Attic No exposed electrical splices No evidence of staining from roof Plumbing Structure shows no damage or decay Adequate ventilation through soffit vents and Visible pipes have no damage or end louvers evidence of leaks Insulation is sufficient and installed properly Water heater shows no signs of rust Electrical splices are contained Manufacture date of water heater is within length of expected use Crawl Space Water pressure falls within accepted range Adequate ventilation to the exterior Hot water temperature does not exceed No evidence of damage from moisture and 125-degrees Farenheit insects Insulation between crawl spaces and heated areas Water supply and waste pipes are insulated - 27 -

Questions to Ask Your Home Inspector Are you licensed or certified? How is the grading and What is covered or not covered drainage? in this home inspection? What fire, safety, health. and How well is the home water hazards exist here? insulated? What should I repair first? Is the plumbing in good order? What else could go wrong? Is the electrical system current What is the condition of the or upgraded? roof? Does the house need to be Will the trees on the brought up to code? property be a hazard down Is the house structurally the road? sound? Do I need to hire a What are your major concerns? specialist? Additional Notes: - 28 -

CONTRACT TO CLOSE As soon as we wrap up inspections and decide to move forward with the purchase, we should start shopping for home insurance and order the appraisal. 7. Start shopping for home insurance. Underwriting guidelines have changed drastically over the past two years with most homeowners insurance companies, and the changes are expected to continue. So it's important to start shopping as early as possible to decrease the likelihood that we experience any unpleasant surprises close to closing. Insurance companies typically ask for a 4-point inspection report to ensure the major mechanical systems in the home are in good working order before they can quote a policy. In general, to insure a home at a reasonable rate, the roof and water heater should be less than 15 years old. Polybutylene plumbing is extremely difficult to insure and will likely need to be replaced. 8. Order the survey. A survey of the property will confirm property dimensions, property line, size and location of the home on the property, as well as any other improvements on the land. Surveys are required for all financed purchases, except condos, and can cost anywhere from $400-$800. If the seller has a copy of a previous survey and no improvements were made to the land, we can avoid this expense by requesting a copy. This is an upfront expense, that is included in your initial closing cost estimate. - 29 -

CONTRACT TO CLOSE 9. Order the appraisal. Your lender will hire the appraiser, so there’s not much for you to do here except pay the expense. Appraisal fees are paid up front, are included in your closing cost estimate and typically range from $400 to $600. Your real estate agent will work with the seller’s agent and the appraiser to schedule the appraisal. Once we receive the appraisal report back, one of three things could happen: If the appraisal matches your offer price: You should be in the clear. If the appraisal comes in above your offer price: Even better! This means not only are you in the clear, but you’re purchasing the home for a price below market value, giving you instant equity. If the appraisal comes in low: Your lender won’t approve the full loan amount, as in their eyes, you’re overpaying for the property. You’ll need to either make up the difference between the appraised value and the offer price in cash or try to re-negotiate the offer price with the seller. If we are within our appraisal contingency deadline, and can't come to an agreement with the seller, you can also cancel the contract, receive a refund of your escrow deposit and keep looking. If you believe the appraisal was incorrect, you can try to challenge the appraisal or request a new appraisal from your lender.

CONTRACT TO CLOSE 10. Continue working with your lender. While we are looking at the home with a fine tooth comb to make sure it's the right fit for you, your lender is examining all of your financials, to make sure you are the right credit risk for their portfolio. There are three main stages of the loan approval process to get the clear to close. Processing: The loan processor will gather all the required documentation to prepare your loan package for underwriting review. Underwriting: The Underwriter is responsible for approving or denying the loan. They will review your loan package and look at a variety of factors including your income, credit history and any outstanding debts. Conditions: You may need to supply additional documentation to clear up any concerns the Underwriter may have before they can issue a final approval. Common conditions include, but are not limited to: verifying the source of large cash deposits, paying off an outstanding judgement, verification of employment, letters of explanation for gaps of employment, large withdrawals or a high number of credit inquiries. Having all of your financial documents in one place will make working with your lender much easier. Make sure to supply all the information they need as quickly as possible to avoid any delays. IMPORTANT Note Do not make any large purchases or apply for new credit during the mortgage approval process. Financing a new car or even just applying for a new store credit card can derail the process. Wait until after closing to make these purchases! - 31 -

CONTRACT TO CLOSE 11. Clear to Close! Once you satisfy all your conditions and the underwriter approves the loan, they will announce that you are Clear to Close! Three days before closing, your lender is required to give you the Closing Disclosure (CD), which tells you what you need to pay at closing and summarizes your loan details. We will examine this document closely to ensure it is accurate and make adjustments with your lender and the title company as needed prior to closing. The next few pages gives you an overview of the CD and some of the terms and expenses you should be prepared for. - 32 -

CLOSING COSTS [ kloh-zing kawst, kost ] noun 1 settlement charges for the closing of a real estate transaction. 2 fees paid separate from the down payment. 3 3-5% of the purchase price. See also: settlement costs.

Understanding the Closing Cost Details of the Closing Disclosure Origination Fee - An upfront fee paid to lender to process and underwrite the loan. Discount Points - Prepaid interest; fee to reduce the interest rate over the life of the loan. Mortgage Insurance (PMI) - Required if down payment is less than 20%. Protects lender against default. Appraisal Fee - Paid to the appraiser to assess the market value of a home. Title Search - An examination of public records to determine current ownership and encumbrances. Title Insurance - Protects the lender and you against title claims. Termite/Pest Inspection Fee - Required to certify the home is free of termite/pest damage. Survey Fee - Cost to verify property boundaries. Flood Certification Fee - Cost to determine if the home is in a designated flood zone. If it is, you will be required to purchase flood insurance. Closing or Settlement Fee - Paid to the title company, attorney or escrow company that conducts the closing. Recording Fee - Paid to the state to record the transfer of property from one owner to another. Transfer Tax - Paid to the state, based on the loan amount. Prepaid Interest - Covers mortgage interest due between the closing date and the first mortgage payment. Prorated Property Tax - Covers property taxes from the closing date to the tax due date. Homeowners’ Insurance - Covers the first full year’s cost upfront. Homeowners’ Association Transfer Fee - Paid on properties governed by associations to transfer ownership documents. Initial Escrow - Required to establish an escrow account and to collect the first two months of next year’s homeowners’ insurance, flood insurance and property taxes. - 34 -

Understanding the Closing Cost Details of the Closing Disclosure - 35 -

CONTRACT TO CLOSE 12. Schedule utilities and do a final walkthrough. You should do a final walkthrough in your new home before you close, even if you’re 100% committed to the property. This time allows you to ensure that the seller has made any agreed upon repairs and has cleared out the property. You should also double-check the home's systems one last time to ensure they are still in working order. If everything looks good, it’s time for you to confidently move toward closing. FINAL WALKTHROUGH Guide ELECTRICITY PLUMBING HVAC Test outlets and light Test faucets and drains. Test both the heat and air. switches. Check the Check for leaks and low Make sure the thermostat breaker box. water pressure. is working. REPAIRS FIXTURES APPLIANCES Test faucets and drains. Check for missing fixtures Make sure all of the Check for leaks and low such as ceiling fans and appliances are present and working properly. water pressure. window treatments. WALLS + FLOORS DOORS + WINDOWS EXTERIOR Check for any moving Test all of the doors and Check the yard for ruts. damage. Make sure there windows. Check window Make sure the mailbox is are no new pet stains. screens and test locks. in good condition. - 36 -

Before Closing HOMEBUYER CLOSING CHECKLIST KEEP IN CONTACT WITH TITLE CLEAR REALTOR Your mortgage lender will Your buyer agent helps you require a title search. Purchase smooth out the home buying title insurance. process. FINAL MORTGAGE CONTINGENCIES APPROVAL COMPLETED Your credit score & finances will The most common contingencies be checked by an underwriter. are home inspection, appraisal and financing. FINAL WALK THROUGH The home should be in the MOVING COMPANY condition stated on the contract. Reserve a moving truck or Repairs if any, should have been schedule a moving service. Ask completed. about non peak times to save money. CLOSING DISCLOSURE This lists the final terms of your GET NEW HOMEOWNER loan, final closing costs, & the INSURANCE details of who pays & who Note: Your lender will need an receives money at closing. insurance. binder 10 days before closing. CLOSING PACKAGE You may want to request the CHANGE OF ADDRESS closing package in advance if you Change your address Set up prefer to read each document in electric. at USPS & forward mail. detail. Notify work, school, bank, DMV, etc. of your new address. DOCUMENTATION FOR CLOSING TRANSFER UTILITIES Home owners insurance, contract with the seller, home inspection Set up electric, gas, phone, report, loan documents, a internet, water, etc. to be turned government issued photo ID. on or transferred. - 37 -

CLOSING DAY! 12. Sign on the dotted lines and get the keys to your new home! Once you’ve reviewed the CD and conducted the final walkthrough, it’s time to attend your closing. Bring a valid ID, a copy of your CD and proof of funds. You’ll sign a settlement statement, which lists all costs related to the home sale, the mortgage note, and the mortgage deed of trust to secure the mortgage note. This is when you will also pay your down payment and closing costs. Once closing finishes, you will receive the keys to your new home. Congratulations! You're officially a homeowner!

PACKING & MOVING You're officially a homeowner! Now what? It's time to settle into your new home but do you hire movers or do it yourself? As you weigh your options, you'll want to consider both budget and logistics such as distance and time. Here are a few great tips and checklist to help with your move. 1. Estimate your costs Professional moving companies have different prices so be sure to get at least three estimates from recommendations by friends, family or trustworthy consumer sites. You'll want to make sure the company is licensed and insured. If you're thinking of moving yourself, consider the following costs: Rental truck (fees typically include the hours used and miles driven) Boxes and other moving materials Dolly, hand truck and moving straps Food, drinks, money or other things of value when asking friends to help 2. Clear and sort belongings You'll want to begin this new journey with a fresh start. Go through your belongings and purge what you don't need. This will lighten your load and cost you less when you move. You can donate your things and maybe get a tax deduction or sell them. Either way, it's one less thing to pack. 3. Pack and move Start acquiring boxes way before your move so you don't have to pay for them at the last minute. Check out neighborhood online chat rooms for free packing material. Here's what you'll need: Boxes Packing paper Bubble wrap / plastic wrap Packing tape Moving blankets Tools/ screwdriver set Markers Paper towels Ziploc bags (to house furniture hardware) Scissors - 39 -

Moving Checklist Time your move successfully Buying a home is stressful enough. Don’t let the move add to your stress. Use this checklist to help you prepare for your move and to make it as painless as possible. 8 Weeks Out Moving Day! Wake up early and ready to tackle Schedule in-home estimates with the day reputable moving companies and Protect floors and carpets compare quotes Give movers a tour and moving Request time off work for moving instructions day Dispose of all trash Request school transcripts if Finish the final cleaning transferring schools Take pictures and videos of the Sort through things to keep, sell, empty place to prove move-out give or trash condition Create an inventory of your home Do a final walk-through of each room to ensure there is nothing 6 Weeks Out left behind Leave keys and garage door Start gathering boxes and other openers moving containers Address necessary home repairs Your “Essentials” Box in your current home Sell what you can Paper plates, utensils and paper Donate items in good condition towels that you did not sell Light bulbs and basic tools Throw away/recycle items you’re Hand soap not moving Shower curtain Cleaning supplies - 40 -

Moving Checklist Time your move successfully 4 Weeks Out Your “Overnight” Bag Select your moving company or Clean clothes and towels reserve your rental truck Toiletries, toilet paper and Start packing - separate valuables medication and label each box Chargers for phones and other Gather all financial, legal and electronic devices medical records in one place Cash, valuables and important Research new professional documents services like doctors, dentists, or Pet food and supplies vets if your move requires you to change providers Notify of Address Change Find cable and internet providers who serve your new address and Employer schedule your installation Post Office appointment Utility companies Telephone, internet and cable 2 Weeks Out Lawn and pest control Cancel or transfer utilities, services Recycle and trash removal and gym membership Banks, insurance and loan Forward medical records companies Social Security Administration Submit a change of address with Tax agencies your local post office Doctors, dentists, vets and Plan meals to use up food in fridge pharmacies Attorneys and accountants 1 Week Out Subscriptions and memberships Pack an overnight bag for everyone moving Pack an essentials box for what you’ll need for the first few days Have cash on hand to tip movers - 41 -

Real Estate TermsAnnual Percentage Rate (APR): The cost of a loan or other financing as an annual rate. The APR includes the interest rate, points, broker fees, and certain other credit charges a borrower is required to pay. Appraisal: A professional analysis used to estimate the value of the property. This includes examples of sales of similar properties. Appreciation: An increase in the market value of a home due to changing market conditions and/or home improvements. AAssessed value: Typically the value placed on property for the purpose of taxation. Assignment of Mortgage: A document evidencing the transfer of ownership of a mortgage from one person to another. Assumable Mortgage: A mortgage loan that can be taken over (assumed) by the buyer when a home is sold. An assumption of mortgage is a transaction in which the buyer of real property takes over the seller's existing mortgage; the seller remains liable unless released by the lender from the obligation. If the mortgage contains a due-on-sale clause, the loan may not be assumed without the lender's consent. Assumption: A homebuyer's agreement to take on the primary responsibility for paying an existing mortgage from a home seller. Automated Underwriting: An automated process performed by a technology application that streamlines the processing of loan applications and provides a recommendation to the lender to approve the loan or refer it for manual underwriting. - 42 -

bCash-out Refinance: Balloon Mortgage: A mortgage with monthly payments often based on a 30-year A refinance amortization schedule, with the unpaid balance due in a lump sum payment at the transaction in whichend of a specified period of time (usually 5 or 7 years). The mortgage may contain cthe borrower an option to \"reset\" the interest rate to the current market rate and to extend the due date if certain conditions are met. Balloon Payment: A final lump sum payment that is due, often at the maturity date of a balloon mortgage. Bridge Loan: A short-term loan secured by the borrower's current home (which is usually for sale) that allows the proceeds to be used for building or closing on a new house before the current home is sold. Also known as a \"swing loan.\" Buydown: A way for a borrower to obtain a lower interest rate by paying discount points at closing. Cap: For an adjustable-rate mortgage (ARM), a limitation on the amount the interest rate or mortgage payments may increase or decrease. Certificate of Eligibility: A document issued by the receives additional U.S. Department of Veterans Affairs (VA) certifying a funds over and above veteran's eligibility for a VA- the amount needed to guaranteed mortgage loan. repay the existing mortgage, closing costs, points, Chain of Title: The history of all the documents that and any subordinate liens. have transferred title to a parcel of real property, Clear title: Ownership that is free of starting with the earliest existing document and liens, defects, or other legal ending with the most recent. encumbrances. Closing: The process of completing a financial transaction. For mortgage loans, the process of signing mortgage documents, disbursing funds and transferring ownership of the property. In some jurisdictions, closing is referred to as \"escrow,\" a process by which a buyer and seller deliver legal documents to a third party who completes the transaction in accordance with their instructions. See also Settlement. - 43 -

Commitment Letter: A binding offer from your lender that includes the amount of the mortgage, the interest rate and repayment terms. Concession: Something given up or agreed to in negotiating the sale of a house. For example, the sellers may agree to help pay for closing costs. Construction Loan: A loan for financing the cost of construction or improvements to a property; the lender disburses payments to the builder at periodic intervals during construction. Contingency: A condition that must be met before a contract is legally binding. For example, home purchasers often include a home inspection contingency; the sales contract is not binding unless and until the purchaser has the home inspected. Deed: The legal document transferring ownership or title to aCounter-offer: An offer made in response to a previous offer. For example, after the buyer property.presents their first offer, the seller may make a counter-offer with a slightly higher sale price. Deed of Trust: A legal document inDebt-to-IncomeDepreciation: A decline in the value of a which the borrower transfers theRatio: The percentage ofhouse due to changing market conditions title to a third party (trustee) to holdgross monthly income thator lack of upkeep. as security for the lender. When thegoes toward paying your monthly housing expense, Discount Point: A fee paid by the Dloan is paid in full, the trusteealimony, child support, car borrower at closing to reduce payments, and other debts. the interest rate. A point equals one percent of the loan amount. Down Payment: A portion of the purchase price, usually between 3 - 20%, not borrowed and paid up front in cash. Some loans are offered with zero down payment. transfers title back to the borrower. Due-on-Sale Clause: A If the borrower defaults on the loan provision in a mortgage the trustee will sell the property that allows the lender to and pay demand repayment in full of the the lender the mortgage outstanding balance if the property debt. securing the mortgage is sold.

Escrow Account: An accountEarnest Money Deposit: The deposit to show that that a mortgage servicer you are committed to buying the home. The deposit usually will not be refunded to you eestablishes on behalf of a after the seller accepts your offer, unless one of the sales contract contingencies is not fulfilled. Escrow: An item of value, money, or documents deposited with a third party to be delivered upon the fulfillment of a condition. For example, the deposit of funds by a borrower to pay taxes and insurance premiums when they become borrower to pay taxes, due. insurance premiums, or Escrow Analysis: The accounting that a other charges when they are mortgage servicer performs to determine the due. Sometimes referred appropriate balances for the escrow account, to as a \"reserve\" compute the borrower's monthly escrow account. Fully Amortized Mortgage: A mortgage in which the monthlypayments, and determine whether any payments are designed to retire the obligation at the end of the shortages, surpluses or deficiencies exist in Hmortgage term with no balloon payment. the account. Foreclosure: A legal action that ends all ownership rights in a home when the homeowner fails to make the mortgage payments or is otherwise in default under the terms of the mortgage. Gift Letter: A letter that a family member writes stating that s/he has given you a certain amount of money as a gift and that you don't have to repay it. You can use this money towards a portion of your down payment. Gross Monthly Income: The income you earn in a month before taxes and other deductions. Hazard Insurance: Insurance coverage that compensates for physical damage to a property from fire, wind, vandalism, or other covered hazards or natural disasters. Homeowner's Insurance: A policy that protects you and the lender from fire or flood, which damages the structure of the house; a liability, such as an injury to a visitor; or damage to your personal property.

Homeowner's Warranty: Insurance offered by a seller that covers certain home repairs and fixtures for a specified period of time. Homeowner's Association: An organization of homeowners residing within a particular area whose principal purpose is to ensure the provision and maintenance of community facilities and services for the common benefit of the residents. Investment Property: A property purchased to generate income, tax benefits, or profitable resale rather than to serve as the borrower's primary residence. Jumbo Loan: A loan amount that exceeds the mortgage amount eligible for purchase by Fannie Mae or Freddie Mac. Also called \"non-conforming loan.\" Lease-Purchase Option: An option used by sellers to rent a property to a tenant, who has the option to buy the home within a specified time period. Typically, part of each rental payment is put aside for the purpose of accumulating funds to pay the down payment and closing costs. i Loan Origination: The process by which a loan is made, which may include taking a loan application, processing and underwriting the application, and closing the loan. Loan-to-Value (LTV) Ratio: The relationship between the loan amount and the value of the property, expressed as a percentage. For example, a $100,000 home with an $80,000 mortgage has an LTV of 80 percent. MMortgage Insurance Premium (MIP): The Lock-In Rate: A written agreement Mortgage: A loan using a guaranteeing a specific interest rate for a home as collateral. certain amount of time. Also called \"rate lock.\" Multifamily Properties: Mortgage Insurance (MI): Insurance that Typically, buildings protects lenders against losses caused by a with five or more borrower's default on a mortgage loan. MI is dwelling units. typically required if the borrower's down payment is less than 20 percent of the purchase price. amount paid by a borrower for mortgage insurance, either to a government agency or to a private mortgage insurance (PMI) company.

Multiple Listing Service (MLS): A clearinghouse through which member real estate brokerage firms regularly and systematically exchange information on listings of real estate properties and share commissions with members who locate purchasers. The MLS for an area is usually operated by the local, private real estate association as a joint venture among its members designed to foster real estate brokerage services. Net Monthly Income: Your income after taxes and other deductions. Offer: A formal bid from the home buyer to the home seller to purchase a home. Open House: When the seller's real estate agent opens the seller's house to the public. You don't need a real estate agent to attend an open house. Origination Fee: A fee paid to a lender or broker to cover the administrative costs of processing a loan application. NOwner Financing: A transaction in which the property seller provides all or part of the financing for the buyer's purchase of the property. PITI: An acronym for the four primary components of a monthly mortgage payment - principal, interest, taxes, and insurance. Planned Unit Development (PUD): A real estate project in which individuals hold title to a residential lot and home while the common facilities are owned and maintained by a homeowner's association for the benefit and use of the individual PUD unit owners. qPrincipal: The amount of a loan that has not yet been repaid to the lender. This does not include the interest paid to borrower the money. Qualifying Ratios: Calculations that are used in determining the loan amount that a borrower qualifies for, typically a comparison of the borrower's total monthly income to monthly debt payments. - 47 -

rSecond Mortgage: A mortgage that has a lien position subordinate to the first mortgage. Ratified Sales Contract: A contract that shows both buyer and seller have agreed to the offer. This offer may include sales contingencies. Recording: The filing of a lien or other legal document in the appropriate public record. Refinance: A new mortgage used to pay off an existing mortgage. Rehabilitation Mortgage: A mortgage loan made to cover the costs of repairing, improving, and sometimes acquiring an existing property. Rescission: The cancellation of a transaction or contract by operation of law or by mutual consent. Single-Family Properties: One-to-four unit properties including detached homes, townhouses, condominiums, cooperatives andServicer: A firm that performs servicing functions,Settlement manufactured homes attached to a permanent foundation andincluding collecting mortgage payments, payingStatement: borrower's taxes and insurance and generally A document that lists all Sclassified as real property under applicable state law.managing borrower escrow accounts.closing costs on a mortgage transaction. Settlement: The process of completing a loan transaction at which time the mortgage documents are signed and recorded, funds are disbursed and the property is transferred to the buyer. Soft Second Loan: A second mortgage whereby payments are forgiven or deferred until resale of the property. Survey: A precise measurement of a property by a licensed surveyor, showing legal boundaries of a property and the dimensions and location of improvements. - 48 -

Third-Party Origination: A process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package a mortgage loan. Title: The right to and the ownership of property. A title or deed is used as proof of ownership. Title Insurance: Insurance that protects lenders and homeowners against legal problems with the title. Title Search: A check of the public records to ensure that the seller is the legal owner of the property and to identify any liens or claims against the property. TTransfer Tax: State or local tax payable when title to property passes from one owner to another. Underwriting: The process used to determine loan approval. It involves evaluating the property and the borrower's credit and ability to pay the mortgage. WDO Inspection: An inspection to determine whether a property has termite infestation/damage or damage from any other wood destroying organisms. In Florida, it is highly recommended to obtain a WDO inspection before purchasing a home. Walk-Through: A common clause in the sales contract that allows the zbuyer to examine the property before closing. Uniform Residential Loan Application (URLA): A standard mortgage application you will have to complete. The form requests your income, assets, liabilities, and a description of the property you plan to buy, among other things. - 49 -

BUYING & SELLING SOLUTIONS 352-448-8780 MALCOM.KW.COM [email protected]