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Checklist For First Time Home Buyers

6/15/2012

10 Comments

 
For many, the purchase of a home can be an intimidating process. Buying a first house or apartment often means borrowing hundreds of thousands of dollars and choosing where to raise a family. With all of this over one's head, it can be helpful to begin the purchasing process by learning of the major steps that one will encounter. For this, our office has a created the Checklist For First Time Home Buyers. the checklist is copied and pasted below. For better formatting, download the pdf to save or print. Enjoy!
Download First Time Home Buyers Checklist - PDF

  • Find a House/Apartment - Locate a House or Apartment you would like to purchase and at a price you can afford.
  • Place a Bid on the Property - Contact the Seller and place an offer to buy the property at a specific price. If the bid is accepted, the Seller may ask the Buyer to sign a Binder, which is a form document stating that the bid was accepted. It is NOT a contract to buy.
  • Hire a House Inspector - The Inspector will: (1) Examine the structural integrity of the property and house/apartment; (2) Check whether the property is in compliance with State or local building codes; and (3) Test for hazardous conditions such as gas leaks, termites, etc. If the Inspector discovers a problem, the Buyer has three options: (a) Back out of the deal; (b) Go forward despite the problem; or (c) Renegotiate the price based on the problem.
  • Hire a Real Estate Attorney - Although many find it useful to have an attorney at earlier points in the buying process, one must have legal counsel prior to negotiating and signing the contract.
  • Sign the Contract - The Contract sets the terms of the transaction. Most notably, the Contract describes the title to be transferred and the grounds on which either party can back out of the deal once the Contract has been signed. The Contract also sets the date for Closing, the day on which the property will be transferred to the Buyer. Each clause in the contract is subject to negotiation and carries legal implications for the remainder of the purchasing process. It is for this reason that an each party must retain an attorney to negotiate on their behalf.
  • Down Payment – The Down Payment is paid when the Contract is signed. Customarily, the Down Payment is 10% of the purchase price, although this too is subject to negotiation and should be discussed with your attorney.
  • Apply for a Mortgage - Many first time Buyers finance the purchase and the mortgage must be secured by the date set forth in the Contract. Therefore, a Buyer should prepare the mortgage application before the Contract is signed so that it can be submitted immediately thereafter.
  • Order a Title Report - A Title report will confirm who presently owns the property and what claims anyone else might have to the property. An Attorney should review the report to ensure the Buyer is acquiring sole legal ownership of the property.
  • Closing – The remainder of the purchase price is paid to the Seller and the title is transferred to the Buyer . . . along with the keys. 

If you are buying a home or office, Contact a Real Estate Attorney to ensure you negotiate the best terms for your contract and closing.
10 Comments
employment drug testing link
7/26/2012 07:44:23 pm

I really like your post. always been very informational. I hope you’ll keep up the good work and maintain the standard. Best of luck.

Reply
Judah Fuld link
7/27/2012 02:25:19 am

I am glad you found the post helpful. Thanks for following.

Reply
VA mortgage news link
4/24/2013 12:30:21 am

There are also special mortgages available to first time home-buyers so be sure to know your options.

Reply
http://vamortgagespecials.com link
5/12/2013 02:28:26 am

Very helpful when purchasing a home on loan

Reply
south shore realty link
6/19/2013 03:13:02 pm

Hi great article I really enjoy reading this blog,thanks, good topic
Checklist For First Time Home Buyers thanks for share it

Reply
mortgage investors corporation review link
7/20/2013 07:36:00 pm

We need to choose a good offer mortgage loans when purchasing a home

Reply
mic mortgage link
9/7/2013 02:50:55 am

It is a helpful article. It is important to have right and correct information when buying a house.

Reply
Joint venture bugisĀ  link
9/24/2013 11:14:05 pm

Simply appropriate and accurate tips you have given for first time buyers. I think first time home buyers are going to gain many benefits from this checklist.

Reply
Alberto
5/6/2014 09:11:38 pm

Wow what a short and simple checklist for the people who want to buy their own home. I like the way you have presented these points that are valid and too much important while buying a home in any area you like. I do agree with all the points you have written here.

Reply
Maximilian link
5/6/2014 09:15:11 pm

These checklist points are great and have all the good things we need to have when we are going to buy the best home for our family. All the times when we have to spend the big amount of money in some areas we always need to be secure and these points are great for this purpose. I like the whole post you have written here and found it good that for having these great points with us.

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    Fuld Disclosure
    A Legal Blog


    About the Author

    Prior to joining the office, Judah Fuld served as the Law Clerk to the Honorable David H. Ironson, Superior Court of New Jersey, Criminal Division. Judah first appeared in court as a member of the Fordham Criminal Defense Clinic and has since expanded his work to various areas of criminal and civil law. 

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