Can I hire a broker to help me in buying a home?

Absolutely. Some brokers will work for the homeowner in selling the home (often referred to as a seller's broker) while other brokers will work for the buyer in helping to purchase a home (often referred to as a buyer's broker). If you hire a broker to work for you in buying a home that broker then is your agent representing you. You should check with the broker to determine whether the services you want are offered by that broker and what those services will cost you.

Do I need to hire a real estate broker to sell my home?

No, you need not hire a broker. A homeowner can choose to sell his or her own home. A real estate broker is employed when the homeowner has decided to utilize the services of a broker in selling the home and that broker becomes your agent representing you. This commonly occurs when the broker enters into a "listing agreement" with the seller to sell the home.

What will a title search and title insurance do for me?

A title search and the issuance of title insurance means the ownership of the property can be cleanly conveyed to the new owners. During the search, the history of the property is researched verifying that all previous claims or liens have been satisfied, allowing a clear title to be issued. If any claim is overlooked, the title insurance protects the owner from the claim. Remember that if it’s not in writing on a real estate deal, it’s not enforceable.

Do I need a real estate attorney?

After you have found a property and been approved for a mortgage, some final procedures and paperwork must be taken care of in order for the sale to be official. At this point, you will need to hire a real estate attorney to review all documents and represent you through the contract and closing processes. Be sure that the attorney you hire is experienced and has expertise in real estate transactions.

What Type of Property Do I Want to Buy?

In buying a home, there are many different housing types for you to consider. Each has its own benefits depending on your financial situation and your personal homeownership goals. The following is a list of some of the property types that you can choose from:

• Single-Family Home
• Multiple-Family Home
• Cooperative or "Co-op"
• Condominiums or "Condos"
• Fixer-Uppers

What is the Fair Housing Act?

The Fair Housing Act prohibits discrimination in housing on the basis of race, color, religion, sex, national origin, familial status, or disability by housing providers, such as landlords and real estate companies as well as other entities, such as municipalities, banks or other lending institutions, and homeowners insurance companies.

What is a property lien?

Property liens are defined as a charge on property to satisfy a debt or other obligation. An owner may agree to place a lien on real property in order to obtain mortgage financing to purchase the property. A lien on real property may also result from a debt of the property owner that is not directly connected to the ownership of the land.