How to buy a home in Connecticut

Buying a Home

What You should know

1. Types of ownership
2. Working with a real estate professional
3. Investigating the property
4. New Construction
5. Choosing a lawyer
6. Offer and contract
7. Appraisal and inspection
8. Title search and insurance
9. Homeowner's warranty
10. Types of mortgages
11. Loan Application Checklist
12. Final Steps to Closing
13. Terms to know

1. What Type of home do You want?

 You will probably look at many homes before you make an offer on one. But even before you begin house hunting, it helps to have in mind the type of home ownership you want and features that you consider most important.

2.Types of Home Owneship

• Single-family: This is the most popular type of home ownership. As the owner of a single-family dwelling, you are totally responsible for paying the mortgage, property taxes, and any other carrying expenses, including all maintenance costs.
• Condominium, Planned Unit Development (PUD), Time-Shares and Cooperatives: As the owner of a condo or PUD, you own your living quarters (apartment, townhouse, or other unit) in the same way that a single-family homeowner does. As the owner of a co-op, you buy a share or a number of shares in the cooperation that owns and manages the building your apartment is in and the land it is on. Under any of these forms of ownership, you also own a share of the common space, such as gardens, parking areas, and community facilities (e.g., pool, golf course, recreation hall, and tennis court). You pay a monthly maintenance fee for common expenses. The owners' association, which you belong to, makes decisions about how the condo, PUD or co-op is run. The association may provide a variety of services and extra features that single-family homeowners often can't afford. However, you must obey the by-laws and rules of the association.
• Multi-family:This style of home has separate living quarters for two or more families to rent. The owner may be able to use rent from the tenants to cover his or her own housing costs. These homes are often restricted to certain areas by zoning laws.

3. Working with a Realtor

A Realtor can save you time and assist you in house hunting by:

(This list may vary by agreement between you and Realtor)

• Pre-selecting homes that are within your price range and meet your requirements for size, type, etc.;
• Scheduling appointments for you to view homes, even when the owners are not there;
• Advising you about financing options;
• Giving you current selling prices for houses similar to those you are considering as a basis of comparison;
• Guiding and directing you in obtaining up-to-date information concerning taxes, school districts, and other information in areas that are of interest to you;
• Handling negotiations regarding the amount and terms of your offer;
• Scheduling a house inspection and other inspections that you have requested;
• Obtaining a Property Condition Disclosure Form and Title x Lead-Based Paint Disclosure where required of the seller;
• Explaining representation options;
• Providing you with a choice of professionals, such as attorneys or surveyors, when appropriate; and
• Providing you with sources for the information that you wish to obtain.

Not all real estate licensees are Realtors. Membership in the National, State, and Local Associations of Realtors means that the Realtor has subscribed to a strict Code of Ethics which is generally more strict than State real estate licensing regulations. Complaints concerning Realtors who have violated the Code of Ethics may be filled with the local Board of which the Realtor is a member.

There is more to come.....