You're Buying a Home- What do you really want?

Bungalow

Industrial Loft

You have a picture in your mind of what you want in your Dream Home. Is it the same picture that your partner has? Is it realistic and within your budget? Will it fit your lifestyle longterm or will you grow out of it quickly? You need to be prepared to communicate your wants and needs before you and your agent start the home search. This is a comprehensive questionnaire to complete first. You can go over this with your agent to clarify anything that you may not be sure about. 

Basic Information

1. Full legal name?

2. Contact Information? Best way to contact you?

3. Children?

4. Pets?

Motivation

1. Why are you moving?

2. What kind of purchase are you making? i.e. first home, investment, vacation

3. Do you need to sell your current home before purchasing a new one?

4. What do you like or dislike about your current home?

Future Home

1. What style of home do you want?

2. What would your ideal home have? i.e. # bedrooms, baths, garage, formal dining, large kitchen, etc.

3. Do you want to live in a certain area? i.e. school district, close to work, close to a downtown, etc.

4. How much privacy do you want? i.e. zero lot line, large lot, etc.

5. Do you have any special requirements? i.e. special features for accessibility, area to park boat, etc.

6. What are your “must haves” and what are your “deal breakers”? i.e. open kitchen/family room, formal entry, flat lot, oversized garage, no “T” intersection, North facing entry, etc.

Buying Process

1. Are your finances in order? Prequalified and comfortable with the projected payments, down payment funds are liquid.

2. What is your time frame? i.e. before particular holiday, before school starts, etc.

3. Have you already started your search? i.e. how long, online only, open homes, worked with another agent, etc.

4. Will anyone else have an input on the purchase? i.e. family member, partner, spouse, etc.

5. What are you looking for in an agent? i.e. hands-on, preview homes to save time, how much communication and when or how.

11 Common Ways to Hold Title

How To Hold Title

Title to real property may be held by a single individual or

entity, known as Sole and/or Separate Ownership, or by two

or more individuals and/or entities known as Co-Ownership.

Following is a brief list of common ways to hold title

(Ownership and tenure of title varies by state - Remember, it

is important to distinguish the proper way to hold title to your

property. You may want to consult with your Attorney or Tax

Advisor for what form suits your particular circumstance and

needs).

Sole and/or Separate Ownership

Where an individual or entity is the sole and or separate

owner of the realty.

1. A Single Individual

A single individual who has not been legally married or

registered as a Domestic Partner.

2. An Unmarried Man or Unmarried Woman

A man or woman who was previously married and is now

legally divorced.

3. A Married Man or Married Woman, or Registered

Domestic Partner as his/her Sole and Separate Property

A married man or woman who is either married or a Registered

Domestic Partner who will hold title without a spouse

or Registered Domestic Partner (The title company insuring

title may specifically require the excluded spouse or Registered

Domestic Partner to relinquish his or her right, title and

interest to the realty by recorded quitclaim deed or other

recorded instrument).

Co-Ownership

Where two or more individuals or entities are the owners of

the realty.

4. Community Property

A form of Co-Ownership by a legally married husband and

wife.

5. Community Property with Rights of Survivorship

A form of Co-Ownership by a legally married husband and

wife which includes the benefits of community property and

that of joint tenancy.

6. JointTenancy

A form of Co-Ownership by two or more individuals (none of

which can be a Corporation, Partnership, Limited Liability

Company or Trustees of a Trust) held in equal shares, by a title

created by a single transfer, when expressly declared to be a

joint tenancy. On the death of one Co-Tenant the survivor or

survivors take no new title but hold the entire estate under the

original transfer, if the joint tenancy has not been legally broken.

7. Tenancy in Common

A form of Co-Ownership with two or more individuals or entities.

The interest of each individual or entity may or may not be

stated and may not be equal. A Tenant in Common has the

right to deal with its interest as it sees fit - sell, hypothecate,

lease, gift, etc.

Other Forms of Ownership

Entities created under state law, such as:

8. Corporation

An artificial entity created under the authority of the laws of a

state usually regarded separate from its shareholders.

9. Partnership

An artificial entity created under the authority of the laws of a

state as an association of two or more individuals or entities to

carry on, as co-owners, a business for profit.

10. Limited Liability Companies (L.L.C.)

An artificial entity created under the authority of the laws of a

state and can be considered a hybrid of a corporation and

partnership.

11. Trust

A confidence in one person to hold and administer for the

benefit of another. The legal title to realty is held by the Trustee

who manages the realty for the benefit of the Beneficiary

pursuant to the terms and conditions of the Trust Agreement.