This document provides guidance for buyers on navigating the property purchase process with Higgins & Welch Real Estate. It discusses selecting the right real estate agent to represent the buyer's interests, preparing for meetings with lenders by gathering financial documents, and general tips for making offers and going through closing. The real estate team at Higgins & Welch strives to provide exceptional service to help buyers find the right home and secure the best financing.
My Home Buyers Guide is a valuable tool prepared to help you understand the complex process of buying a home in today’s market. My commitment is to put my extensive professional, technological and networking resources to work, in your best interest, to help you purchase the right home.
Welcome to the Elite Edition! This complimentary newsletter is published every month by The Debra West Team. Our goal is to provide information to our past, present, and future clients about what is going on in the local real estate market and provide fun and useful information for homeowners. Check out the latest issue here!
My Home Buyers Guide is a valuable tool prepared to help you understand the complex process of buying a home in today’s market. My commitment is to put my extensive professional, technological and networking resources to work, in your best interest, to help you purchase the right home.
Welcome to the Elite Edition! This complimentary newsletter is published every month by The Debra West Team. Our goal is to provide information to our past, present, and future clients about what is going on in the local real estate market and provide fun and useful information for homeowners. Check out the latest issue here!
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
The Ghost of Christmas Yet to Come: Five Holiday Season Tips for Retail Landl...Allen Matkins
The holiday season brings many desirable things to a retail center: a fresh holiday look, a sense of excitement and anticipation, and the most important thing — more traffic and customers. Along with these benefits, the holidays also bring retail owners some legal and practical challenges.
My Home Sellers Guide is a valuable tool prepared to help you understand the complex process of selling a home in today’s market. There are literally hundreds of elements that will help when pricing your home, when preparing your home for sale, lots of important steps when an offer is presented and so on.
What you need to know about Hiring A Rea Estate AgentScott Schang
This presentation helps you to understand the extent of the fiduciary responsibilities owed to you under an Agency Relationship.
Buying a home is one of the most important decisions of your life. This presentation will help you to make an informed and educated choice of which professionals to use to help you with this purchase.
Buying Your Home Selttlement Costs and Helpful InformationMadonna Hartley
From The US Department of Housing and Urban Development-HUD.Obtaining a mortgage,settlement costs,defination of terms and other need to know information for the informed consumer.
The Ghost of Christmas Yet to Come: Five Holiday Season Tips for Retail Landl...Allen Matkins
The holiday season brings many desirable things to a retail center: a fresh holiday look, a sense of excitement and anticipation, and the most important thing — more traffic and customers. Along with these benefits, the holidays also bring retail owners some legal and practical challenges.
My Home Sellers Guide is a valuable tool prepared to help you understand the complex process of selling a home in today’s market. There are literally hundreds of elements that will help when pricing your home, when preparing your home for sale, lots of important steps when an offer is presented and so on.
What you need to know about Hiring A Rea Estate AgentScott Schang
This presentation helps you to understand the extent of the fiduciary responsibilities owed to you under an Agency Relationship.
Buying a home is one of the most important decisions of your life. This presentation will help you to make an informed and educated choice of which professionals to use to help you with this purchase.
Our Steps to Success Buyer Presentation is about educating your buyer clients right from the beginning. As a Realtor®, you are a trained, knowledgeable, experienced professional. You know the market nationally, regionally and locally. With a strong buyer presentation such as ours, you will get the commitment of buyer prospects to work with you. We all know that working with buyers can be like herding cats. Our Buyer Presentation is a tool designed to help designate you as the real estate professional and establish control of your client.
1. YOUR GUIDE
to a Stress-Free Property Purchase
Higgins & Welch Real Estate, Inc.
709 Bethlehem Pike
Eerdenheim, PA 19038
215-247-5000
welchgroup.net
2. Marianne Holt
Higgins & Welch Real Estate, Inc.
709 Bethlehem Pike
Erdenheim, PA 19038
215-247-5000, Ext. 169
cell- 267-474-5714
mholt@welchgroup.net
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
3. Higgins & Welch Real Estate Buyers Guide
Thank you for the opportunity to let us represent you in the purchase of
your new home. I think of my clients as individuals with specific needs.
With this in mind, my team and I strive to give you exceptional service. In
response to the more challenging market we have experienced over the
years, we have become more determined and assertive with marketing
and technology. This has allowed us to be very successful in securing
results for our clients.
This is absolutely a great time to be a buyer. Timing is everything and here
are 4 reasons to confirm your decisions to buy.
• Interest rates are still at historic lows. Expect to get a great mortgage
with a rate below 5%.
• Prices haven’t peaked in many markets.(rising quickly!)
• Sellers are negotiable and cooperating with what it takes to sell their
home. This is also changing as we transition into a seller’s market.
• The first step to purchasing a home is to select the right Realtor to
effectively and profitably represent your interests.
Thank you for the privilege of allowing my professional team members
to show you the best possible listings available.
ENCLOSED PLEASE FIND:
1. The Home Buying Process
2. Preparing for the Lender
3. Do’s & Don’ts During the Loan Process
4. Looking for the Right House
5. What to Expect from this Market
6. What to Expect When Making an Offer
7. Summary of Closing Costs/ Taxes/Home Inspection
8. Packing and Moving
9. Buyer Questionnaire
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
4. Buying a house is one of the biggest finanical decisions that you will make. You
need a Realtor that you can trust to guide you step by step through the process,
someone who will demonstate an unwavering committment to ensuring you find the
right home.
With divisions in Sales, Appraisals, Consulting and Property Management, Higgins
& Welch Real Estate, Inc. serves a diverse clientele throughout the Greater
Philadelphia Metropolitan Region. Our team of dedicated professionals possesses
the experience and tools to support each of our clients – individuals, businesses,
financial institutions, law professionals, municipalities, government entities – with
comprehensive, efficient and effective service.
Family-owned and operated Higgins & Welch traces its roots to the 1970s, when
H.H. Higgins REALTOR, Inc, first opened its doors in the East Falls section of
Philadelphia. Today, we proudly support our customers with complete, results-
focused expertise in sales and negotiation, valuation, property management and
other real estate related activity. In every aspect of our work, our team remains
dedicated to servicing with integrity, enthusiasm and the highest level of
professionalism.
Higgins & Welch Real Estate, Inc. and its REALTORS offer buyer and seller
representation for both residential and commercial property, as well as a wide array
of consulting and development services in Pennsylvania and New Jersey.
Higgins & Welch has been recognized and honored by both the University of
Pennsylvania’s Wharton School of Business and the Philadelphia Business Journal.
In 2009, we ranked 25th of the top 100 fastest growing privately held Philadelphia
businesses, from more than 800 nominees. Again,we had the honor of being ranked
9th in 2010 and 37th in 2011. In 2014, we received an Honorable Mention.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
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5. Signing A Buyer Representation Agreement
When working with a Realtor®, it is important to understand who the Realtor® represents
and to whom he or she is legally obligated. Establishing a representation relationship does
just that.
If the buyer and the seller have written agreements with their own representatives, it means
that they each have a Realtor® who is working for them.
If a buyer chooses to contact the seller’s representative directly, the Realtor® is working for
the seller and must do what is best for the seller; however, the Realtor® may still provide
many valuable services to that buyer.
If the buyer and seller have written agreements with the same Brokerage, it is a multiple
representation relationship and the Realtor® is representing both the seller and the buyer.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
“The team at Higgins and Welch helped us sell
our house in 2013. They were very helpful
throughout the entire process, offering experience
and expertise throughout. That continues as they
help us search for our next home. Thanks!”
-Pat Haskin
6. A real estate Brokerage acting as a ‘buyer’s representative’ must do
what is best for the buyer. A written contract, called a Buyer
Representation Agreement, explains the services the Realtor® will
provide, establishes a fee arrangement for the services of the
Realtor® and specifies what obligations a buyer might have.
Typically, buyers will be obliged to work exclusively with that
Brokerage for a specified length of time, as outlined in writing on
the Buyer’s Representation Agreement.
Confidences shared with the buyer’s representative must be kept
confidential. However, a seller working with a buyer’s
representative can expect to be treated fairly and honestly.
Forms Of Relationships
A real estate Brokerage acting as a ‘seller’s representative’ must do
what is best for the seller. A written contract, called a Listing
Agreement or Seller Representation Agreement, outlines what the
Realtor® will provide, establishes a fee arrangement for the
services of the Realtor® and specifies what obligations a seller may
have.
A seller’s representative must inform the seller of anything he may
know about the buyer. For instance, if a seller’s representative is
aware that the buyer is willing to offer more for a property, that
information must be shared with the seller.
Personal confidences that a seller shares with his representative
must be kept confidential from potential buyers and others.
However, a buyer working with a seller’s representative can expect
fair and honest service from the seller’s representative and
disclosure of pertinent information about the property.
The Buyer’s Agency
The Seller’s Agency
Occasionally, a Realtor will be the representative of both the buyer
and the seller. Under this ‘dual agency’ arrangement, the Realtor®
must do what is best for both clients.
Since the Realor’s loyalty is divided between the buyer and the
seller, who have conflicting interests, it is absolutely essential that a
multiple representation relationship be established in writing.
Dual Agency
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
7. Cancellation Policy
Entering into a Buyer Representation (Listing) Agreement with a Brokerage can be
intimidating. Most representation agreements can be long-term commitments – but
what if your Realtor® doesn’t perform as they promised?
Higgins & Welch Real Estate offers you a way to retain your own representative – that
is totally risk-free.
Your right is to evaluate whether we live up to your expectations and to be able to
cancel your Representation Agreement at any time should we fail to deliver the services
we promised. Prior to cancelling our Agreement, we will assist you in transferring your
Agreement to a Brokerage of your choice.
Buyer Confidences & Final Decisions
Higgins & Welch Real Estate offers an exclusive buyer-client service. We maintain all
buyer confidences at all times, unless you expressly consent to disclosure or it is
required by law. We give advice; however, experts are used whenever possible and we
always make it clear that the final decision is yours.
Buyer Counseling Meetings
When the decision is made to consider purchasing a house, the first step we
recommend is to have a Buyer Counseling Session.
The purpose is to:
1. Review and compile a list of your wants and needs
2. Evaluate your financial capabilities and options
3. Establish negotiating strategy
4. Provide a list of experts that you may consult with
5. Discuss the value of a survey and title insurance
6. Review costs associated with buying
7. Assist with determining ways to save you money
8. Outline the benefits of having your own representation
9. Explain in detail the Buyer Representation Agreement
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
8. Shopping For The Right Financing
Many institutions – banks, trust companies, credit unions and finance companies – lend
money for mortgages. However, their terms and options will vary. Selecting the right
one for you can save you thousands of dollars during the life of your mortgage.
The best way to make certain you are getting the mortgage that best fits your needs is
through a mortgage broker. We can refer you to reputable mortgage specialists to
discuss your financing options.
While some buyers would like to view
houses before they meet with a mortgage
specialist, we recommend that our clients
seek mortgage pre-approval first. By pre-
qualifying before you start looking at
houses, you will have a better
understanding of what price range you
should be shopping in and will also be in
an excellent position to act quickly once
you have found your dream home.
Pre-qualifying For A Mortgage
How Much Can You Afford?
• Monthly housing costs
(including mortgage
principle and interest, taxes
and utility expenses as well
Association fees – if
applicable) should be NO
more than 32% of your
gross household monthly
income.
• Your monthly debt load
including housing expenses
should be NO more than
40% of your gross monthly
income.
Note: These ratios may sometimes
vary among lenders or on your
personal circumstance.
Mortgage Basics
Principal: The amount of money you need to
borrow is usually the difference between the
selling price of your property (if you currently
own a house) and the down payment.
Interest: The amount you will pay for
borrowing money.
Mortgage Payment: A regular installment is
usually made up of principal and interest by
which you repay the mortgage over its term to
maturity.
Amortization Period: The actual number of
years it will take to repay the entire mortgage,
generally a period anywhere between 15 and 25
years.
Term: The length of time that a specific
mortgage agreement covers, generally being
between 15 and 30 years. When the term
matures or becomes due, the balance of the
mortgage is generally re-negotiated for another
term at prevailing rates and conditions in effect
at that time.
Equity: The difference between the selling
price and the outstanding amount of all
mortgages and any other liens relating to the
property.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
9. HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
Preparing for the Lender
Personal Information
-Full names of all purchasers as they are to appear on the title.
-Social security numbers of all purchasers.
-Present residence address for all purchasers.
-Previous address for all purchasers going back two years if they have
not resided in the present home for two years.
-Home, office, cell phone numbers.
Employment Information
-Present Employer: Name, address and a contact person to send
employment verification form.
-Explanation for any gap during 2 year history
-Relocation letter for any transferees-given date, salary, new location,
and any relocation benefits.
-Previous Employer: Name, address, and contact person, going back
2 years if not in present job 2 full years.
-Present Salary: Year to date pay stub and last 2 years’ W-2s
-If any variable income, commission, part-time income, bonus,
overtime, interest income, etc., is being used to qualify: 2 years’
signed federal individual and corporate returns (if applicable), Also a
profit and loss statement and balance sheet.
-Diploma or transcript if student during 2 year period.
Other Income
-Rental Income: Copy of lease which is current and at least one year in
length.
-Alimony and Child Support (only if used for qualification): Copy of
divorce decree and property settlement (ratified) setting out terms.
Proof of payment will also be requested at application.
-Income From Notes Held: A copy of the ratified note.
-Retirement, Social Security and disability Income: Copy of award
letter and latest check showing amount of present payment. Copy of
end of year statement, if applicable.
10. Preparing for the Lender (continued)
Assets
• Bank Accounts: Name of bank, address, account numbers, types of
Accounts, and present balances. With checking use average
balance.
• Copy of two most recent statements of all accounts.
• Stocks and Bonds: Copy of certificates or copy of recent (within 30
days) broker statement listing the holdings.
• Life Insurance: Cash value, only if being used for down payment.
• Vehicles: Year, make, and value. Copy of title if under 4 years old
with no outstanding lien.
• Real Estate: Address and market value. If free and clear, deed of
release, deed of mortgage payoff.
• Present Home: Copy of sales contract, settlement sheet and/or
lease.
• Gift Letter: Form will be provided by financial representative. Donor
Capacity must be verified. Receipt of funds must be shown in
account.
Liabilities
• Credit Cards: Account numbers and outstanding balances. ‘
• Loans (Auto, Mortgage, Personal, Student, etc.): Name of institution,
address, account numbers, outstanding balances, monthly payments,
months left on loan. Copy of next payment coupon. 12months’
statements or canceled checks for present mortgage.
• Alimony and Child Support: Copy of Ratified Decree and property
settlement setting out terms.
VA Loans
• Certificate of Eligibility: To obtain certificate, you will need a DD-214
(Separation of Service) or if in the Service, you will need a Statement of
Service signed by Commanding Officer of Personnel Officer (certificate
must be updated prior to application).
• If in service, you will need Authorization to Live Off Base (DD-1717 from
Housing Office) and Transfer Orders (if applicable).
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
11. Will Mortgage Pre-Approvals Hurt My Credit Score?
This is a very common myth buyers have regarding getting preapproved.
Getting preapproved is 100% a benefit to you as the buyer because it will
give you confidence to write offers and prevent any heart ache down the
road. In a competitive market like ours a good agent and a smart seller will
not even consider looking at a financed offer without a preapproved letter.
Credit Bureau Scoring
Credit Bureaus use a subtle formula that they don’t publicize how they
crunch your credit history down into a single credit score. One of the
things that can cost you points on your credit score is to have a bunch of
inquiries coming in very close to each other. So, should you worry about
what mortgage preapprovals will do to your credit reports? Probably not.
The “Ding” for only one inquiry is very small.
The most of a single inquiry on your credit report will cost you five points.
Often, your score, which can range from 300-850, will suffer even less
than that. Unless you are seeking a new mortgage and are right on the
cusp between good credit score and a fair credit score, five points
shouldn’t make any difference in your loan terms.
Making the Mortgage Process Easier
All the credit bureaus understand the complex timing of getting a
mortgage. Therefore, they have instituted measures to avoid reflecting
pre-approvals inquiries on credit reports. For instance, if you are shopping
around for the best rate, and several mortgage companies make credit
inquiries about you every 45 days of each other, all those inquiries will be
bundled into a single event with a miniscule effect on your credit report.
Your credit report also does not include any credit inquiries made within
the last 30 days prior to your loan application.
It is, therefore, nearly impossible that the mortgage process of pre-
approval will cause enough damage to your credit score to hurt your
mortgage terms, so don’t worry if your real estate agent asks to see your
letter of pre-approval. Getting pre-approved for the mortgage you want
won’t hurt you.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
12. Do’s & Don’ts During the Loan Process
There are certain “Do’s and Don’ts” which may affect the outcome of your
loan request. These remain in effect before, during and after loan approval
up until the time of settlement when your loan is funded and recorded.
Many times credit, income, and assets are verified the hour before you
have signed your final loan documents.
MAKE SURE THAT YOU DO NOT:
Do Not quit your job or change jobs. If this is likely, consult with your loan
officer and call this office should this occur.
Do Not allow anyone to make an inquiry on your credit report except your
lender.
Do Not apply for credit anywhere else except your lender. This causes
more “hits” on your credit rating which can reduce your credit score.
Do Not change bank accounts or transfer money within your existing
account.
Do Not co-sign for anyone, for any reason, for anything.
Do Not purchase or attempt to purchase anything else on credit such as
another car, truck, boat, furniture or other real estate.
Do Not charge any abnormal amount to your credit cards or credit lines.
Do Not send in late payments, or incur late fees for anything.
Do Not wait longer than the time frame given per your contract to provide
all necessary paperwork and information to your lender when required.
MAKE SURE THAT YOU DO:
Do keep all accounts current, including mortgage, car loans, credit cards,
etc.
Do contact both your lender and your sales associates anytime a question
may arise.
Do make all payments on or before due dates on all accounts, even if the
account is being paid off with your new loan.
Do have any lender-required money/funds to your loan officer within 72
hours after home inspection is complete.
Do return phone calls from your agent, loan officer, Settlement Company,
or anyone else involved in your transaction within 2 hours of message.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
13. Looking For The Right House
V.I.P. Buyer Profile System
Higgins & Welch Real Estate’s clients benefit from our buyer profile system, an online
home search program. We e-mail (or deliver) to you information on houses in your
price range that match the features that you have identified as being important to you.
Often these new listings are sent within minutes of appearing on the MLS system. In
todays technologically advanced society, you can search online using a variety of
websites and tools, including welchgroup.net’s IDX search, Market Snapshot and
Neighborhood Reports. After reviewing the information, you can select the houses you
are interested in viewing. In the “Old Days” buyer representatives mostly served to find
you a house. Today, everyone can find a house, so the focus of our representaion is to
review those homes, conduct due diligence and employ valuation expertise to ensure
you are not paying too much and that there are no major issues with the house. We want
to protect you and ensure all of the I’s are dotted and the T’s are crossed. This puts you,
the buyer, in control of the process.
Should You Buy For Your Current Or Future Needs?
Is this your first home? Are you an empty nester or soon to be empty nester? What are
your future family plans? Do you have young family? Are you close to retirement? We
recommend that our clients attempt to find a home that will anticipate their lifestyle for
the next 5 to 7 years. Features to consider include:
• Location
• Size of home
• Number of bedrooms
• Number of bathrooms
• Single or double garage
• Dining room
• Air conditioning
• Fireplace and other amenities
• Swimming pool and recreation areas
Home Search & Viewings
At Higgins & Welch Real Estate, we can review
all sources, not just listed properties, to find the
right house for you. All appointments and
showings are at your convenience and, when
possible, potential houses are previewed to save
you time. We also keep you informed of any
positive and negative features that may affect
property values and future marketability.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
14. What to Expect From This Market
Navigating this market can be very complex at times. In your search for a
home you mostly come across three different types of sellers. Each one
will have different escrow timeframes, negotiation styles, pricing
strategies, and time frames for accepting your offer. Without knowing the
difference characteristics of the different types of sellers it can be very
frustrating out there as a buyer.
Traditional Sale- These are sellers who have equity in their homes and
are usually looking to close escrow in 30-45 days. When writing an offer
on a traditional sale you will usually negotiate directly with the seller
through their agent.
Short Sale- These are sellers who owe more that what they can sell their
home for and therefore have to negotiate with their bank to receive a
lesser amount. Typically the negotiation process with the bank can take
4-6 months to get an offer approved and the price is subject to change
during this time. There is also a chance that the bank will reject the seller’s
request for a short sale and instead foreclose on it.
Foreclosures-These are the homes which have been foreclosed on and
taken back by the bank also known as REO’s (Real Estate Owned) or
“bank owned”. Like the traditional sale the bank will want to close escrow
30 days upon accepting your offer. The banks are motivated to sell these
homes quickly and will typically price them slightly below market value to
get multiple offers and create a bidding war to drive the price up. Even
though you may pay over the asking prices these can still be great values.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
15. Making An Offer
You’ve found your dream home, now it’s time to start negotiating. Nowhere else are the
benefits of Higgins & Welch Real Estate’s 40 plus years of experience so clearly
demonstrated to buyers than when you put an offer on a house.
Higgins & Welch Real Estate can guide you through the offer and negotiating process:
• Prepare the Agreement of Purchase and Sale – do analysis to help determine the
price to be offered and any conditions that should be included
• Negotiate on your behalf with the seller and his representative
• If there is a counteroffer, we take the time to explain what the seller is offering
and how it affects you
• Review the final offer with you and obtain necessary signatures
• Ensure all documents are accurately completed
Agreement Of Purchase & Sale
A legally binding agreement between you and the seller (also referred to as an Offer to
Purchase) must include:
• Names of the buyer and seller
• Property address and legal description
• Purchase price
• Items you want included in the purchase price
• Amount of the cash deposit (refundable, if offer is rejected or conditions are not
fulfilled)
• Closing date
• Specific terms or conditions
• Examples of standard conditions include a satisfactory home inspection report,
mortgage approval or property insurance
• A time limit for arranging and satisfying conditions
• Other terms and conditions that will protect and promote your best interests
What Is Included In The Sale?
Unless you and the seller agree otherwise in the Agreement of Purchase and Sale, when
you purchase a house, it is with all of the fixtures that go along with it.
A fixture is generally an item that is physically attached to the property. A rule of
thumb is that if a tool is required to remove the item, it is considered a fixture. Typical
fixtures include ceiling lights and fans, venetian/vertical blinds and built- in
dishwashers – to name a few. Appliances usually are not considered fixtures (although
they may be included in the purchase price).
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
16. No Regrets – Offers Are Legally Binding
Higgins & Welch Real Estate’s advice is not to enter into a binding contract to buy
unless you are certain you want to purchase the property. Even though the conditions
included in the Agreement of Purchase and Sale are for your benefit, your deposit may
be at risk if you fail to complete the purchase under the terms in the offer. Sellers are
willing to accept conditional offers but are not willing to permit the buyer to back out
risk-free if they simply suffer from buyer’s remorse.
Process Required After the Agreement of Sale is Completed
• We will deliver the documents to your lender/mortgage broker for the final
arrangements of your mortgage
• Arrange and attend the home inspection and other applicable inspections
• Stay in constant communication until all the conditions in the Agreement of
Purchase and Sale have been fulfilled
• Meet with you and explain in detail what is required upon fulfillment of the
conditions in the Agreement and deliver notices to respective parties
Prior To Closing Date
Once all of the conditions in the Agreement of Sale have been fulfilled, settlement is on
the horizon.
We recommend that you contact important people, accountants, creditors to make him/
her aware that you have just purchased a house expect a change in mailing address.
We also recommend that you contact your Insurance Agent to ensure fire insurance
coverage on the property will be effective on the date of completion.
Approximately three days prior to the date of completion, you will meet with your
Realtor to review the financial side of the transaction, and any closing documentsthat
may be ready in advance.
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
17. Summary Of Closing Costs
Legal Fees
Vary according to lawyer, if you elect to
obtain legal representation.
Survey
May be required if the seller does not
provide you with an acceptable survey
as outlined in the Agreement of Purchase
and Sale. Title insurance is now used (at
your option) and may replace a survey
under some circumstances. Your lawyer
will advise you accordingly on this.
LandTransfer Tax
(Payable on all Purchases)
Calculated at 1% of Purchase Price less
$275.00 i.e. $120,000 x 1% - $275.00 =
$925 or as follows:
0.5% up to 55,000
1.0% 55,000 to 250,000
1.5% 250,000 to 400,000
First time buyers may be eligible for
rebates or exemptions from this tax.
Ministry of Revenue, at 1-800-263-7965,
can provide more details. Consult your
mortgage broker or lender regarding this
or other programs that may be available.
Statement Of Adjustments
Both the buyer and seller are each
responsible for their share of taxes, fuel
and utilities. These costs are itemized on
the Statement of Adjustments completed
by your lawyer.
Home Insurance
Varies from one insurance company to
another. Consult with your insurance
company for specific fees.
Mortgage Application
Processing fees may be applicable.
Consult with your mortgage broker/
lender for details.
Mortgage Appraisal
An estimate of the value of the house you
are purchasing may be a requirement –
however your mortgage broker/lender
will advise you if it is needed.
Down Payment
Aminimum of 5% of the purchase price
for a high-ratio mortgage and at least
20% of the purchase price for a
conventional mortgage. Purchasing
without a down payment is also
available; however, special conditions
may be applicable.
Mortgage Insurance Premium
Required if your down payment is less
than 20%. Typically added to your
mortgage, the premium can vary
depending on your down payment.
Conveyance Fee
A fee charged by the real estate broker
for the necessary conveyance and filing
of your real estate transaction.
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Property Taxes
With every transaction, property taxes are adjusted between the seller and the buyer
based on the number of days the seller is in possession of the property for that year.
Credit is given to the seller for excess taxes paid on the day of closing. This is handled
by your title company on the HUD-1 Settlement sheet.
You will be responsible for tax installments that come due immediately after closing.
Contact the tax department of the city where you will be residing to determine the
amount of the next tax installment and due date. This may likely be included in your
mortage payment.
I hired Higgins & Welch when I first started looking for a
home. They walked us through the process and offered
expert advice throughout the process that made us very
comfortable and confident in their abilities. When we did
make a move, they worked tirelessly to make sure everything
was taken care of. I would recommend Higgins & Welch
without hesitation.
-John Remmey
19. The Home Inspection
A home inspection conducted by a reputable professional is critical to ensuring you have all
the information about a property’s condition. It can identify minor or major problems that
may affect the price or if you want to proceed with the sale.
A home inspection should include, but is not limited to:
• Foundation
• Doors and windows
• Roof and exterior walls
• Ceilings, walls and floors
• Attics
• Plumbing and electrical systems
• Heating and air conditioning systems
• Insulation and ventilation
• Septic tanks, wells or sewer lines (if applicable)
• Overall opinion of structural integrity
• Any additional buildings such as sheds or garages
At Higgins & Welch Real Estate, we can arrange and attend the home inspection – with the
home inspector of your choice. In addition, our buyers are always encouraged to be present
during the inspection to witness ‘first hand’ the findings of the inspection. It also gives you
the opportunity to seek the advice of the home inspector regarding general maintenance of
the property
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
20. Packing & Moving
With all of the effort that goes into selling a house, it’s no wonder that many tend to delay
the inevitable – packing. We recommend to our clients that they start planning early. This
helps to avoid feeling overwhelmed as the date of completion approaches.
Higgins & Welch Real Estate’s Tips For Making The Move Easier
Timing
If you are able to move at any time of the year, don’t wait until what is generally peak-
moving season
– the summer. Consider also that the first and end of the month are almost always especially
busy. Your moving company’s rates may vary depending on which day of the week you
move.
Insurance
Complete an inventory for every room. This is important for establishing the declared value
for shipping/moving. Prepare a separate inventory for items considered to be of high-value.
These items can include antiques, art collections, computer or television equipment, jewelry
or oriental rugs – to name a few.
Your To Do List
Don’t forget the little things like forwarding your mail or changing the address on
your driver’s license and health card! Here are some helpful checklists:
• Disconnect utilities, cable and phone
services; order utilities for your new
home
• Have your mail forwarded to your
new address; include all home
deliveries such as magazine or
newspaper subscriptions
• Review your belongings with a
critical eye; this is the perfect
opportunity
• to clear out anything you don’t want
to move
• Select your moving company. Closer
to your moving date you should also
confirm the delivery date and time as
well as method of payment
• Notify your insurance company
(house, car and life insurance) well
in advance of the move and ask to
have your policy reviewed and
transferred to your new house
PersonalHousehold
• Investigate how to transfer your
children to their new school
• Send change of address notices to
friends, family and work
• Obtain or transfer all medical and
dental records
• Change the address on your driver’s
license, health card and credit cards,
etc.
• Change address or transfer banking
accounts; order cheques with your
new address
• Keep a detailed record of all moving
expenses; some may be tax
deductible depending on the reasons
for your move and distance involved
• If you rent and are not on a lease, 60
day written notice is recommended
or may be required to your landlord
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
21. The Right Realtor® Is Essential
Finding a new home requires special attention. Finding your dream home quickly and in the
price range you can afford requires a skilled Realtor®.
Look no further than Higgins & Welch Real Estate.
With our help, you can feel confident that you will have a range of houses to choose from.
We will negotiate on your behalf to ensure that you are getting the best value for your money
and be by your side at every step of the buying process.
Higgins & Welch Real Estate, Inc. Brokerage
HIGGINS & WELCH REAL ESTATE, INC. welchgroup.net
22. Buyer Questionnaire
Contact Information:
Name:
_______________________________________________________________
Address:_______________________________________________________
Phone Number
(c)____________________________(h)______________________________
Email
Address:_______________________________________________________
FHA VA CONV CASH Down
Payment_______________________________________________________
Lender
Info:___________________________________________________________
Price
Range:_________________________________________________________
Areas:_________________________________________________________
Bedrooms:__________ Baths:___________ Sqft:______________
School
District:_________________________________________________________
Higgins & Welch Real Estate, Inc. 215-247-5000 welchgroup.net
23. Higgins & Welch Real Estate, Inc.
welchgroup.net Office: 215-247-5000 sales@welchgroup.net