Buying and Financing a Home You probably started your home buying process in one of two ways: you saw a home you were interested in buying or you consulted a lender to figure out how much money you could borrow before you found a home (called pre-qualifying). The next step was to sign a purchase agreement with the seller, followed by applying for a loan to purchase your new home. The final step is called closing where the legal title to the property is transferred to you. At each of these steps you often have the opportunity to negotiate the terms, conditions and costs to your advantage. This pages will highlight such opportunities. You will also need to shop carefully to get the best value for your money. There is no standard home buying process used in all localities. Your actual experience may vary from those described here. This pages take you through the general steps to buying a home, to eliminate, as much as possible, the mysteries of the closing process. Buying and Financing A Home Frequently, the first person you consult about buying a home is a local  real estate agent or broker. The most common practice is for the seller to hire the broker to find someone who will be willing to buy the home on terms and conditions that are acceptable to the seller. Therefore, the local  real estate broker you are dealing with may also represent the seller. However, you can hire your own local  real estate broker, known as a buyer’s broker, to represent your interests. In California, agents and brokers are allowed to represent both buyer and seller, what is called a dual agency. Even if the local real estate broker represents the seller, state local real estate licensing laws usually require that the broker treat you fairly. If you have any questions concerning the behavior of an agent or broker, you should contact your State’s Real Estate Commission or licensing department. Sometimes, the local  real estate broker will offer to help you obtain a mortgage loan. He or she may also recommend that you deal with a particular lender, title company, attorney, or settlement/closing agent. You are not required to follow the local real estate broker’s recommendation. You should compare the costs and services offered by other providers with those recommended by the local Wellington real estate broker. Selecting an Attorney Before you sign an agreement of sale, you might consider asking an attorney to look it over and tell you if it protects your interests. If you have already signed your agreement of sale, you might still consider having an attorney review it. If choosing an attorney, you should shop around and ask what services will be performed for what fee. Find out whether the attorney is experienced in representing homebuyers. You may wish to ask the attorney questions such as: In California it is normal for escrow agents or escrow companies to handle the paperwork and transfer title without any attorney involvement.

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