• Lenders are a crucial part of the process.  You want to work with a good local lender who has business roots in the area and a reputation for good work.  Your agent can recommend some lenders, and you should choose one and start the process early.  Discuss rates, payments, down payment and closing cost needs, and loan options.  You are going to live with and pay this loan for a long time, so get information and choose wisely.
• You definitely want to have a termite inspection on your new home.  Even many condos need to be inspected.  The termite inspection will be a visual examination of the accessible areas of the property,  and if there are signs that warrant a deeper level of inspection your termite inspector will put it in the report.  The basic contract used by Realtors in this area includes a provision for a termite inspection.  The lender will also require a termite inspection.
• The lender will also require a property survey to be performed.  This will verify the property lines and the position of the existing structures on the property.
• Even if you pay cash for a property and aren’t interested in the physical condition of the house or structures, you still want to have a survey.  Surveys can turn up some interesting information about a property, including whether or not it is where you think it is!  Fences are frequently NOT on the property line, and sometimes people fence in land that is not actually their land.
• The lender will require a certification of the septic system, if there is one. This is also in the contract.
• As part of the contract process, you may ask the seller to provide, or you may choose to purchase for yourself, a home warranty.  Home warranties cover many systems in the home for a period of one year.  Ask your agent for some information about home warranties.
• If the property is part of a Home Owners or Property Owners Association, or is a condominium or cooperative,  you have the right to receive information and then cancel the sale within a period of time if there is something in the documents that you do not like.  Additionally,  if the seller has any outstanding violations of the regulations, such as a needed repair or unpaid fees,  these must be remedied by the seller.
• If the property was built prior to 1978,  the seller must give you any information or reports concerning lead based paint that  he may have.  You should also carefully read the HUD Lead Based Paint booklet.  If you choose to purchase a property built prior to 1978 you may want to have the property inspected for lead based paint and this condition should be part of your offer to purchse.

At Mabry & Cox, buyers prefer to have us represent their interests in the buying process.  They want our advice and judgment at every step in the process. They want an experienced, professional advocate representing their interests, and they want their business interests and information kept confidential.  When buyers choose us to represent them in a transaction, we prepare and review a written Buyer Representation Agreement with our buyer clients.  This agreement sets forth the major parts of our obligations and the buyer’s responsibilities in the process.

During the home buying process you are going to deal with some things that you may never have encountered before.  We hope that this information will help you get started.  We strongly encourage you to discuss these items and more with you agent as you get involved in the process.  Informed decisions are the goal.