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Nolo's Essential Guide to Buying Your First Home “ Nolo’s excellent guide for novice home buyers provides fresh, updated information about the whole process that even those in the know will find useful.” LIBRARY JOURNAL With Downloadable FORMS 5TH EDITION Nolo’s Essential Guide to Bu y i n g You r Home • Negotiate a great price • Get a low mortgage rate • Make the most of today’s market Ilona Bray, J.D. Alayna Schroeder, J.D. & Marcia Stewart Free Legal Updates at Nolo.com is Book Comes With Lots of FREE Online Resources Nolo’s award-winning website has a page dedicated just to this book. Here you can: And that’s not all. Nolo.com contains DOWNLOAD FORMS – Access forms and worksheets from the book online thousands of articles on everyday legal and KEEP UP TO DATE – When there are important business issues, plus changes to the information in this book, we’ll a plain-English law post updates dictionary, all written by GET DISCOUNTS ON NOLO PRODUCTS – Get Nolo experts and available discounts on hundreds of books, forms, and for free. You’ll also nd software more useful books, READ BLOGS – Get the latest info from Nolo software, online apps, authors’ blogs downloadable forms, plus a lawyer directory. LISTEN TO PODCASTS – Listen to authors discuss timely issues on topics that interest you WATCH VIDEOS – Get a quick introduction to a legal topic with our short videos With Downloadable FORMS Get forms and more at LAW for ALL www.nolo.com/back-of-book/HTBH.html “ The most complete home-buying book you will find…doesn’t leave out any of the essentials. On my scale of one to 10, this superb new book rates an off- the-chart 12.” —Robert Bruss, syndicated real estate columnist “ Coming from a gal that knows tools, this book is a must-have tool for any home buyer. It offers so much essential information, purchasing a home without it would be like trying to drive a nail without a hammer!” —Norma Vally, host of Toolbelt Diva (Discovery Home) and author of Chix Can Fix: 100 Home Improvement Projects and True Tales From the Diva of Do-It-Yourself “ Any first-time homebuyer owes it to him or herself to get this book. It’s packed with information you won’t find anywhere else, yet is remarkably accessible, even when covering complex financial issues.” —Elisabeth DeMarse, CEO, Creditcards.com, former CEO, Bankrate.com “ Enthusiasm, hints and tips all rolled into a great read for first-timers.” —Pat Lashinsky, President of ZipRealty “ …Provides in-depth insight and helpful advice that is easy to understand and use.” —Rob Paterkiewicz, CAE, IOM, Executive Director, American Society of Home Inspectors “Like having over a dozen real estate experts over for dinner.” —Steve Kropper, President, Bank on Real Estate, founder of Domania.com “Nolo’s excellent guide for novice home buyers provides fresh, updated information about the whole process that even those in the know will find useful.” —Library Journal 5th Edition Nolo’s Essential Guide to Buying Your First Home Ilona Bray, J.D., Alayna Schroeder, J.D., & Marcia Stewart LAW for ALL FIFTH EDITION JANUARY 2015 Editor ILONA BRAY Cover Design SUSAN WIGHT Book Design SUSAN PUTNEY Proofreading ROBERT WELLS Index SONGBIRD INDEXING SERVICES Printing BANG PRINTING Bray, Ilona M., 1962- Nolo’s essential guide to buying your first home / by Ilona Bray, Alayna Schroeder & Marcia Stewart. -- 5th edition. pages cm Includes index. ISBN 978-1-4133-2118-0 (pbk.) -- ISBN 978-1-4133-2119-7 (epub ebook) 1. House buying. I. Schroeder, Alayna, 1975- II. Stewart, Marcia. III. Title. HD1390.5.B734 2014 643'.120973--dc23 2014019577 This book covers only United States law, unless it specifically states otherwise. Copyright © 2007, 2009, 2011, 2012, and 2015 by Nolo. All rights reserved. The NOLO trademark is registered in the U.S. Patent and Trademark Office. Printed in the U.S.A. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Reproduction prohibitions do not apply to the forms contained in this product when reproduced for personal use. Please note We believe accurate, plain-English legal information should help you solve many of your own legal problems. But this text is not a substitute for personalized advice from a knowledgeable lawyer. If you want the help of a trained professional—and we’ll always point out situations in which we think that’s a good idea—consult an attorney licensed to practice in your state. Acknowledgments This book was a 100% team effort and couldn’t have been written without the advice, stories, and ideas of real estate experts and homebuyers from around the United States. First and foremost, we thank the members of our advisory board, who spent countless hours reviewing chapters, explaining local practices, and sharing the best and worst memories from their professional experiences. Special thanks to the late Broderick Perkins, a real estate journalist based in San Jose, California, who reviewed and contributed to every chapter of this book’s early editions. Our other invaluable sages included: • Nancy Atwood, real estate broker with ZipRealty in Framingham, Massachusetts (www.ziprealty.com) • Amy Bach, J.D., consumer advocate and Executive Director and cofounder of United Policyholders, a national nonprofit (www. uphelp.org), based in San Francisco, California • Timothy Burke, founder and CEO of National Family Mortgage (www.nationalfamilymortgage.com), based in Waltham, Massachusetts • Alicia Champagne, real estate attorney (www.champagneand marchand.com), short sale negotiator, and Realtor education teacher in Wilmington, Massachusetts • Marjo Diehl, Mortgage Adviser at RPM Mortgage in Alamo, California (www.rpm-mtg.com) • Sandy Gadow, expert on real estate closing and escrow, and best- selling author of The Complete Guide to Your Real Estate Closing (www.escrowhelp.com) • Kenneth Goldstein, Boston-area attorney with the law firm of Goldstein & Herndon, LLP (www.brooklinelaw.com), and Chairman of the Board of Selectman of the Town of Brookline, Massachusetts • Paul Grucza, Director of Education and Client Engagement for The CWD Group, Inc. AAMC® in Seattle, Washington (www. cwdgroup.com) • Richard Leshnower, New York-based real estate attorney • Paul A. Rude, professional inspector and owner of Summer Street Inspections, in Berkeley, California (www.summerinspect.com) • Bert Sperling, city and neighborhood expert and author in Portland, Oregon, and founder of www.bestplaces.net • Daniel Stea, broker/owner/attorney at Stea Realty Group in Berkeley, California (www.stearealtygroup.com) • Fred Steingold, attorney and author in Ann Arbor, Michigan (many of his books on small business and other legal matters can be found on www.nolo.com) • Russell Straub, founder, President, and Chief Executive Officer of LoanBright, a mortgage marketing service based in Evergreen, Colorado (see www.loanbright.com and www.compareinterestrates.com) • Tara Waggoner, MBA, real estate broker and Market Manager at Redfin in Houston, Texas (www.redfin.com). A number of other experts provided additional advice—you’ll see many of them quoted in this book. They include Neil Binder, New York real estate investment expert (www.bellmarc.com); Elisabeth DeMarse, CEO and president at TheStreet, Inc., and New York-based real estate industry expert (www.demarseco.com); Kartar Diamond (www.fengshuisolutions. net); Debbie Ostrow Essex, child and family therapist based in Berkeley, California; Stephen Fishman, attorney and Nolo author; Joanna Hirsch, real estate agent with Pacific Union in Oakland, California (jhirsch@ pacunion.com); Joel Kinney, attorney with Fort Point Legal in Boston, Massachusetts (fortpoint.me); Annemarie Devine Kurpinsky, associate with George Devine, Realtor®; Pat Lashinsky, former President, ZipRealty; Jeff Lipes, Vice President at Rockville Bank in Hartford, Connecticut; Maxine Mackle, Connecticut Realtor® (www.halstead.com); Paul MacLean, retired home inspector in Austin, Texas; Mark Nash, Associate Broker with Coldwell Banker, who serves the Chicago, Evanston, Skokie, and Wilmette areas of Illinois (www.marknashrealtor.com), and author of 1001 Tips for Buying & Selling a Home; Carol Neil, independent broker and Realtor® in Berkeley, California (www.pacificunion.com); Fiore Pignataro, Realtor® with Windermere Realty in Seattle, Washington (www.windermere.com); Lorri Lee Ragan, formerly of the American Land Title Association (www. alta.org); Mary Randolph, attorney and author; Frank Rathbun, Vice President of Communications, Community Associations Institute (www. caionline.org); Ira Serkes, Berkeley Realtor® with Pacific Union (www. berkeleyhomes.com); Viviane M. Shammas, attorney and real estate broker in Ann Arbor, Michigan (www.vivianeshammas.com); Debbie Stevens, Oregon real estate agent (www.ramsayrealty.com); Rich Stim, attorney and Nolo author; Craig Venezia, real estate author (www.craigvenezia.com); and Loretta Worters, Vice President of Communications for the Insurance Information Institute. No amount of advice can substitute for a personal story, so we’d also like to thank the many homebuyers who shared the good, the bad, and the ugly of their own experiences or told us what they’d like from this book, including Amy Blumenberg, Laurie Briggs, Dave and Danielle Burge, Karen Cabot, Linda Chou, Jennifer Cleary, Jaleh Doane, Phil Esra, Lisa Guerin, Gabrielle Hecht, Pat Jenkins, Ellie Kania, Justin and Tamara Kennerly, Chris and Libby Kurz, Talia Leyva, Willow Liroff, Meggan O’Connell, Evan and Tammy Ohs, Leny and Frank Riebli, Leah Scheibe, Diane Sherman, Bruce Sievers, Luan Stauss, Tom and Heather Tewksbury, Catherine Topping, Josh and Gillian Viers, Julie and Malachi Weng-Gutierrez, and Kyung Yu. Within Nolo, we got huge amounts of help from our talented colleagues. Rich Stim did an excellent job with the audio interviews. Other colleagues who lent a hand, researching everything from 50-state legal matters to fun facts, included Cathy Caputo, Lexi Elmore, Jessica Gillespie, Stan Jacobsen, Terry McGinley, Kathleen Michon, Stephen Stine, Leah Tuisavalalo, Charles Walmann, and Jo Warner.
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