Wraparounds, defined

Z.

ZipRealty, MLS access

Zoning ordinances, as neighborhood choice priority

NOLO.

Find a Real Estate Attorney

* Qualified lawyers Qualified lawyers * * In-depth profiles In-depth profiles * * Respectful service Respectful service

If you have a question about real estate law, you don't want to consult just any attorney. Get answers to your questions about buying and selling property, taking title, drafting deeds, co-ownership contracts, and the rules for single-family homes, condominiums, co-op units, commercial properties or undeveloped land, with a lawyer who understands the complexities of real estate law and will keep your transaction smooth.

Nolo's Lawyer Directory is designed to help you search for the right attorney. Lawyers in our program are in good standing with the State Bar Association and have created extensive profiles that feature their professional histories, credentials, legal philosophies, fees and more.

Check out Nolo's Lawyer Directory to find a real estate lawyer who is right for you.

www.lawyers.nolo.com

The attorneys shown above are fictitious. Any resemblance to an actual attorney is purely coincidental.

Sample Forms From the CD-Rom

NOTE: The CD-ROM that accompanies the printed version of this book includes the following forms or other tools. The samples provided here are designed to give you a snapshot of each form or tool. Some of these samples may not offer all of the features available on the CD-ROM.

Debt-to-Income Ratio Worksheet Use this form to calculate your debt-to-income ratio. With this information, you'll know roughly how much mortgage you'll qualify for.

Financial Information for Lenders Here's what you'll need to pull together and photocopy when applying for loan preapproval or final approval. If you're buying with someone else, both of you will need to give the lender every item on this checklist. The first nine items are normally required for preapproval and applying for any loan. You'll need the rest when you're doing the final loan application.

For loan preapproval [image] pay stubs for the last 30 days pay stubs for the last 30 days[image] two years' tax returns and W-2s or business tax returns if you're self-employed two years' tax returns and W-2s or business tax returns if you're self-employed[image] proof of other income proof of other income[image] proof of other assets (such as stocks or pension funds) proof of other assets (such as stocks or pension funds)[image] three months of bank records for every account you have three months of bank records for every account you have[image] source of your down payment source of your down payment[image] names, addresses, and phone numbers of employers for the last two years names, addresses, and phone numbers of employers for the last two years[image] names, addresses, and phone numbers of landlords for the last two years names, addresses, and phone numbers of landlords for the last two years[image] information about your current debts, including account numbers, monthly payment amounts, etc. information about your current debts, including account numbers, monthly payment amounts, etc.[image] other records and documents ______________________ other records and documents ______________________

For final loan approval [image] copy of the home purchase contract copy of the home purchase contract[image] preliminary title report preliminary title report[image] property appraisal property appraisal[image] proof of homeowners' insurance proof of homeowners' insurance[image] other records and documents ________________________ other records and documents ________________________

Common Real Estate Abbreviations Below are some of the more common real estate abbreviations. Which letters are capitalized and which aren't isn't always consistent.

Real Estate Agent Interview Questionnaire Ask potential agents the following questions, as well as anything special to your transaction, like their experience helping buyers looking for fixer-uppers or newly constructed houses.Name of real estate agent and contact information (phone, email, etc.):Date of conversation:1. Do you work full time as a real estate agent?2. How long have you been in the real estate business?3. Do you have additional certifications beyond your general real estate license? If so what are they?4. Will you ever represent me as a dual agent?5. How many residential real estate transactions have you been a part of in the past year?6. In how many of those transactions have you represented the buyer?7. What was the price range of homes you helped clients buy within the last year? What was the average price?8. Do you specialize in a certain type of property?9. Do you specialize in a certain geographic area?10. Do you partner with other agents or use assistants?11. How will I reach you? Are there days or times you're unavailable, or do you have any vacations planned?12. Can you provide at least three names of recent clients who purchased first homes with you, who will serve as references?

NOTES:.

Best Answers: 1. Yes. 1. Yes.2. The longer the better, but at least three years.3. More certifications show a commitment by the agent. A Realtor ABR or ABRM designation indicates that the agent has significant experience working with buyers.4. Only acceptable answer is "No."5. Should be a minimum of ten.6. Best answer is "all of them," but should be at least half.7. Should be about your price range.8. Should be the type of property you're interested in, like a single-family house, condo, or co-op.9. Should be the geographic area where you're looking to buy.10. If so, find out who you'll be working with, what their real estate experience is, and what they'll be doing.11. Make sure you can reach the agent when you need to. If you plan to buy soon, make sure the agent will be readily available (not on vacation).12. Only acceptable answer is "Yes."

Real Estate Agent Reference Questionnaire Here's what to ask the agent's referrals. You can add any other questions that interest you, such as special issues if you're buying a new house in a development.Name of real estate agent:Name of reference:Date:1. How did you choose the agent? Did you know the agent before you worked together?2. What kind of house did you buy?3. Was the agent responsive? Did the agent return calls promptly, follow through on promises, and meet deadlines?4. Did the agent take the time to find you the right property?5. How long did you look?6. How many houses did you look at before you bought?7. Did the agent show you houses in your price range?8. Are you happy with the house you bought, and the neighborhood it's in?9. Did the agent help you coordinate other details of your purchase, like finding financing and working with the title company, inspectors, or insurance agents?10. Did the agent keep you up to date, and explain everything in terms you understood?11. Would you work with the agent again?

OTHER COMMENTS:.

Mortgage Broker Interview Questionnaire To get the best mortgage broker on your team, ask the following questions, as well as any special to your situation (for example, concerning a credit history issue, your interest in an FHA or other government-backed loan, or the broker's experience with self-employed buyers).

Name of mortgage broker and contact information (phone, email, etc.):Date of conversation:1. Do you work full time as a residential mortgage broker?2. How long have you been in the residential mortgage business?3. Are you licensed (if applicable) and certified by the National Association of Mortgage Brokers?4. How many residential mortgages have you brokered in the past year?5. How many of those transactions were with first-time home buyers?6. Can you provide at least three names of recent clients who will serve as references, at least one of whom was a first-home buyer?

NOTES:.

Best Answers: 1. Yes. 1. Yes.2. The longer the better, but at least two years.3. Yes.4. Should be a minimum of ten.5. The more the better, but should be at least five.6. Only acceptable answer is "Yes."

Mortgage Broker Reference Questionnaire Here's what to ask the mortgage broker's references. You can add any other questions that interest you, for example, whether the person tried to negotiate the broker's fee down.

Name of mortgage broker:Name of reference:Date:1. How did you choose the mortgage broker? Did you know the broker before you worked together?

2. What kind of loan did you get? Are you happy with it?

3. Was the broker responsive? Did the broker return calls and emails promptly, follow through on promises, and meet deadlines?

4. How long did you look?

5. Did the broker give you a variety of options?

6. Are you happy with the loan you got?

7. Did the broker help you coordinate other details of your purchase, like working with the title company or insurance agents?

8. Did the broker keep you up to date, and explain everything in terms you understood?

9. Would you work with the broker again?

OTHER COMMENTS:Attorney Interview Questionnaire Ask the following questions, as well as any specific to your transaction-for example, regarding the attorney's experience with condo, co-op, or newly built house purchases.

Name of attorney and contact information (phone, email, etc.):Date of conversation:1. What percent of your time do you spend helping residential real estate buyers?

2. How many years have you been handling residential real estate legal matters?

3. Do you charge hourly rates (if so, at what rate) or flat fees for services?

4. Are you an active member of the state bar association?