When it’s time to buy a house, there is a lot of paperwork to complete. The good new is, all of that paperwork serves to protect you throughout your buying process. Below I will outline four core documents used by Century 21 Scheetz that all clients, whether he is a buyer or a seller, are required to read and sign.
The Acknowledgement Form is a two-fold document that reminds me to send you the Consumer Information Book and reviews the Home Warranty options for sellers and buyers. I’m a fan of home warranties, but it may not be right for every one of my clients. You can see some of my blog videos to learn more about home warranties. On this form you are acknowledging that you are choosing a home warranty as a buyer or a seller or acknowledging that you are waiving one.
If you are the seller and choose to have a home warranty during the selling period, the warranty may cover any required repairs that come up during the inspection. You will pay for the home warranty through your closing proceeds and the warranty will be transferred to the buyer for one year.
If you are a buyer and want a home warranty for your new house, we will ask for the seller to pay for the home warranty at closing. If they negotiate the home warranty out of your purchase you can opt to buy it on your own. Home warranty prices range from $450-$700 depending on the depth of the home warranty coverage and they are good for one year.
For more information on the Consumer Information Book, keep reading below.
Affiliated Business Disclosure
By Federal Law we are required to disclose to you any businesses that you may use throughout your home buying process that are affiliated with Century 21 Scheetz. At the time of publication, Milestone Home Lending and Dominion Title Services are sister companies that provide services for some of our clients. By no means are our clients required to use either of our affiliated companies.
I do like working with our sister companies, because I know and trust these professionals and I know they will provide you excellent service. I also have a few other professionals that I also trust and recommend. You can find contact information for all of them under the Useful Websites & Links tab on my website.
Consumer Information Book
I will send you the Consumer Information Book via email and inside you will find all kinds of great information about home buying and selling. I like to call this book Home Buying & Selling 101. If it’s been a while since you bought a home or it’s your first time buying a home, it’s worth a quick read! I’ll let you know when I send it your way and you can check your email.
General Office Policy
The General Office Policy form is required by Indiana Law and provides a quick overview of ‘agency’ relationship in sections 1-3. Realtors can be considered a home buyers agent or a home sellers agent. Most Realtors serve both home buyers and home sellers simultaneously, although they are separate clients purchasing or selling separate properties.
Occasionally, a Realtor will serve in a limited agency role, where he is representing a home seller and a home buyer for the same address. In this unique situation the agent is considered to have a limited agency relationship with both clients. While working with you, we could get into a limited agency situation if you intend to buy a property I have listed for another client. If this situation occurs I will explain this more thoroughly and we will document the change with another required form.
In sections 4 & 5, the form also outlines eDocument fees and commissions. Century 21 Scheetz maintains an online portal with electronic copies of all of your transaction paperwork for up to five years and we charge a one-time $179 fee that will be paid at closing. You will also see our base commission fee in this section. Our rates do vary slightly, so I recommend you refer to your Buyers Exclusive Agency Contract for specifics on your commission rate.
So as we start this home buying journey, we’ll have a few documents to sign, but it is the first step to having a transparent and miscommunication-free relationship. When you work with me, you are working with a professional Realtor! We will take one step at a time with no shortcuts. It may be emotional, but the process will be clear and straightforward.
I am so excited to work with you! Thank you for entrusting your homeownership experience to me!
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