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Message H o m e b u y e r s H a n d b o o kYour Step-by-Step Guide

B u y e r s T o p i c s•Brokers Job•Working Together - Our Relationship•How I Represent You•Lenders and the process•Your Job as a Home Buyer•Understanding Your Wants and Needs•How We Will Use Technology to WorkTogether •The Buying Process Overview and Your Costs •Title Insurance and Earnest Money•Home Inspection•Home Warranties• Appraisal•Glossary Of TermsT h e B r o k e r s J o b To set you up for Success!My goal is not just to work with you to find the perfect home, but tomake it a stress free and enjoyable experience… You’re buying aHome! Let’s celebrate! My promise to you, I will: • Help you achieve your specific home buying goals.• Educate you on the buying process. • Guide and advise you through all the steps of the process and contracts.• Be present for you, and answer any and all questions you have through the buyingprocess.Your interests and goals will always be my priority.

Price and terms are agreedupon. Earnest money hasbeen deposited. Now you’re waiting for closing.Get Pre-Approved Finish: The ClosingNegotiation and ContractFinalize loandetails, ConductInspection and discussfindings, OrderAppraisal.Contractsexecuted, fundsand ownershiptransfered. The keys are inyour hand.Time for thehouse warmingparty.Your agentwill draft anoffer in unisonwith yourterms andguidancefrom yourlender. Your Agent will be yourguide, arranging showingtours and escort youthrough homes, finding your perfect Home!You will need financial documents,such as W-2, BankStatements and Pay Stubs.Knowing what you can affordis crucial.Search for HomesIn Escrow Final DetailsMake an OfferStart: Choose Your AgentNegotiations are a basic part of the process. There are manypoints to consider,your agent willwalk you throughstrategies and allcontracts. Meet andDiscusswith youragentwhat yourperfect home lookslike.The FUN part!S t e p B y S t e pS t e p B y S t e p start to finish

“Buyers Agent” requires a written agreement for a specific term. The seller willhave their own agent working exclusively for them and their interests. As your agent I will:• Work solely on your behalf protecting your interests above all others, includingmy own. • Advocate only your position on your real estate transaction, a fiduciaryrelationship.• Represent you and share my experience, advice and negotiation skills.• Share crucial information pertaining to contracts, neighborhoods, homeinspections and the many, many subtleties that will make your buyingexperience a total success. W o r k i n g t o g e t h e r a n d O u r R e l a t i o n s h i p W h y Y o u S h o u l d W o r k W i t h a B u y e r s A g e n t•Any •Any•Any •Any property you hear or know is for sale.Real Estate Company from a sign or advertisement New Home Builder Community from a sign or advertisementFor Sale By Owner, from sign or advertisementColorado Law requires, any time a real estate broker works with a member of thepublic, we must disclose our working relationship with them. There are threetypes of of relationships available to you.As a Buyers Agent, I will work like a Coach, taking only your side and helping youwin!As a Transaction Broker, I will work like a Referee, not taking sides, but makingsure everyone is following the rules.As a Customer. When working with someone, but not representing them. I canassist in things such as purchase contract, but a Customer has no fiduciaryRepresentation. This comes about when I have a relationship with Buyers orSellers Exclusively and a client on the other side of the transaction isunrepresented, but would like documents and contracts handled by me. Thisrelationship needs to be declared in writing.I c an s h o w a n d r e p r e s e n t y o u o n a n y p r o p e r t y .

Once you and the seller have agreed on the price and terms of the contract, the nextstep is to finalize your loan, If not already completed.They will request all necessary paperwork and information be provided as quickly aspossible. They will order a credit check and appraisal of the property, there will be afee for these services. At a minimum, your lender will likely request you and anyoneelse who will be on the loan to provide the following information:•Annual Income•Employment history and contact information for current employer•Tax Returns•Creditor Information, including existing mortgages•Bank Accounts and balances, with checking and savings •If applying for a V.A. loan, your V.A. Certificate of EligibilityInformation you provide to your Lender is strictly confidential and not discussedwith Real Estate Brokers. The lender with provide you with a Good Faith Estimate(GFE) of costs associated with closing the loan.The application normally takes about an hour to complete and you may be requiredto pay in advance for credit report and the appraisal. Appraisal is required by thelender to ensure the loan does not exceed the appraised value of the property. We willensure the appraisal will always take place after the inspection is completed andresolved.L e n d e r s a n d t h e P r o c e s sT h e L e n d i n g P r o c e s sH o m e B u y i n g i s a T e a m E f f o r tW h y y o u n e e d P r e - a p p r o v a lYour lender is a critical part of your success in purchasing a home. I am alwayshappy to give you a few recommendations for top notch lenders, but as withany vendor in connection with your transaction, you choose who you would liketo work with.To ensure when you find the home you’ve been looking for, you can make astrong offer. Sellers will NOT consider your offer without proof you have done your lendinghomework and have approval! In our competitive market it’s important to havethis in place before viewing homes.Your lender will provide a letter of assurance for the seller, that you areprequalified or pre- approved to purchase their home.Y o u r l e n d e r ’ s g o a l i s t o h e l p f i n d t h e b e s t l o a n f o r y o u a n d y o u rY o u r l e n d e r ’ s g o a l i s t o h e l p f i n d t h e b e s t l o a n f o r y o u a n d y o u rc i r c u m s t a n c e s ,c i r c u m s t a n c e s , a n d t o r e c e i v e f i n a l l o a n a p p r o v a l a s q u i c k l y a s p o s s i b l e .a n d t o r e c e i v e f i n a l l o a n a p p r o v a l a s q u i c k l y a s p o s s i b l e .

Y o u r J o b a s a H o m e B u y e rS e l e c t i n g a H o m eP r o p e r t y E l i m i n a t i o nT e c h n o l o g y a n d R e s o u r c e s T h e C o m m u n i c a t i o n a n d N e g o t i a t i o n P r o c e s s Keep your Finances exactly as they are!After applying for your loan DO NOT:• Quit or change jobs•Make any large deposits•Make any large withdrawals•Make any large purchases, such asCars, Furniture etc.•Payoff or close any credit card accounts •Consolidate loans, i.e. student loansMany times buyers will purchase one of the first few homes they view. Mostbuyers look at fewer than 15 homes before purchasing.The process of buying a home is really about eliminating what you don’t wantsuch as Homes and NeighborhoodsWhen you see a property you like, feel free to drive by the property and viewthe neighborhood.The most successful buyers are also the most engaged!Use my recommendations for the most accurate and up to date information,sites such as Realtor.com and Zillow are not always up to date or accurate.During the process of buying or selling a home, the Seller and the Seller’s Brokerare a team, and the Buyer and Buyer’s Broker are a team. Communicationbetween teams is facilitated by Agents . I want to make sure you receive notice when a new home meeting your needscomes on the market.I will create a personal portal for you to access the Denver Area MLS system. Withthis, you will receive properties by daily email that are new on the market, andmeet your specific needs. In the portal you can mark your favorites, mark others aspossibilities and discard the rest.

Top 5 Must Have1.2.3.4.5.Top 5 Nice to Have 1. 2.3.4.5. I will be there asking after each showing what your impression is, and askingabout your interest. If the home is a possibility, I will make notes of specifics and gather informationnecessary to write a strong offer.This also helps when comparing each home we previously looked at, andcomparing to other favorite homes. Eliminating by comparison.It’s easy to get confused after seeing several properties, This comparison processhelps to ensure you pick your true favorites.The Market is very competitive. It is not uncommon for a home to sell the same day, orhour, it comes on the market.This means we must work together to ensure you are in the strongest position possibleto make a strong offer, and have it accepted. It also means you must be one of the first buyers to see homes as they hit the market.D o n ’ t F a l l i n L o v e … U n t i l y o u G e t a Y e s !B e i n g o n e o f t h e f i r s t t o t o u r h o m e s a s t h e y c o m e o n t h em a r k e t i s c r u c i a l ! C o n s i d e r y o u r p r e f e r r e d h o m e t o u r i n g t i m e . H o w o f t e n ? D a y s o f t h e W e e k ? W H A T I S I M P O R T A N T T O Y O U ?

When property is being sold (or refinanced), the lender and the buyer need tounderstand what liens and encumbrances exist, currently encumbering the title(ownership).The buyer will receive a title commitment, which is a commitment to issue titleinsurance at closing. It will indicate exactly what recored liens and encumbrancescurrently exist (such as easements allowing access to local cable company). The titlecommitment will also indicate the owners of record and any restrictions on the use ofthe subject property. Title Insurance is required on all property in Colorado and isnegotiable cost. The cost is based on the sale price of the property. The buyer isrequired to furnish the lender with a lender’s policy showing the lender as a lienholder on the property. These charges $ will be incurred at the time of settlement(closing) as part of your closing costs. When the sale of the property is final, the titlecompany records the necessary documents and then issues a title insurance policy toyou and the lender.What’s next:What’s next: $ Earnest Money, Credited to you at Closing,$ Earnest Money, Credited to you at Closing,RefundableRefundableUnder ContractUnder ContractInspectionInspection$ Fee paid for at the Inspection, nonrefundable$ Fee paid for at the Inspection, nonrefundableMortgage completion in ProgressMortgage completion in ProgressBorrower provides any additional documentsBorrower provides any additional documents neededneeded$ Appraisal fee (paid by buyer),$ Appraisal fee (paid by buyer), following Inspectionfollowing Inspection ResolutionResolutionReceive Review Title WorkReceive Review Title WorkReceive Final Loan ApprovalReceive Final Loan ApprovalAssemble Closing DocumentsAssemble Closing DocumentsClosingClosing$ Down Payment and Closing Costs Due$ Down Payment and Closing Costs Due!!T i t l e I n s u r a n c e & E a r n e s t M o n e yB u y i n g P r o c e s s O v e r v i e w a n d Y o u r C o s t s .First, Interview Lenders and get preapprovedSecond, Tour homesThird, Submit an OfferTitle InsuranceYou’ve found your home, you’re almost there!

E a r n e s t M o ne y De po s i tHome Inspection, Warranties & RadonThis inspection deals with many aspects of a house including: appliances, waterand plumber, electrical, heating and ventilation, bath and kitchen fixtures, crawl space,basement, garages, roof, attic, etc. If requested, I will recommend knowledgeable professional home inspectors youmay choose to use.The inspector will provide you with a comprehensive report on the condition of theproperty. From this report you will decide whether or not to ask sellers to make anyrepairs. Keep in mind, the general home inspection focuses on items of safety, security andmajor expense, such as roof replacement. The cost of the inspection is $ paid by the buyer and is usually based on the size ofthe property. This cost is not refundable.Radon TestingWhen writing an offer, the seller will most likely request earnest money be provided.The amount varies. It may be provided in the form of a personal check, teller’s check,or “good funds”. Yo may also send an electronic transfer via app, the closingcompany can send you a link to securely deposit funds quickly and easily. The earnest money will be deposited into the closing entity or listing Broker’s escrowaccount, once the offer has been accepted.It will remain in escrow until the time of closing.This amount is credited to you in the settlement figures at the closing. If the offer is not accepted, it is returned to you.Should you go under contract and the contracted is terminated under a provision ofthe contract, this money will be returned to you.Radon is a radio active gas which occurs in nature. You can not see smell or tasteit. Exposure increases risks of developing lung cancer, and is not uncommon inColorado. Special equipment is needed to detect radon and generally may beincluded as part of a general home inspection for an additional fee.There are other types of inspection you may want or need to have, such as Sewer LineScope, or Structural Inspection. They are performed by knowledgable professionals foradditional fees.Other Inspection Tips:General home Inspection:

The appraisal is generally ordered after the inspection resolution, because you don’t want to pay for an appraisal if the inspection reveals issues that cause you to terminate the contract.The appraisal gives you, and the lender, an estimate of the market value in the current market. It is generally a buyers cost, because it benefits you to know you aren’t paying more than the property is worth. It benefits the lender, because they will not give you a mortgage loan for more thanthe appraised current market value.If the appraised value is higher than the purchase price, then you have equity.Thats the best case scenario.If the appraised value is lower than the purchase price, then you and your brokernegotiate with the seller for a mutually agreed resolution.Remember, your lender will only lend you the appraised value. When the appraisalcomes in lower then the price you offered the seller, there is a deficit that must berenegotiated. There are options available your broker can explain if this happens.You and your broker will work together to determine the best option for you.W a r r a n t i e sHome Warranties are available to cover resale homes. The buyer or the seller maypurchase a home warranty policy that will protect against repairs or replacement ofcertain appliances, heating, plumbing or electrical items. As with most insurance policies, the coverage will vary by company. You may consult with warranty service companies to determine exactly what iscovered and the cost of the policy.A p p r a i s a l

Adjustable rate mortgage (ARMs) – This type of mortgage usually has a lower initial rate (for a set number of years), then the rate may go up or down, depending on the specifiedindex rate used for determination. Usually preferred for short-term ownership, the repayment period for ARMs are typically 5, 7, or 10 years, but they can be issued for longertime periods.Amortization – The repayment schedule of a loan, including payments of principal (theoriginal amount borrowed) and interest. An amortization schedule displays, in a table format, the amount of principal and interest included with each payment, along with theremaining loan balance.Appraisal – The estimated value of a property based on a qualified appraiser’s writtenanalysis. Banks typically require appraisals before issuing loans to ensure the estimatedvalue of the property adequately exceeds the amount borrowed.Assessed value – The value of a property assigned by a governing authority to levy a tax orfee on the property owner.Assumption - The act of acquiring property which has an existing mortgage, and agreedto be personally liable for the terms and conditions of the mortgage including payments.Assuming the loan can usually save the buyers money since it is an existing mortgage debt.Unlike a new mortgage which closing costs and possibly higher interest rate charges willapply.Binder – See sales contract.Buyer’s agent – A real estate agent who represents the interests of homebuyers. An Accredited Buyer’s Representative (ABR®) is a buyer’s agent who has earned the ABR®designation by successfully completing specialized coursework and demonstrating experience in representing buyers. Closing costs – Incidental fees associated with completing real estate transactions,potentially including attorney’s fees, credit report fees, document preparation fees, deedrecording fees, appraisal fees, etc.Contingencies – Particular conditions that must be met prior to closing a real estate transaction such as a home inspection (to ensure the home has no serious defects), afinancing contingency (which releases a buyer from the sales contract if their loan fallsthrough), or a contingency that a buyer must first sell their current home. In general, thefewer contingencies required of a seller, the stronger a buyer’s negotiating position, in terms ofgetting the best price.G l o s s a r y o f R e a l E s t a t e T e r m s

Earnest money – Also called a “good faith” deposit, these are funds held by a neutral partyto demonstrate the buyer has serious interest in purchasing a property.Escrow- Refers to neutral third party that carries out instructions of both buyer and seller tohandle all the paperwork of settlement, or closing. Escrow may also refer to an account heldby the lender into which the homebuyer pays money for taxes and insurance payment.FHA loan – Loans insured by the Federal Housing Administration (FHA) With attractive financing rates and less stringent lending requirements than conventionalmortgages, FHA loans are often appealing options for buyers with lower credit scoresand/or smaller down payments. They do, however, require two types of mortgage insurance: an upfrontpremium and an annual premium, which is wrapped into monthly mortgage payments.Fixed-rate mortgage – A conventional loan with a pre-determined (or “locked in”) interestrate for the duration of the loan repayment period. They are traditionally 30 years inlengthbut can be issued for 15 years, 10 years, or another duration.Good Faith Estimate- A written estimate of all loan made by the lender to proposedborrower. The estimate is required by RESPA and must be provided to borrower withinthree days of receipt of application.Home Inspection – A thorough professional examination (at the buyer’s expense) thatevaluates the structural and mechanical condition of a property (plumbing, foundation,roof, electrical, HVAC systems, etc.). This highly recommended step is a commoncontingency clause in real estate sales contracts. If the inspector identifies issues that maybe expensive to remedy, these can be revisited with the seller before proceeding with thesale.Listing – The printed (or digital) description of a property for sale. Listings may includedetails about the property, the home (number of bedrooms, baths, featured rooms), otherstructures, the price, and photos.Offer – A formal request to buy a home. See sales contract.Market Value- The hight price a buyer will pay, and the lowest price a seller will accept for aproperty. Market value may different from the price a property could actually be sold for atany given time.Origination Fee- The fee charged by the lender to prepare documents, usually calculatedas a percentage of the face value of a loan.PITI- Payment + Interest + Taxes + Insurance.

Points – Prepaid interest on a loan, equal to one percent of the loan amount. The advantage of paying points up front is that a lower interest rate can be secured for thelifetime of the loan. This may be a good deal if a buyer plans to stay in the home formany years (so the long-term interest savings outweigh the initial cost in points).Pre-approval (loan) – A lender’s written guarantee to grant a loan up to a specified amount (subject to receiving full documentation). Pre-approval for a loan canstrengthen a buyer’s negotiating position with a seller.Pre-qualification – Less “official” than a mortgage pre-approval, banks offer (at no costor obligation) pre-qualifications to estimate the amount a buyer may be able to borrow.It is often used early in a buyer’s search to help determine a reasonable price range.Private mortgage insurance (PMI) – A monthly insurance payment that may berequired if a buyer’s down payment is less than 20 percent of the home’s purchase price. Itprotects lenders against loss if a borrower defaults.Recording Fee- Money paid to the lender for recording a home sale with localauthorities, thereby making it part of public record.(deeds)Sales contract – A legal agreement between a buyer and seller to purchase real estate,for a specified price and terms, for a limited time period (also called a purchaseagreement or a binder). When initially presented to a seller, this document is oftencalled a purchase offer. Once the seller accepts (or the buyer accepts the seller’s counteroffer), it becomes a legally binding sales contract.Seller’s agent – The real estate agent who represents the seller of a piece of property.Their job is to act in the best interests of the seller, marketing their home to potentialbuyers and negotiating on the seller’s behalf.Title insurance – This type of insurance is acquired to protect against any unknownliens or debts that may be placed against the property. Before issuing title insurance,public records are searched to ensure that the current owner has legal rights to the titleas well as the legal ability to sell the home and that no liens are held against theproperty.J O U R N E YL E T ’ S B E G I N T H E T O Y O U R N E W H O M E

Realtor/ Broker AssociateSales Support SpecialistLPMSLuxury Property Marketing SpecialistCRENCertified Real Estate NegotiatorCDSCertified Divorce Specialist4tslane@gmail.com (720) 938-2390TLaneREALTOR.com3 0 8 1 0 S t a g e c o a c h B l v d S t e . 1 0 1 , E v e r g r e e n , C O 8 0 4 3 9 My top priority is my clients' interests. Withthoughtful, discreet, and diligent service, fromour first interaction, you'll notice the difference.I carefully tailor each client's criteria into aunique strategic plan, focusing on clearcommunication to build a strong partnershipfor success.Colorado has always been close to my heart.Growing up and raising my children inEvergreen, this mountain town is my forever"home." Having relocated many times, includinginternationally, I know firsthand how daunting itcan be to move to a new place where everythingfeels unfamiliar. This is why I take the time toreally understand what matters most to you.Together with CB Global Luxury, my networkspans locally, nationally, and internationally.Fostering collaboration with top agentsworldwide including noteworthy partners likeConcierge Auctions, ensuring my clients receivethe best possible service and opportunities.Witnessing Denver's transformation over thedecades has deepened my appreciation for itsunique neighborhoods. I've lived in several,valuing each for its character, and enjoyexploring them with clients.Outside of work, I love traveling, playingpickleball, skiing, fishing with my husband, andmaking memories with family and friends. Itruly adore Denver's art and dining scene withendless opportunities to explore and revisitfavorites.THERESA LANE B u i l d i n g R e l a t i o n s h i p s &E l e v a t i n g Y o u r E x p e r i e n c eI n t e r n a t i o n a l D i a m o n d S o c i e t y - T o p 8 % o f C B A g e n t s W o r l d w i d e

Your services were superb and your approach tothe business of selling our house was a significantreason why it sold so quickly and for the rightprice. Thank you.—G. BolinbrokeTheresa made our home buying processstress free. She has so much knowledge ofthe Denver area and made choosing a newhome, in a new area very easy with herinformative suggestions. We will definitelywork with her on our next journey, selling andbuying a new home!-G. FoggTheresa took charge and gave the sale of ourproperty her full attention. Through an in-depthstudy of values and like properties she came upwith a value I was not expecting and held herground to list with her aggressive number.Marketing through a multitude of avenuesboth typical and innovative, we closed at ahigher net price than I thought possible.-K HaarburgTheresa is responsive and very thoughtful inher approach. She always had our bestinterests at heart, always there to answerquestions during the entire process. I highlyrecommend her as the best Realtor ever!-L. WassamI had an exceptional experience selling myproperty with Theresa, while living in anotherstate. She managed the logistics of preparingthe place to sell and kept me updated everystep of the way. Several prospective buyerscommented how fantastic she was in herapproach to showing and representing myproperty. Her follow up and strategies wereexceptional. If your looking for a fantasticRealtor, look no further, Theresa is amazing.-N. Leonova Theresa is so attentive to every detail andcares about each transaction as if it were herown. Both our buying and selling experiencewith her were relaxed and personal.-P StirewaltE x p e r t R e p r e s e n t a t i o n14

It’s a privilege to work with you, whether this is your first home or your foreverhome. I’m passionate for all things real estate and there is no greater pleasure than tohelp fulfill your real estate needs, be it your dream home or investment property.Broker Associate Luxury Property Specialist Certified Real Estate NegotiatorCerified Divorce SpecialistTHERESA LANEGLOBALLUXURY4tslane@gmail.com720-938-2390 TLaneREALTOR.com