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BuyerR E S O U R C EG U I D E

S T E P 1L E N D E R P R E - A P P R O V A LP R E V I E W H O M E S W R I T E O F F E R & N E G O T I A T E P R I C ES T E P 2H O M E I N S P E C T I O NP O S T I N S P E C T I O N A G R E E M E N TA T T O R N E Y R E V I E WS T E P 3T I T L E S E A R C HA P P R A I S A L O R D E R E D B Y L E N D E RF I N A L C O M M I T M E N T L E T T E R B YL E N D E RS T E P 4S C H E D U L E H O M E O W N E R S I N S U R A N C EF I N A L A M O U N T N E E D E D F O R C L O S I N GS C H E D U L E U T I L I T Y T R A N S F E RF I N A L W A L K T H R O U G HC L O S I N GSteps to a Home PurchaseS T E P 5T E R M I T E I N S P E C T I O N

DETERMINE HOW MUCH YOU CAN AFFORD:S T E P 1Lenders typically recommendhomes with a cost no more thanthree to five times your annualhousehold income, with a downpayment and moderate amount ofother debt.GET PREQUALIFIED ANDPREAPPROVED:Initially you'll provide some financialinformation to your lender - such asyour income and amount of savings.For preapproval, your lender willneed W-2 statements, paystubs, bankaccount statements and to run acredit check.PREVIEW HOMES &WRITE OFFER After touring homes in your pricerange, we will assist you in writingan offer on the right home. We'llpresent a fair offer based on thevalue of comparable homes in thearea. We may need to negotiatethis offer with the sellers untilaccepted.

H O M E I N S P E C T I O NThe immediate step aftermaking an offer and having itaccepted is to complete anyinspections that the offer wascontingent upon. If one of thecontingencies was a homeinspection, you'll have acertain number of days tocomplete this after the offer isaccepted.This form will be usedafter the home inspectionif there are any counter-offers to the seller, askingthat items considereddefective or problemsrelating to the safety ofthe home are correctedprior to closing.P O S TI N S P E C T I O NA G R E E M E N TT E R M I T EI N S P E C T I O NWhen purchasing a home,most lenders require a termiteinspection to know if propertyhas been damaged bytermites or other wooddestroying insects. If the homehas any structural damage,the lender will requireproperty to be treated andrepaired. S T E P 2A T T O R N E YR E V I E WOnce offer is accepted in NJwe send it to your attorney toreview. During this time bothseller and buyer attorneys willreview contract and exchangeletters that will revise thecontract, some timelines andanything to protect buyer andseller

T I T L E S E A R C HTitle is the right to own, possess, use,control and dispose of property. Whenpurchasing a home, you are actuallybuying the seller's title to the home.Before the closing, a title search willbe conducted for any problems thatmight prevent you from a clear title tothe home.You will also want to determine howyou wish to hold title to the property -especially if you're buying with aspouse, a partner, family member, orcolleague.A P P R A I S A LAn appraisal is an estimate of thevalue of a property. Although theprimary goal is to justify the lender'sinvestment, the appraisal can alsoprotect you from overpaying.Your lender will typically hire theappraiser and charge you a fee forthe service at the closing. F I N A L C O M M I T M E N T L E T T E RAfter the lender approves your loan,you will get a commitment letter thatstipulates the loan term and terms tothe mortgage agreement. This finalcommitment letter will include theannual percentage rate and themonthly costs to repay the loan. It willalso include any loan conditions priorto closing if any.S T E P 3

S T E P 4H O M E O W N E R S I N S U R A N C ELenders also require proof of insurance on a homebefore issuing a mortgage. Payments toward ahomeowners insurance policy are usually included inthe monthly payments of the mortgage.F I N A L A M O U N T F O RC L O S I N GYou won't know your final cost for closing until thelast couple of days. You'll find the summary of costson the HUD-1 document.

CLOSING T H E C L O S I N G P R O C E S SF I N A L I Z E S T H EP U R C H A S E O F Y O U RH O M E A N D M A K E SE V E R Y T H I N G O F F I C I A L .A L S O K N O W N A SS E T T L E M E N T , T H EC L O S I N G I S W H E N Y O UR E C E I V E T H E D E E D T OY O U R H O M E . P R I O R T O C L O S I N G ,Y O U S H O U L D C H A N G EA L L U T I L I T I E S I N T OY O U R N A M E , A N DC O M P L E T E A F I N A LW A L K T H R O U G H T OC H E C K F O R A N YO U T S T A N D I N G I T E M S .A FEW THINGS TO BRING TOCLOSINGA valid government issued photo IDCashier's Bank check for the total amount due Outstanding documents for the title company or mortgageloan officerWHAT TO EXPECTThe escrow officer will look over the purchase contract to:identify what payments are owed and by whom; preparedocuments for the closing; conduct the closing; make suretaxes, title searches, real estate commissions and otherclosing costs are paid; ensure that the buyer's title is recorded;and ensure the seller receives any money due.YOUR COSTSome of the most common fees include:Escrow feesRecording and notary fees, if applicableTitle search and title insuranceOrigination, application and underwriting fees from lenderAppraisal feesHomeowners InsuranceHome Owners Association fees, if applicableAFTER CLOSINGMake sure to keep copies of all closing documents for taxpurposes.S T E P 5congrats!Y O U A R E A L L C L O S E D !H O W E X C I T I N G !

USING AN ATTORNEYFOR BUYING REAL ESTATEWHY?Buyers may wonder why to use an attorney if they already have a contract with the seller. Anattorney who practices real estate law will provide the buyer with experienced insight andexpertise, giving them peace of mind during the closing process. An attorney may provide the following:DOCUMENT REVIEW LEGAL ADVICECLOSING FIGURES REVIEW Contacts the Seller's attorneyto ensure the TitleCommitment (which disclosesall liens and titles existing onthe property) is reviewed.Reviews all documentsprepared by Seller's attorneyfor closing, including theDeed (which conveys the titleto the Buyer.)Verifies closing figures from theSeller's attorney. These figuresinclude all expenses concerningthe sale and satisfaction of liensand encumbrances on theproperty.Provides legal advice in anynegotiations post contract,including inspection issues.Contacts applicable sewer taxentity to obtain a prorationthrough the closing date.Obtains the most recent taxinformation and tax assessmentfor the property to prepare closingfigures.Remains available through theclosing process and attends theclosing to review all documentspresented to the buyer.tips for:

Making a big purchase:Avoid making major purchases, like buying anew car or furniture, until after you close onthe home. Big purchases can change yourdebt-to-income ratio that the lender used toapprove your home loan and could throw theapproval into jeopardy.Opening new credit:Do not open any new credit cards or get a loanwithout speaking to your lender first.Missing any payments:Pay your bills on time to keep your credit scorefrom dropping.Cashing out:Avoid any transfers of large sums of moneybetween your bank accounts or making anyundocumented deposits - both of which couldsend "red flags" to your lender.Keep the same job:Be kind to your boss and keep your job. Don'tbegin looking for new work right now, unlessit's a second job to make extra money.A l w a ys c h ec k wi th yo u r l en de r bef o r e do in g a n yo f t he f o ll ow in g p r i or t o cl os ing o n yo ur h ome : MORTGAGE FINANCINGtips for:

T H E D E C I S I O N T O B U Y AH O M E I S A N E X C I T I N G O N E .A S Y O U R A G E N T , W E G OA B O V E A N D B E Y O N D T O H E L P Consistently providing you with the expertguidance you deserve throughout the homebuying process.

p r o f i l eBesides being foodies, enjoying traveling, visitingnew and old destinations all over the world and ofcourse the love for family, our greatest passion isreal estate and being able to build relationshipsand connect people to their homes. Manny wasborn and raised in New Jersey. Resided in UnionCounty in his early years and now has been inSomerset County for nearly 20 years. Melissa alsoborn in New Jersey, lived in Bergen County earlyon. Later lived in Portugal for some time beforecoming back to New Jersey to attend KeanUniversity where she completed her BFA in Interiordesign. Now she resides in Somerset County forseveral years. Throughout both our lives we haveboth seen our families buying, selling, investingand building homes. Professionally we have over25 years in the real estate world.e d u c a t i o nMelissa has a Bachelor of Fina Arts in InteriorDesign from Kean UniversityManuel has his real estate license issued by theState of NJMelissa has her Broker's license issued by theState of NJ a w a r d s5 Star Zillow AgentTop Producers Top 5 Agent in Somerset County- RatemyAgentTop 5 Agent in Union County- RatemyAgentNJ REALTORS® Circle of Excellence t o e x c e l l e n c e :Passion for detail and customer service is evident whether youare buying/selling a home. At M Square this process ishandled in a professional manner. The M Square realtorsprovide quick, accurate communication which is one of the keysto your successful deal. The M Square Real Estaterepresentatives know the economy, helping you make informedfinancial decisions that align with your budget and true homevalues. As a boutique office, we act in our client’s best interest;we are your zealous advocates using diplomacy and tactduring negotiations, important qualities to get you into yournew home or to move you out of your beloved home. At MSquare your concerns and requests are acknowledged andresponded to in a timely fashion. As full-time realtors, we canfocus on you and your investment.melissa silva & manuel nunez R E A L E S T A T E S I M P L I C I T Y908.941.7682 o f f i c e201.527.7313 m e l i s s a c e l l #908.296.2224 m a n u e l c e l l # 63 Mountain Blvd.Watchung, NJ 07069contact commitment t o f i t y o u r n e e d s :Part of the M Square difference is the flexibility that anindependently owned boutique real estate company provides.There is no hierarchical corporation to approve any action. Us and the Brokers make the decisions ourselves. Because every situation is different and unique. This flexibility allows us torespond to the unpredictable.customizeda n d c o n s i s t e n t s u c c e s s :Check out our reviews on Zillow and also on Ratemyagent.com.Our focus was and continues to be on the people, the familiesthat we help match up with their dreams on a daily basis. Weare here to help. Contact us and feel the M Square difference. proven@ m s q u a r e r e a l e s t a t evisit uswww .msqu arere alest ate.c om

@ m s q u a r e r e a l e s t a t evisit uswww .msqu arere alest ate.c omN O T E SW R I T E D O W N Q U E S T I O N S Y O U M A Y H A V E F O R Y O U R A G E N T

We had just opened M Square as Covid challenged our world. As an independent real estatecompany Melissa and Manny responded with creative solutions for their buyers and sellers. As Covid rules frequently and unpredictably changed, Manny and Melissa never let ourclients down. During this difficult time, the M Square difference was so successful that weexpanded to include eleven other agents. Our focus was and continues to be on the people, thefamilies that we help match up with their dreams on a daily basis. Give us a call and feelthe M Square difference. a littlemoreabout usm e e t o u r t e a mCarla GarciaSales RepresentativeManuel NunezSales Rep./ OwnerFernanda CardosoSales RepresentativeMelissa SilvaBroker/OwnerFatima LuisSales RepresentativeJennifer HowellSales RepresentativeChristine Vosler Sales RepresentativeLindsey GiannatonioSales RepresentativeJessica RoisenvitSales RepresentativeMaria FuscoSales RepresentativeCristinaStoicescuSales Representative