Byars_Buyer Guide_03.09

Begin Your Journey W I T H M C E N E A R N E Y A S S O C I AT E S

A COMPREHENSIVE HOMEBUYER’S GUIDE

A Message from McEnearney Associates McEnearney Associates provides this buyer’s guide as a resource for the ever-changing process of buying your home. Whether you have purchased a home before or are considering owning your first home, the buying process is almost never routine.

The information in this guide, along with your agent’s experience and expertise, will help you navigate the process of finding, negotiating, and settling on your next home.

While the information is important, your agent will provide you with additional assistance that will be essential to a successful experience.

Thank you for trusting McEnearney Associates to assist you with your real estate goals.

Enjoy your journey!

Maureen McEnearney Dunn, President

Kathy Byars CLIENTS FIRST. CLIENTS ALWAYS.

Experience, market knowledge and results make Kathy Byars the go-to real estate expert in the Kensington area. Her sales accomplishments are matched by her great relationships with so many loyal clients who wouldn’t use anyone else.

Kathy loves her work and it shows. She’s not part of a team because she likes wearing all the hats in a transaction, and is committed to guiding and educating clients every step of the way so they can make informed decisions.

Kathy is also as local as they come. She’s a graduate of Parkwood Elementary, Kensington Jr. High and Walter Johnson, swam on Cedarbrook’s swim team, has Licensed in MD & DC m. +1 240 372 9708 | o. +1 301 979 7270 kathy@kathybyars.com 3804 Howard Avenue, Kensington, MD 20895 www.KathyByars.com

lived in the Parkwood Subdivision for over 45 years, and is involved in her community as a member of the Women’s Club of Kensington for over a decade.

For Kathy, Kensington is not just a town; it’s a way of life.

C O N F I D E N T I A L - M C E N E A R N E Y A S S O C I AT E S

REAL ESTATE CAREER

Kathy Byars

By The Numbers

10.4

average days on market in Kensington area

101.2% average sales price vs. original list price in Kensington area

$155+ Million sales in Maryland & DC

"Kathy Byars was incredible to work with; diligent, thorough, realistic, reliable and patient! Kathy is an expert on the area and it shows. She helped us purchase our the home of our dreams in a crazy competitive market."

Adam & Shalom R.

Testimonials Kathy Went Above and Beyond “Working with Kathy has been a real pleasure. The fact that the sale of our home could go so well during such a difficult time speaks to your professionalism and valuable experience” Dan & Carmelinda S. Kathy Comes Highly Recommended “Kathy was so savvy about what strategy to employ to get us the best offer with the highest sales price” Scott D. Kathy is the Right Choice ”Our experience with Kathy was as stress-free, efficient and profitable as we could have wished for."

Rhea L. Kathy is Outstanding "Kathy was outstanding in preparing for and accomplishing the sale of our home. Her experience proved invaluable."

Bob B Kathy is a Delight to Work With.

“She has the amazing combination of complete competence and yet is still friendly and approachable.

She anticipates the needs of both the buyer and the seller and works hard to make the contract move forward smoothly. I will definitely recommend her services to my friends.”

Karen O. Kathy is a Valuable Resource “Never have we valued the partnership with a realtor more. Kathy provided unparalleled market assessment and advice on all aspects of selling our home. We felt very confident in Kathy’s marketing prowess and followed every aspect of her advice. The result was a quick and efficient sale surpassing our expectations.

We can’t emphasize enough the value of a career professional realtor, and Kathy is all that and more.”

Scott & Cheryl I.

C O N F I D E N T I A L - M C E N E A R N E Y A S S O C I AT E S

Recent Sold Listings

11104 S GLEN RD Potomac, MD 20854

$1,885,000

10118 PARKWOOD TERRACE Bethesda, MD 20814

$1,350,000

4212 BROOKFIELD DR Kensington, MD 20895

$1,225,000

6 Bedrooms | 5 Full & 2 Half Baths | Potomac

4 Bedrooms | 3 Full & 1 Half Baths | Parkwood

4 Bedrooms | 4 Full Bathrooms | Kensington Estates

9900 OLD SPRING RD

3514 FARRAGUT AVE

4409 WESTBROOK LN

Kensington, MD 20895

$1,100,000

Kensington, MD 20895

$949,000

Kensington, MD 20895

4 Bedrooms | 3 Full Bathrooms | Rock Creek Hills

4 Bedrooms | 3 Full & 1 Half Baths | Kensington

4 Bedrooms | 2 Full Bathrooms | Parkwood

10019 CEDAR LN

4302 FRANKLIN ST

3603 LITTLEDALE RD

Kensington, MD 20895

$875,000

4 Bedrooms | 2 Full & 2 Half Baths | Chevy Chase View

Kensington, MD 20895

3 Bedrooms | 2 Full Bathrooms | Parkwood

C O N F I D E N T I A L - M C E N E A R N E Y A S S O C I AT E S

$ 785,000

Kensington, MD 20895

$900,000

$775,000

3 Bedrooms | 2 Full & 1 Half Bathrooms | Rock Creek Hills

There is an important difference at McEnearney Associates: It’s not about us, it’s about you.

We start by listening, because we want to know what’s important to you. What are your goals? What do you need to accomplish and when? Only then are we able to deliver the personal experience you deserve.

The most meaningful measure of our success is our clients, who come back to us time and time again for the personal service and results they have come to expect from McEnearney Associates. Referrals from clients, friends, and colleagues make up more than 85% of our business: a strong indication of confidence in our service. Let us show you the way we do things - the McEnearney way.

C O N F I D E N T I A L - M C E N E A R N E Y A S S O C I AT E S

What Your McEnearney Associate Does for You

and list the strengths and weaknesses of each listing to help you determine which homes you want to tour in person. In competitive markets, it’s critical to take the time to know what you are looking for so that you are confident in your offer and ready to take action.

PREPARES AND NEGOTIATES PURCHASE AGREEMENTS CLARIFIES YOUR WANTS AND NEEDS

Once you have found the home that you can

Start the process by creating a list that identifies

imagine yourself in, your agent will discuss

your ‘wants and needs’ in the perfect home.

strategies and tactics that will make your offer a

Your agent will advise you on prioritizing this list

strong one. Remember, all negotiations are not

to help you meet your goals.

the same. Your strategy will need to be specific to the current market, and your experienced

LEADS THE HOME SEARCH

agent is one of the best assets to make sure you submit the best offer possible.

Your agent will set up a customized on-line search using BrightMLS and our partner app RealScout.

These are the most comprehensive tools available

OVERSEES THE CONTRACT PROCESS

to find homes that are for sale or coming soon.

After ratification, there are many deadlines

During your search, you will receive real-time

and contractual obligations. Attention to detail

notifications of new listings and price changes

is important and your agent will ensure those

based on your search criteria.

deadlines are met. Although real estate transactions should be well planned and managed, there are no

HELPS DETERMINE SUITABILITY

guarantees that last-minute issues will not arise.

It is the systems, experience, and transaction

Your agent will help you strategically manage

management skills of your agent that will help

your home search. After analyzing your wants

minimize the impact of any surprises and lead to

and needs, your agent will preview properties

a resolution to get your contract to the finish line.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Types of Representation in MD, DC and VA SELLER REPRESENTATION

BUYER REPRESENTATION

A written listing agreement has been signed

A written buyer agreement has been signed by

by the owner of the property and the Broker

the potential buyer. Broker and agent represent

(company). Broker and agent represent the seller.

the buyer.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

MARYLAND Dual Agency: When the seller and buyer are represented by the same Broker (company).

Intra Company Agent: When the seller and buyer are represented by different agents who

Designated Representation: When the seller and buyer are represented by different agents who are both affiliated with the same brokerage.

VIRGINIA

are both affiliated with the same brokerage.

Dual Agency: Broker and agent represent both

Note: A sales person is not allowed to represent

when one agent has signed representation

more than one party in a transaction in the state

agreements with both the buyer and the seller.

of Maryland.

Both parties must agree in writing to dual agency.

parties in a transaction. Dual agency is created

Designated Representation: When the seller WASHINGTON, DC Dual Agency: When one agent represents both

and buyer are represented by different agents who are affiliated with the same brokerage.

the seller and the buyer in a transaction.

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MCENEARNEY EXCLUSIVE BUYER'S GUIDE

What to Consider Before Buying?

Your McEnearney agent will discuss with you the different disclosure laws in your jurisdiction. The obligations of the seller vary by locality.

To make sure you are comfortable with the condition of the home you are buying, you may consider including the following in your offer: • A home inspection contingency —

• A survey to identify the relationship

hire a licensed expert to inspect

of

existing

structures

to

the

the home giving you important

property lines and any easements

information about its condition.

of record.

• Additional inspections may be

• An appraisal to determine whether

negotiated, such as radon, lead

the value of the home is sufficient

paint, roofing.

collateral for the mortgage. This is

• A

wood

destroying

insect

typically required by the lender.

inspection — this will let you know that the home is free of active infestation and visible structural insect damage.

Unless you and the seller agree otherwise, the property will be conveyed free and clear of debris, broom clean, and in substantially the same condition as the date identified in the contract.

If the property was built prior to 1978, the seller must disclose the existence of lead-based paint in the home if they have actual knowledge. If they have knowledge, they should give the buyer copies of any lead-based paint reports.

The buyer should receive a copy of the HUD Lead-Based Paint booklet “Protect your Family from Lead in your Home” and the seller should allow you the opportunity to inspect the property for lead.

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Washington Area Real Estate Customs Differ From Other Markets AGENTS WRITE CONTRACTS, NOT BINDERS Agents write the contract for the buyer. Realtors use forms created by local Realtor Associations to enter offers and negotiate contracts.

Please be aware that only the terms agreed to by all parties in writing are enforceable, so it is important to include everything in your purchase agreement.

HOUSING COSTS ARE DIFFERENT THAN IN OTHER AREAS While everyone expects that homes will be expensive, housing prices in our market may be higher than other areas. Your agent will provide you with a comparative market analysis and explain the value of the community you are considering.

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KITCHEN APPLIANCES ARE TYPICALLY INCLUDED IN THE SALES PRICE

Standard business practices in this market will convey appliances and some other fixtures.

These items will be identified by the seller and should be included in the contract.

EARNEST MONEY DEPOSITS ARE HIGHER In many areas of the country, an offer to purchase a home will be accepted with a deposit of $500 to $1,000. In the Washington metro area, the expected deposits will run from a low of $2,500 to a high of 5-10% of the purchase price.

SPEED OF THE TRANSACTION Contract negotiations are handled fairly quickly in most circumstances.

It is common that you will receive a response from a seller or will need to respond within a couple of hours of sending or receiving information.

SELLER DISCLOSURE OR DISCLAIMER All states or jurisdictions in the Washington metro area have a property condition disclosure law. Each jurisdiction is different. Discuss this with your McEnearney Associate in the context of your property location.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

The Home Buying Process STEPS YOU NEED TO TAKE TO FINANCE

Some markets require the buyer to submit

YOUR HOME

a financial information sheet with their

Before you start your home search, it is important for you to talk with an experienced lender. You need to understand your financial

offer that will list your income, assets, and liabilities. Your agent will advise you if the information sheet is required with your offer.

qualifications before you start your housing search. Knowing and being comfortable

We strongly encourage you to make a full

with your monthly payments, closing costs,

written loan application with a reputable

and other financial obligations will give you

lender very early in the process. The contract

confidence as you negotiate your contract.

will require you to make a written application within seven days after your contract has

Sellers will expect the buyer to submit a

been accepted.

lender letter with the purchase offer. The letter will identify the type of financing and interest rate, and will reference your ability to secure a mortgage.

04

STEP 4 Submit purchase offer & negotiate contract on home

01

STEP 1

03

STEP 3

Meet with your

Conduct a

McEnearney Associate

home search

02

STEP 2 Choose a lender & complete a loan application

08

STEP 8 Congratulations on your new home! Time to move in

STEP 7

07 05

Conduct final

STEP 5

walk-through &

Conduct home

attend settlement

inspections & obtain Hazard Insurance

06

STEP 6 Finalize financing & prepare for settlement

TYPES OF LENDER LETTERS • Pre-Approved: A written loan application with documentation has been preliminarily approved by the lender.

• Pre-Qualified: A conversation with the lender has taken place but nothing has been verified and no commitment has been made by the lender.

LENDER’S COMMITMENT LETTER When

your

full

loan

application

and

documentation have been reviewed by the REQUIREMENTS FOR PRE-APPROVAL

lender’s underwriter and approved, you will receive a commitment letter. There are a number

The following documents, at a minimum, will

of additional requirements and steps prior to

be required by the lender in order to evaluate

this letter being issued by the lender. The

your application and issue a preliminary

commitment is specific to you and the house

approval; written, electronic, or telephonic loan

you are purchasing, and the lender’s underwriter

application; credit report reviewed by lender;

will typically require review and approval of: (1)

verification of income; pay stubs; tax returns;

Appraisal, (2) Termite Inspection, (3) Survey, (4)

and verification of assets by lender.

Title Search.

Conducting a Strategic Search IDENTIFY AND CLARIFY WHAT YOU ARE LOOKING FOR Identify and communicate to your agent what is important to you and why. It is important to identify the ‘why’ so that you can find acceptable alternatives.

CUSTOM HOME SEARCH Your agent will provide you with access to a wide range of resources to find your home. They will include, but are not limited to: • BrightMLS. Your agent will have access to BrightMLS which is the multiple listing service used by our region’s real estate agents.

BrightMLS will be the fastest source to get information about the newest listings in real time.

• RealScout. McEnearney Associates has partnered with RealScout, the industry’s number one collaborative home search platform. RealScout allows you to have a highly curated search experience using smart technology to better refine exactly what you are looking for.

• New Construction. New Homes are not always listed in BrightMLS. McEnearney Associates have

worked with large and small builders throughout the region for the past forty years, and consistently network with builders to stay informed of the latest inventory.

• Private Exclusives. Working with an agent who networks within the industry to learn about listings that are currently not being publicly marketed could really give you an edge and, especially in a competitive market, potential access to more homes.

• Coming Soons. At our weekly Business Meetings, and through our daily internal communications, McEnearney Associates routinely announce their buyer needs and properties that will be coming on the market in the near future. This often gives you advance knowledge of properties before they hit the market.

• For Sale By Owner. Most people who are marketing their own home are prepared to work with agents with buyers and, in many cases, pay a commission. Please discuss this with your McEnearney Associate to determine if this is an important option for you.

Find Your Perfect Place RESEARCH NEIGHBORHOOD INFORMATION Real estate is hyperlocal, and McEnearney Associates is hyperlocal. We have spent the past forty years becoming your local experts and neighborhood matchmakers. Your agent will help you identify which communities that you feel connected to the most.

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PRIORITIZE AND SELECT The home search is about eliminating homes that don’t fit your needs as much as it is about finding a home that does. Discuss your ‘must have’ list with your agent.

• Love or Like: Finding a home that has everything a buyer wants can be difficult.

Typically buyers will buy a home that has 80% of their desired list, so it is important to make a distinction between whether you love or like a home.

• Keep options open: When submitting an offer to a seller and negotiating the terms, it can be empowering to know, if this one doesn’t work out, there is another home that meets your needs.

• How much do you love it: If the home was sold to someone else, would you be disappointed? If the answer is yes, then the time has come to prepare an offer to purchase.

A CAUTIONARY NOTE There is a lot of information available to you during your home search. There are several websites that use an automated valuation system that estimates the value of homes on and off the market. As interesting as these sites might be, our research tells us that Automated Valuations Systems predict values based on computer models and much of the information that feeds these models may be inaccurate or incomplete. These estimated values are as likely to be very low as very high. There is no substitute for a comparative market analysis prepared by your experienced and knowledgeable McEnearney Associate.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

What If You Don't Find What You Are Looking For? REVIEW YOUR CRITERIA Most buyers use this opportunity to change some or all of their purchase criteria.

• Price range: If the homes in your price range do not fit your needs, you may want to talk with your lender about increasing your price point.

• Type: If price and location are most important, you may want to consider different types of homes. There may be condominium or townhouse communities that will meet your criteria.

• Size: If you cannot increase your price point and your location is non-negotiable, you may consider looking at smaller homes. You can adjust the square footage, bedrooms, levels, or garage spaces.

• Location: If these three factors cannot be changed, then the next step may be to look at different locations. An adjoining neighborhood or zip code may present homes that meet more of your priorities.

HANG IN THERE! Review your criteria. Knowing your options may allow you to consider different possibilities. Remember new listings are constantly coming on the market. Managing your emotions during this time may be difficult.

There is no way to predict what the future holds, whether there will be more listings or fewer, or whether the interest rates will rise or fall. Don’t give up.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Prepare a Strategic Purchase Offer The main objective in preparing your offer is to purchase the home you want at the most favorable terms possible. The challenge is to make your offer as attractive to the seller as possible, while preserving your protections.

GIVING THE SELLERS WHAT THEY NEED IN RETURN FOR TERMS THAT ARE IMPORTANT TO YOU Your McEnearney Associate will try to find out from the listing agent what the seller’s critical needs are. If you can meet these, it may give the seller a reason to accept other terms that suit your needs. There are seven areas of negotiation in your offer:

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

• Offer Price: The price you offer is the first

• Property Condition: It is recommended

thing that most sellers want to know. Offer

that any offer should include a contingency

a price that will encourage them to consider

for a satisfactory home inspection report.

your contract.

Requests for repairs, if any, will be made in

• Subsidies: Often referred to as closing cost credits. Consult with your agent to see if they

accordance with the procedures established in the sales contract.

are common in your area of choice. If you are

• Inclusions & Exclusions: The seller is

considering asking for a subsidy, consult with

offering to include certain items with the

your lender to make sure that you can take

sale. Sometimes sellers offer to replace an

advantage of the entire amount.

item they wish to remove from the home

• Deposits: The amount of deposits vary by jurisdiction. Your deposit amount reflects your commitment to the transaction and

when they move. Make sure that your offer accurately reflects both of these lists.

• Contingencies:

The

most

common

a low deposit could make your offer less

contingencies are financing, home inspection,

attractive.

and appraisal. Your agent will help you

• Settlement & Occupancy: Possession is usually transferred the day of settlement. If

understand your rights and obligations in the offer you submit.

there are circumstances that require you to

• Financial Statement: In some jurisdictions,

pre-occupy, or if the seller needs to stay past

it is typical for the purchaser to provide a

settlement, your agent will ensure that you

financial statement to the seller — your agent

are protected.

will discuss this with you.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Purchase Offer Strategies WRITING A CLEAR AND CONCISE OFFER The more difficult your offer is to understand, the more challenging it will be for the seller to accept. If your offer is a complicated one, have your agent draft a bullet-point summary to accompany the contract.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

FINALLY, REFLECT BOTH THE DESIRABILITY OF THE HOME AS WELL AS MARKET CONDITIONS IN YOUR OFFER No matter what the condition of the market, you may or may not be competing with other buyers when you submit your offer. Even in markets where supply is high, some homes will attract more buyer interest than others. Market conditions vary on every property. There are zip codes, communities, and styles of homes that are more attractive to buyers. The condition and list price of the property may attract more interest. It will be important to use this information as you structure your offer to purchase.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Notes on Negotiating in Different Types of Markets Your ability to negotiate the price

the asking price, often with the use of

and terms on any specific property

Escalation Clauses. Some buyers will

depends on four things: (1) your ability

decide to remove some contingencies

to be a qualified and flexible buyer, (2)

to make their offer most attractive. The

the desirability of the home, (3) the

buyer must decide which contingencies

motivation of the seller, and (4) the

are important to protect their position in

state of the market. The state of the

the contract they submit.

market is defined by the relationship between the supply of homes and the number of people buying them at any given moment. The markets are usually defined as a Buyer’s Market, a Seller’s Market, or a Balanced Market.

In a Buyer’s Market, homes stay on the market longer, creating more choices and more leverage for the buyers. In general, you should be able to purchase the home at a price consistent with or even less than prior sales, and perhaps obtain more flexible terms, such as closing help and/or repairs in excess of those available in other markets. Specific terms, however, will be determined by other factors present in the transaction.

In a Seller’s Market, homes may last

In a Balanced Market, highly desirable homes sell quickly and at higher prices while others take more time. Flexible terms are found more often with homes taking longer to sell.

Markets

differ

by

price

range,

property type, and location. It is entirely possible to have a Seller’s Market in one neighborhood or price range while Buyer’s Market conditions exist nearby.

Consult your McEnearney Associate for information on the state of the market for the property type and location that interest you. They will provide advice on how that may affect your transaction.

only a few weeks or even days. It is not unusual for properties with more than one interested buyer to sell over

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Reviewing documents from a Homeowners Association If you are purchasing a condominium, a cooperative, or a property that is part of a Homeowner’s Association, you have the right to receive and review the legal and financial documents connected with the community.

You also have a right to cancel your contract, based on your review of the documents. The period of time during which you may cancel the contract varies by jurisdiction; please consult your McEnearney Associate so that you comply with the deadline.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Your review might include, but is not limited to, the following: • Fees and Cash Reserves: What they include and any planned increases.

• Rules and Regulations: Parking, trash removal, pets, property appearance, paint colors, fencing, common areas, insurance, limitations on renting are all things to consider.

• Pending Lawsuits: The HOA is required to disclose any pending lawsuits.

• Anticipated Major Renovations or Special Assessments: Renovations could potentially impact the HOA fees.

As with physical inspections, deadlines for reviewing these documents are ‘hard dates’ and if they are missed, your protections will terminate.

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Finalize Your Financing Once the offer has been ratified, your lender needs to receive: • A copy of the ratified sales contract.

• The MLS printout for the listing.

• Public record information.

• Documents pertinent to the loan application.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Within 7 days of ratification the contract requires

Your agent will guide you through this process

the buyer to make a formal application to their

and communicate with your lender to make

lender and start the process for lender required

sure things will meet the deadlines and

hazard insurance.

settlement date.

The lender will order the appraisal and will prepare a loan estimate of your settlement charges.

During this time, it is important to work with your lender to provide all documentation in a timely manner. Your financing contingency, if your contract includes one, has a deadline. You may be asked or required to provide a commitment letter to the seller to satisfy this contingency. Your

Note:

Once

you

remove

your

financing

contingency, you are representing that you will be at settlement with all necessary funds. If for any reason your lender fails to perform, you may be held in default and the specific provisions of the contract regarding default may be enforced by the seller.

lender will need everything they already requested

For this reason alone, it is critical that you

from you, plus the appraisal and other information

work with a good, reputable local lender whose

provided by the title company, in order to issue

business reputation is on the line if they should fail

the letter.

to perform as promised.

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Schedule Your Settlement YOUR SETTLEMENT COMPANY In VA, MD, and DC, the buyer has the right to select the settlement company. There may be reasons to allow the seller to have input or a preference, but the purchaser should discuss this with their agent prior to making a decision.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

It is not unreasonable, however, for the seller to request the use of a particular entity to coordinate their sale with the purchase of another property, to facilitate a 1031 Tax-Deferred Exchange, or when you purchase from an estate.

Relocation companies and new home builders routinely require settlement with a pre-determined settlement company or attorney.

REPRESENTATION Ordinarily, the title company or attorney does not represent either of the parties. It is their responsibility to ensure the sales contract has been completed and that the financial aspects of the transaction are fully and accurately reflected on the Closing Disclosure. The title company will also make sure that the transaction is recorded at the local jurisdiction and disburse all funds to the appropriate parties.

TIMING Your McEnearney Associate can help you with the selection of a settlement agent. The settlement company should be contacted within 10 days after ratification of the contract to schedule settlement.

TITLE SEARCH & SURVEYS The settlement company will search the title and order any required surveys. Reach out to your McEnearney Associate for any questions.

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Title Insurance Information provided by SMART Settlements

WHAT IS TITLE INSURANCE? Before answering “What is title insurance?”, first answer, “What is title?”

‘Title’ is the ownership in real property. Among other things, it means that you have the legal right to possess, occupy, peacefully enjoy and sell your property without interference from others, subject only to restrictions imposed by governmental authorities or previous owners. In most cases, a title is transferred by deed which is recorded in the land records of the jurisdiction in which the property is located. Generally, when property is sold, a title examiner researches land records and court records searching for any title defects. A title defect is anything in the entire history of ownership of a piece of real estate which may encumber the owner’s rights under the title. A title defect may cause the property owner to lose all or part of their land to a superior ownership interest or claim of another. This is the type of loss that title insurance protects against. In short, if

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you own a title insurance policy, the title insurance company will defend you without additional cost against an attack or claim upon your ownership interest in your property, and you will be protected against financial loss caused by a title defect. Title insurance insures your ownership of the property.

IF MY TITLE HAS BEEN EXAMINED FOR DEFECTS, WHY DO I NEED INSURANCE? There are many defects that even the most meticulous title search will not uncover. For instance, it is impossible for an examiner to know whether the marital rights of all previous owners have been relinquished; whether all deeds, mortgages and judgments affecting the property have been properly indexed in the land records; whether all signatures are valid; or whether an unknown heir of a previous owner had a valid claim against the property. Without owner’s title insurance, any avenue of recovery for these types of problems may be very difficult and very expensive

IF I AM REQUIRED TO PURCHASE LENDER'S INSURANCE, WHY DO I NEED OWNER'S COVERAGE AS WELL? In almost every instance, a lender will require you to purchase lender’s title insurance, protecting it up to the value of its loan on the property. This coverage only protects the lender, not you, and the coverage diminishes as the loan is paid off. As you build more equity in the property, you expose yourself to a higher risk of loss occasioned by a title defect. In this situation, the protected lender will suffer no loss while you as the owner of record bear the substantial risk of the damage. Owner’s title insurance will protect you against any covered loss from failure of title to the full amount of the policy. The following information outlines many of the items that would be covered by owner’s title insurance, and you should discuss any questions you have with your settlement company.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

WHAT ARE SOME REASONS OR EXAMPLES OF WHY I SHOULD HAVE OWNER’S TITLE INSURANCE? Owner’s Title Insurance will protect you against those hidden risks which would not be disclosed by even the most meticulous search of the public records. Some examples of those hidden risks are: • Forgery • Inadequate surveys • Fraud in connection with execution of documents • Incorrect legal descriptions • Undue influence on a grantor or executor • Non-delivery of deeds • False impersonation by those purporting to be owners of property • Unsatisfied claims not shown on record • Incorrect representation of the marital status of grantors • Deeds executed under expired or false powers of attorney • Undisclosed or missing heirs • Confusion due to similar or identical names • Wills not properly probated • Dower or curtesy rights of ex-spouses of former owners • Mistaken interpretation of wills and trusts • Incorrect indexing • Mental incompetence of grantors • Clerical errors in recording legal documents • Conveyance by a minor • Delivery of deeds after death of grantor • Birth of heirs subsequent to date of will

ARE THERE DIFFERENT TYPES OF TITLE INSURANCE? Yes. There are three different types of Title Insurance: A Lender’s Policy, Standard Owner’s Policy and the Owner’s Enhanced Policy.

Lender's Coverage is required by all corporate lenders as a condition of the purchaser’s loan. This covers only the lender for the amount of the loan they are making to a borrower. The Lender’s Policy that the lender is provided with is the standard American Land Title Association’s (ALTA) Loan Policy. It provides coverage to the lender against such title encumbrances as fraud in connection with the execution of documents, incorrect representation of the marital status of grantors, wills not properly probated, and many other circumstances that might jeopardize the lender’s security in the property.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

The Standard ALTA Owner's Policy protects you as the owner of real property against fraudulently executed documents, incorrect representations and improperly probated wills, as well as any unsatisfied claims that may not appear in the jurisdiction’s land records.

The Owner's Enhanced Policy covers you, the owner, against all that is included in a standard ALTA Policy but with additional and enhanced coverage. Subject to limitations, some of the benefits of an Enhanced Policy include: • Mechanic’s lien coverage is provided for work done prior to the date of your policy.

• Zoning coverage is now provided, ensuring that your land is properly zoned for a singlefamily residence.

• Subdivision coverage is now provided in the event that your land is a portion of an improperly created subdivision.

• Coverage is provided if you as the owner are forced to remove an existing structure, other than a boundary wall or fence, due to a previous owner’s failure to obtain the necessary building permit.

• Coverage is provided if an adjacent builder builds onto the homeowner’s property without permission.

• Coverage is provided for forgeries affecting your ownership after the date that your title insurance policy is issued.

Please note that the specific coverage available may vary to some degree among title insurance providers and based on the jurisdiction of the property. The company that you select to conduct settlement can provide you with the details of the coverage provided under their policies.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Title Insurance

Information provided by SMART Settlements

WHAT IT IS

Title

Title Professional

Title Search

Title Insurance

Closing

WHY IT MATTERS

HOW YOU BENEFIT

Title is your ownership right to your property.

No homebuyer wants to inherit existing debts or legal issues that could interfere with their property rights in the future.

Clear title allows you to use or modify your property.

Smart Settlements will examine or research public records to see if there are any problems or defects that could cause you legal issues. They may also manage the closing process.

Smart Settlements ensures the title search is completed, writes the title insurance policy and works to reduce your risk of ownership issues in the future.

Smart Settlements has your back. We sweat the small stuff so you don't have to, giving you peace of mind.

A title search is an early step in the home buying process to uncover issues that could limit your rights to the property.

If a title issue is discovered, most often your title professional will take care of it without you even knowing. After the title problem is fixed, you are able to purchase owner's title insurance.

The title search protects you from unknowingly inheriting a previous owner's debts, legal obligations or other title problems.

There are two different types of title insurance: the owner's policy and the lender's policy. The owner's policy is purchased by you, the homebuyer. While it is your choice, purchasing an owner's title insurance policy is the best way to protect your property rights. The lender's policy is usually paid for by you, the homebuyer. It is almost always required by the lender and only protects the lender's interest.

Sometimes undiscoverable defects can come up after the title search. Title issues may include forgery, fraud or clerical errors. Owner's title insurance is the best way to protect yourself from losing your property.

Every year, the vast majority of homebuyers in America elect to protect the largest investment of their lives, and purchase owner's title insurance. Owner's title insurance protects your interests after you purchase your home.

Closing is the final step in executing the home buying transaction.

It is the process that allows the transfer of ownership to occur.

Upon completion of the closing process, you get the keys to your home!

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Hazard Insurance/ Homeowners Insurance Your lender requires that you keep the property insured against damage or destruction and name them as the co-insured. This is referred to as Hazard Insurance or Homeowners Insurance.

If you are making an all-cash purchase, the decision to have Hazard or Homeowners Insurance is the buyer’s decision. It is recommended that you purchase this insurance to protect your investment. The settlement agent will be able to answer any questions you may have.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Contracts in our areas require the buyer to begin the process of obtaining Hazard or Homeowners Insurance within seven days of a ratified contract.

This insurance includes liability coverage and content coverage of the owner’s personal property. Almost without exception, purchasers obtain insurance.

Your policy must be paid for and a binder issued prior to settlement. Evidence of such must be delivered to the lender prior to funding the loan.

Please note: Insurers do not issue hazard insurance policies when a hurricane watch is in effect. Please do not wait until the last minute or settlement may be delayed.

FOR CONDOMINIUM PURCHASERS

FLOOD INSURANCE

The master policy covers the structure of the

Some properties are in flood zones. In these

building on behalf of you and your lender and

situations, the settlement company will advise

is paid for in your condo fees. However, this

you, but your lender may require you to add flood

provides no liability or content coverage for you,

insurance to your transaction. The FEMA flood map

and no coverage if another unit is damaged by

is updated every year. Please ask your lender or the

something that occurs within your unit. Please

settlement company about the flood certification

speak with your insurance agent to discuss

after ratification of your contract.

adequate separate coverage.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Prepare for Settlement and Preparing to Move Once your inspections have been completed and your financing has been finalized, you will need to arrange a number of other details. Scheduling these things earlier in your transaction will hopefully eliminate last minute surprises or uncomfortable situations.

SETTLEMENT FUNDS • Arrange certified funds or wire transfer with the settlement company.

• Note: Do not accept instructions to wire funds through an email. If the settlement company emails instructions, call first to confirm that the information is accurate. Use the phone number provided by your agent, not one included in the email. You will be asked to sign a “Wire Fraud” disclosure when you sign your buyer agency agreement.

• The amount of cash needed at settlement can be obtained from the attorney or title company several days prior to settlement.

• Are you going to be using funds generated by the sale of another property as all or part of your down payment? If so, make sure that your agent has discussed this with your settlement company and has coordinated the timing of the two settlements to allow for an assignment of funds. This assignment of funds allows one settlement company to deliver funds to another settlement company once the first transaction has been recorded and disbursed.

However, an assignment of funds cannot be used without the prior written consent of the seller.

• Personal checks may be used for small amounts owed at settlement, if the final figures change at the last minute.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

ESTABLISH TIME OF WALKTHROUGH • Your agent will schedule the walkthrough for you.

• The contract permits you to conduct a walkthrough seven days prior to settlement. You may want to conduct a walkthrough to verify all repairs have been made and a second walkthrough once the seller has vacated the property to ensure that the property is in “substantially the same condition” as the contract identifies.

DIRECTIONS TO THE SETTLEMENT OFFICE • Make sure you have received directions to your settlement office, either from the company or from your agent.

PREPARING TO MOVE As you are preparing for settlement, this is a good time to start planning your move. McEnearney Associates has partnered with Updater, a powerful platform to help streamline and simplify your moving experience. This includes helping to identify a mover and updating your new address for utilities. Reach out to your McEnearney Associate for more information.

CONTACT A MOVING COMPANY • The first step is to confirm your preferred move date as early as possible. McEnearney Associates has a list of movers recommended by agents and previous clients.

• You may want to get quotes from more than one company. You also have the option to streamline the process using our Updater platform.

CONTACT UTILITY COMPANIES • You can contact your utility companies directly (e.g. Electric, Water, Telephone, TV/Internet) or use the Updater platform provided by McEnearney Associates. There is a list of utility companies found at the end of this book.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Conduct the Final Walkthrough YOUR RIGHT TO A WALKTHROUGH Prior to settlement, the sales contract allows for the purchaser to conduct a final walkthrough inspection. At the end of the walkthrough, the buyer signs off on the Walkthrough Inspection Form. This form signifies the buyer’s acceptance of the property in its current condition and notes any contractual deficiencies. Ideally, this inspection is best performed after the seller has vacated the property, but if this is not possible, your Realtor will coordinate timing.

The purpose of the walkthrough is: • To ensure that all items that are supposed to convey with the property are in place and in the condition specified in the contract.

• To ensure that repairs or improvements required in the contract have been completed by the seller.

• To ensure that the property is free and clear of debris, broom clean, and in substantially the same condition as on the date of the contract.

• To ensure that all other contractual obligations have been met.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Attending Your Settlement WHAT TO EXPECT AT A SETTLEMENT • Settlements are typically scheduled every hour, so please allow for one hour in order to complete the process. If you are inclined to read each document thoroughly, it is preferred that you talk with the settlement agent ahead of time to schedule adequate time to review the documents in detail.

• It is very common for Buyers and Sellers to settle separately.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

TYPICAL SETTLEMENT MEETING AGENDA • Photocopy driver’s license or other appropriate ID for all parties.

• Approve and sign the closing disclosure.

• Purchaser selects title insurance coverage.

• Seller signs the deed.

• Purchaser signs loan documents: • Loan application • Truth in Lending statement • Note • Deed of Trust • Seller provides the keys and, if any, garage door openers.

• Purchaser funds are verified and will receive keys and possession.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Real Estate Glossary Adjustable Rate Mortgage (ARM): Interest

BrightMLS: The regional multiple listing service

rates on this type of mortgage are periodically

that provides to its members detailed information

adjusted up or down, depending on a specified

about properties for sale.

financial index.

Broker: A real estate professional who has a

Agent: Acts on behalf of another, representing that

higher level of training than an agent. Generally,

person’s interests and serving as an intermediary.

this is one who is the legal representative or

American Land Title Association (ALTA): A

proprietor of the office.

precise breakdown of closing costs for both

Cap: Limit on how much the interest rate can

Sellers and Buyers. You will receive your ALTA

change in an ARM.

document at closing.

Closing: See “Settlement.”

Amortization: A method of equalizing the

Closing Disclosure: Replaced the HUD-1

monthly mortgage payments over the life of the loan, even though the proportion of principal to interest changes over time. In the early part of the loan, principal repayment is very small and interest repayment very high; at the end of the loan, that relationship is reversed.

Annual Percentage Rate (APR): The actual finance charge for a loan, including points and loan fees in addition to the stated interest rate.

Appraisal: An expert judgment of the value or worth of a property.

ARM: Adjustable Rate Mortgage Assumption of Mortgage: Buyer assumes liability for an existing mortgage note held by the Seller. This is subject to approval by the lender, who must be willing to approve the Buyer and release the Seller.

Assessed Value: The value placed on property by a municipality for purposes of levying taxes. It may differ widely from appraised or market value.

Balloon Payment: A large principal payment due all at once at the end of some loan terms.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

document. You will receive your ALTA document at closing.

Commission: Fee (usually a percentage of total transaction) paid to Broker for services performed.

Condominium (Condo): Type of real estate ownership where the owner has title to a specific unit and shared interest in common areas.

Contingency: A condition in a contract that must be met for the contract to be binding.

Contract: Binding legal agreement between two or more parties that delineates the conditions for the exchange of value (e.g. money exchanged for title to property).

Conversion Clause: A provision that allows converting an ARM to a fixed-rate loan after a specified interval.

Deed: Legal document that formally conveys ownership of property from Seller to Buyer.

Down Payment: Percentage of the purchase

Hazard Insurance: Compensates for property

price that the Buyer must pay in cash and may

damage from specific hazards such as fire and

not borrow from the lender.

wind. More complete coverage is given by all-

Earnest Money: A large deposit paid when

risk homeowner’s insurance.

the sales contract is signed before the closing.

Home Inspection Report: Prepared by a

Equity: The value of the property actually

qualified inspector, it evaluates a property’s

owned by the homeowner, it is purchase price

structure and mechanical systems.

plus appreciation plus improvements, less

Interest: The cost of borrowing money, usually

mortgages and liens.

expressed as a percentage over time.

Escrow: A fund or account held by a third-party

Lien: A security claim on property until a debt

custodian until conditions of a contract are met.

is satisfied.

Fannie Mae: Federal National Mortgage

Listing Contract: Agreement whereby an owner

Association.

engages a real estate agent for a specified

Federal Home Loan Mortgage Corporation

period to sell property. The agent receives a

(Freddie Mac) and Federal National Mortgage

commission from the sale.

Association (FNMA, called “Fannie Mae”):

Market Value: The price that is established by

Privately owned corporations created by

present economic conditions, locations, and

Congress that buy mortgage notes from local

general trends.

lenders and are responsible for the guidelines

Market Price: The actual price at which a

a majority of lenders use to qualify borrowers.

Finance Charge: The total cost, including all fees, points and interest payments a borrower pays to obtain credit.

Fixed Rate Mortgage: Interest rates on this type of mortgage remain the same over the life of the loan term. Compared to “Adjustable Rate Mortgage.”

Fixture: A recognizable entity (such as a toilet bowl, kitchen cabinet, or light unit) that is permanently attached to property and belongs to the property when it is sold.

Good Faith Estimate: A document that must be provided by the lender within three days of mortgage application and that specifies the costs

property sold.

Mortgage: Security claim by a lender against property until the debt is paid.

Negative Amortization: A method of calculating fixed monthly payments in combination with a variable interest rate. When monthly payments are not enough to cover interest costs, unpaid interest is added to the principal balance.

Origination

Fee:

Application

fee(s)

for

processing a proposed mortgage loan.

PITI: Principal, interest, taxes, and insurance, forming the basis for monthly mortgage payments.

Point: One percent of the loan principal. It’s charged in addition to interest and fees.

associated with the loan as well as settlement

Pre-Payment Penalty: A fee paid by a borrower

costs that will be incurred by the borrower.

who pays off the loan before it is due.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Pre-Qualification: Informal estimate of how much financing a potential borrower might expect to obtain - done before paying substantial loan application fees.

1. Sole Ownership: Only one person owns the property.

2. Tenants in Common: Two or more persons have an undivided ownership in

Principal: One of the parties to a contract;

the property. The percentage of ownership

or the amount of money borrowed, for which

need not be equal; each party has a right to

interest is charged.

sell his interest, and upon the death of any

Prorate: Divide or assess proportionately.

of the owners, that owner’s interest in the

REALTOR®: A member of the National Association of Realtors®.

RESPA: Real Estate Settlement Procedures Act.

property goes to his/her heirs.

3. Joint Tenants: Ownership taken by two or more persons at the same time in equal percentages with an undivided right

Settlement: Also known as Closing, is the

to possession. If one owner dies, his or

completion of your real estate transaction. At

her interest automatically goes to the

settlement, all parties, including the buyer, sellers

remaining owner(s).

and both of their agents sign the transaction's closing documents. After closing, the buyer's closing attorney finalizes the transaction and handles the payment of closing costs.

4. Tenants by the Entireties: Owners are a married couple and together they hold title to the property with a right of survivorship.

Upon the death of either, the survivor takes

Title: Document that indicates ownership of a

sole ownership to the exclusion of the

specific property.

deceased spouse's heirs.

Title Insurance: Protects against loss from

Unreleased Trust: A mortgage or lien recorded in

defects in the title.

the court records that appears to be outstanding

Title Search: Detailed examination of the entire

(where no Certificate of Satisfaction/release has

document history of a property title to make

been recorded).

sure there are no encumbrances.

Types of Ownership: There are four types of property ownership.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

W W W. S M A R T S E T T L E M E N T S . C O M

At SMART, we value Family, Time and Dependability. We are not just here to help you close - we are here to make sure that all of your real estate needs are met for life and for the life of your property. We don't just close, we open doors.

Arlington Office 2022 Wilson Blvd. Ste. 280 Arlington, VA 22201

Fairfax Office 10300 Eaton Pl. Ste 310 Fairfax, VA 22030

Washington, DC Office 2110 Vermont Ave. NW Washington, DC 20001

Greenbelt Office 7245 Hanover Pkwy., Ste A Greenbelt, MD 20770

Tel. 703.537.3800

Tel. 703.537.3800

Tel. 202.537.3800

Tel. 301.329.5556

BRIAN BONNET

CAREY MEUSHAW

AMANDA WALLINGFORD

Senior Loan Officer NMLS ID# 224811 bbonnet@acmllc.com

Senior Loan Officer NMLS ID# 310813 cmeushaw@acmllc.com

Loan Officer NMLS ID# 1112543 awallingford@acmllc.com

JAMES GAUDIOSI McLean Office

TAN TUNADOR Leesburg Office

ERIC BOUTCHER DC Office

Senior Loan Officer NMLS ID# 474088 jgaudiosi@acmllc.com

Senior Loan Officer NMLS ID# 1166669 tan@acmllc.com

Senior Loan Officer NMLS ID# 1063065 eboutcher@acmllc.com

526 King Street, Suite 505 | Alexandria, VA 22314 | Tel. 703-766-6700 teambonnet@acmllc.com | www.AtlanticCoastMortgage.com Atlantic Coast Mortgage, LLC is an Equal Housing Lender. Licensed by the Virginia State Corporation Commission (MC-5560).

Branch NMLS ID# 1287694. Company NMLS ID# 643114. www.NMLSConsumerAccess.org.

Information is provided as advertisement and is not a guarantee of lending.

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Important Numbers ELECTRIC Pepco (DC and MD) www.pepco.com 202-833-7500

Prince William County Service Authority www.pwcsa.org 703-335-7900

Dominion Virginia Power (VA) www.dom.com 866-366-4357

Town of Vienna Water & Sewer www.viennava.gov 703-255-6385

City of Manassas Utilities www.manassascity.org 703-257-8219

Town of Herndon Utilities www.herndon-va.gov 703-435-6814

Northern Virginia Elec. Coop (NOVEC) www.novec.com 888-335-0500

City of Manassas Utilities www.manassascity.org 703-257-8245

WATER AND SEWER

Town of Leesburg Utilities www.leesburgva.gov 703-771-2701

DC Water www.dcwater.com 202-354-3600 WSSC (MD) www.wsscwater.com 301-206-4001 Virginia American Water www.amwater.com 800-452-6863 Arlington Deptarment of Environmental Services www.arlingtonva.us 703-228-6570 Fairfax Water www.fairfaxwater.org 703-698-5800

Dale City Service Corp.

703-590-4495

GAS Washington Gas (serves most of metro area) www.washgas.com 800-752-7520 Columbia Gas Maryland www.columbiagasmd.com 888-460-4332

WATER AND SEWER Town of Middleburg Water & Sewer www.middleburg.org 540-687-5152 Loudoun Water www.loudounwater.org 571-291-7880 TELEPHONE Verizon www.verizon.com 800-837-4966 CABLE SERVICE Comcast www.comcast.com 800-934-6489 Cox Communications (Northern Virginia) www.cox.com 703-378-8422 Verizon (FIOS) fios.verizon.com 855-849-3623

Virginia www.columbiagasva.com 800-543-8911

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

We Represent DC/MD/VA For 40 years, we have represented sellers and buyers in our nine residential offices throughout the DC metropolitan region.

ALEXANDRIA OFFICE

ARLINGTON OFFICE

KENSINGTON OFFICE

LEESBURG OFFICE

109 S. Pitt Street, Alexandria, VA 22314

4720 Lee Hwy, Arlington, VA 22207

3804 Howard Ave, Kensington, MD 20895

107 N King St, Leesburg, VA 20176

703-549-9292 | 800-549-9299

703-525-1900 | 800-826-1612

301-979-7270 | 866-762-8975

703-738-8282 | 800-548-9080

McLEAN OFFICE

MIDDLEBURG OFFICE

SPRING VALLEY OFFICE

VIENNA OFFICE

1320 Old Chain Bridge Rd, McLean, VA 22101

7 W Washington St, Middleburg, VA 20118

4910 Mass Ave, Suite 119, Washington, DC 20016

374 Maple Ave, E #202, Vienna, VA 22180

703-790-9090 | 800-548-9080

540-687-5490 | 800-548-9080

202-552-5600 | 866-762-8975

703-839-8200 | 800-548-9080

14TH STREET OFFICE

COMMERCIAL

LAND/FARM/ESTATES

PROPERTY MANAGEMENT

1803 14th St, NW, Washington, DC 20009

510 King St, #505, Alexandria, VA 22314

107 N King St, Leesburg, VA 20176

1320 Old Chain Bridge Rd, McLean, VA 22101

202-903-2200 | 866-762-8975

703-683-2700 | 877-624-9322

703-738-8282 | 800-548-9080

703-537-3340 | 800-548-9080

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Notes

MCENEARNEY EXCLUSIVE BUYER'S GUIDE

Guiding Clients Home for Forty Years McEnearney Associates provides this buyer's guide as a resource for the ever-changing process of buying a home.

Whether you are a first-time or experienced buyer, this process is never the same. Your McEnearney agent will be there through every step of the process to help you make the most informed decisions about one of the most important transactions of your life. Learn more about the McEnearney Difference at www.McEnearney.com

Alexandria | Arlington | Kensington | Leesburg | McLean | Middleburg | Vienna | Spring Valley | 14th Street 109 S Pitt Street, Alexandria, VA 22314 | Tel. 1-877-624-9322 | www.McEnearney.com Copyright 2021 - McEnearney Associates, Inc. Realtors®. Equal Housing Opportunity.