Home Buyer's Guide

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BUYER’S GUIDE

WE YOUR HOUSTON ARE RELOCATION EXPERTS Thousands of people move to Houston every year…and for good reasons. It ranks among the top U.S. cities in job creation, and has one of the nation’s most dynamic economies. Our vibrant community of arts, culture, food and commerce has the world’s attention.

The Martha Turner Sotheby’s International Realty award-winning relocation team has achieved extraordinary results by holding the highest standards of customer service and consistently exceeding them. We have established relationships with relocation management companies, corporations and other real estate brokers across the globe to help transferees buy or sell their home.

If you’re planning a move, let us be YOUR REALTOR®.ng your hat on it.

Tess Chaney, CRP DIRECTOR OF RELOCATION tf 800.927.2774 m

281.576.6149 d 713.558.3266 f 713.522.3559

tess.chaney@sothebyshomes.com

Tess Chaney, CRP joined Martha Turner Sotheby’s

She is constantly streamlining and improving the

International Realty in 2014 as Relocation Director. She

relocation process for transferring employees. Tess

increases sales within the company developing business

utilizes the latest technology to improve her team’s

with corporate relocation and referrals.

efficiency which enhances the customer experience with our company.

Highly-mindful of the importance of participation and visibility, Tess regularly attends workforce mobility

An eighth generation Texan, native Houstonian and

networking conferences. Here she has the opportunity

graduate of Texas Christian University in Fort Worth, Tess

to benchmark her programs with the expertise of leading

began her real estate career in 2008 as a sales associate.

professionals in the industry. Her welcoming personality

After transitioning to a luxury firm she continued her

builds strong relationships throughout the industry, which

success through closing multi-million dollar transactions

is essential when promoting the Sotheby’s International

and earned her Texas Broker’s License in 2010.

Realty brand.

In 2011, Tess began working in relocation and in 2012, she Tess is a contributing writer for MOBILITY Magazine, a

was promoted to Relocation Director. Tess has earned

distinguished speaker at relocation conferences, and an

relocation’s highest certification, Certified Relocation

industry expert for radio talk show, “Real Estate Matters

Professional (CRP) demonstrating her long-term

with Stewart Title.”

commitment to the global workforce mobility industry.

Sotheby’s International Realty and the Sotheby’s International Realty logo are registered (or unregistered) service marks used with permission. Operated by Sotheby’s International Realty, Inc. Real estate agents affiliated with Sotheby’s International Realty, Inc. are independent contractor sales associates and are not employees of Sotheby’s International Realty, Inc. Equal Housing Opportunity.

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Focus on Your Home Search Secure a Pre-Approval Letter:

Automatic Property Updates:

If you need to finance your home purchase, then you must

As soon as a property that meets your criteria is posted on the

know the amount and type of loan for which you qualify. Your

MLS, you will receive an email alert from me. If you see a newly

lender will help you establish your budget and discuss the

listed property that you would like to tour or have questions

mortgage options available to you. Obtaining a pre-approval

about – please contact me.

letter from a reputable lender is a prerequisite to beginning your home search.

Access to Non-MLS listings, when applicable: Through Martha Turner Sotheby’s International Realty’s

When you find the right property, the seller will view your offer

position as a market leader, I will occasionally be able to arrange

more favorably if it is accompanied by your pre-approval letter.

access to properties that are not listed on the MLS. If I learn of

Being pre-approved tells the seller that you are a serious and

a property about to come on the market that may interest you, I

qualified buyer.

will arrange for advance access if possible.

Ask your lender how many days after the Effective Date of

Preparation of your Offer:

the contract will be required for the lender to complete the

Once we identify a property that you want to purchase, I will

approval and underwriting process. This will impact the

provide insight on recent comparable property sales, recent

Closing Date that you agree upon in the contract. Ultimately,

pending sales, and active listings so we can place a competitive

it is your responsibility to have the money at the title company

offer and negotiate effectively.

on the Closing Date specified in the contract – so work with a dependable lender.

Negotiation of the Offer to a Final Contract with the Seller:

Define Search Criteria:

If the Seller does not accept your offer but responds with an

Defining your needs and wants will help to narrow the range of

invitation to submit a new offer with different terms, we will

available properties that will meet your goals. Completing the

analyze the Seller’s response and decide whether to adjust

Buyer’s Questionnaire on the next page will focus our search.

the offer. We will strive to negotiate a contract that is as advantageous to you, the Buyer, as possible.

Review of Active Listings: We will review properties currently active on the market, including our listings that are not on the MLS, to pin point those that meet your criteria and budget.

Property Tours: We will tour properties that match your preferences based on our initial review, and as new properties become available.

Buyer’s Questionnaire Name:___________________________________________________________________________________________________ Preferred Phone #:________________________________________________________________________________________ Email:___________________________________________________________________________________________________ Current Address:_________________________________________________________________________________________

Type of home preferred (check as many as apply):

¨ House ¨ New Construction

¨ Townhome ¨ Condominium Unit ¨ Investment Property ¨ Recent Construction ¨ Vacation Home

Location or neighborhood preferences:______________________________________________________________________ ________________________________________________________________________________________________________ School or school district preferences, if any:__________________________________________________________________ Price Range:_____________________________________________________________________________________________ When do you need to move?_______________________________________________________________________________ Minimum bedrooms: ______________

Minimum bathrooms: ______________

Yard preferences: (fenced yard, patio, none?):________________________________________________________________ Additional preferences (i.e., swimming pool, home office, game room, fireplace):__________________________________ ________________________________________________________________________________________________________ ________________________________________________________________________________________________________ Lender’s Name and Contact number:_______________________________________________________________________ Have you been pre-approved?

¨ Yes

¨ No

Is your employer providing relocation benefits associated with your move?

Are you currently working with another agent?

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¨ Yes

¨ No

¨ Yes

¨ No

Contract to Closing in 10 Steps This overview is meant to provide a general explanation of the process. Each sale is unique.

The steps discussed here will vary with every transaction, and some may not apply. There may be additional actions required in your sale that are not addressed here. Your agent will be your guide through every step.

Earnest Money and Option Fee

Option Period

When the Contract has been signed and all changes initialed by

You have the unrestricted right to terminate the Contract during

both parties, the Effective Date of the contract will be filled-in

the Option Period, which is the contractually agreed number

and the Contract will be sent to the title company. Coordinate

of days after the Effective Date, as specified in paragraph 23.

with your agent to ensure that the Earnest Money is deposited

If you terminate the Contract by 5 pm on the last day of the

with the title company as soon as possible and the Option Fee is

Option Period, then you are entitled to a refund of the Earnest

delivered to the Seller within 3 days after the Effective Date.

Money. You should review the Seller’s Disclosure Notice, all inspection reports and repair estimates (if any) carefully during

Your Loan

the Option Period. Any negotiations for repairs, price changes,

You are obligated to promptly apply for the loan described in the

or other matters must be finalized via a signed Amendment

Third Party Financing Addendum, and make every reasonable

before the Option Period expires.

effort to obtain approval. If you cannot obtain credit approval for your loan, then you must terminate the Contract by the

Title Commitment

date specified in paragraph B(1) of the Third Party Financing

The title commitment outlines the terms under which the title

Addendum. Stay in close contact with your lender and provide

company will insure the title to the property after Closing. The

all documentation requested by the lender as quickly as

title company should deliver the commitment to you within

possible. Your lender should provide you with a Loan Estimate

20 days after the Effective Date. Your agent can help you

soon after you have completed the loan application, and will

review the title commitment. Schedules B and C of the title

order a formal appraisal of the property.

commitment include exceptions to coverage. Please review the title commitment carefully with your agent to determine

Inspections

whether you want to make objections within the time specified

The property should be inspected by licensed inspectors as

under paragraph 6D of the Contract.

soon as possible after the Effective Date. The initial inspections will provide you with the inspector’s opinion of the condition of

Survey

the property and should indicate whether additional, specialized

Paragraph 6D of the Contract controls when, and by whom, the

inspections are needed. You should attend all inspections and

survey must be obtained. The survey is ordered through the

carefully review all inspection reports before the Option Period

title company by Buyer or Seller within the time specified.

expires. If repairs are needed, your agent will guide you through

The surveyor should note any encroachments,

the various options available to you.

easements, and boundary issues on the survey.

Please review the survey carefully with

Insurance

your agent to determine whether you

As soon as the contract has been signed, contact your

want to make objections within

insurance agent to obtain quotes for homeowner’s and flood

the time specified under

insurance. The insurance quote should be reviewed during your

paragraph 6D of the

Option Period. Your lender will need this information fairly early

Contract.

in the loan process. You should also determine whether you want to purchase or negotiate with the Seller for a residential service contract, which provides a limited warranty for certain components of the home.

Contract to Closing in 10 Steps continued

Closing Disclosure

Closing

You, as a borrower, must have three days to review the

On the day of Closing, arrive at the title company at the

Closing Disclosure from your lender before Closing can occur.

scheduled time. Your agent will be present to assist you with

(Sundays and federal holidays are excluded.) Please stay

any last minute details and questions. Your lender will wire the

in touch with your lender as the Closing Date draws near to

money being loaned for the purchase to the title company. You

ensure that the lender delivers these documents in a timely

will need to wire or bring a cashier’s check to the title company

fashion.

for the “Cash to Close” noted on your Closing Disclosure. If you wire money, be sure to confirm the wiring instructions verbally

Prepare for Move-In

with the title company. As soon as Closing and funding occur...

Options for moving services should be investigated, and

Welcome Home!

scheduled, well in advance of your move. Approximately a week prior to Closing, you should contact your utility providers – electric, gas, water, trash, and any others-to ensure that these are ready when you move in. You may also want to contact satellite television providers, telephone service providers, and security monitoring companies. Prior to Closing, it is common to do a final walk-through of the property with your agent to ensure everything is in order.

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11-2-2015

Information About Brokerage Services

Texas law requires all real estate license holders to give the following informaƟon about brokerage services to prospecƟve buyers, tenants, sellers and landlords.

TYPES OF REAL ESTATE LICENSE HOLDERS: .

• A BROKER is responsible for all brokerage acƟviƟes, including acts performed by sales agents sponsored by the broker.

• A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker.

A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material informaƟon about the property or transacƟon received by the broker; • Answer the client’s quesƟons and present any offer to or counter-offer from the client; and • Treat all parƟes to a real estate transacƟon honestly and fairly.

A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner's agent through an agreement with the owner, usually in a wriƩen lisƟng to sell or property management agreement. An owner's agent must perform the broker’s minimum duƟes above and must inform the owner of any material informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent or subagent by the buyer or buyer’s agent.

AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant's agent by agreeing to represent the buyer, usually through a wriƩen representaƟon agreement. A buyer's agent must perform the broker’s minimum duƟes above and must inform the buyer of any material informaƟon about the property or transacƟon known by the agent, including informaƟon disclosed to the agent by the seller or seller’s agent.

AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parƟes the broker must first obtain the wriƩen agreement of each party to the transacƟon. The wriƩen agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligaƟons as an intermediary. A broker who acts as an intermediary: • Must treat all parƟes to the transacƟon imparƟally and fairly; • May, with the parƟes' wriƩen consent, appoint a different license holder associated with the broker to each party (owner and buyer) to communicate with, provide opinions and advice to, and carry out the instrucƟons of each party to the transacƟon.

• Must not, unless specifically authorized in wriƟng to do so by the party, disclose: ᴑ that the owner will accept a price less than the wriƩen asking price; ᴑ that the buyer/tenant will pay a price greater than the price submiƩed in a wriƩen offer; and ᴑ any confidenƟal informaƟon or any other informaƟon that a party specifically instructs the broker in wriƟng not to disclose, unless required to do so by law.

AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transacƟon without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first.

TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duƟes and responsibiliƟes to you, and your obligaƟons under the representaƟon agreement.

• Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated.

LICENSE HOLDER CONTACT INFORMATION: This noƟce is being provided for informaƟon purposes. It does not create an obligaƟon for you to use the broker’s services. Please acknowledge receipt of this noƟce below and retain a copy for your records.

Martha Turner Sotheby’s Intn’l Realty Licensed Broker /Broker Firm Name or Primary Assumed Business Name

Marilyn Thompson

Designated Broker of Firm

marilyn.thompson@sothebyshomes.com

(713) 520-1981

332223

marilyn.thompson@sothebyshomes.com

(713) 558-3274

530648

robin.conner@sothebyshomes.com

(713) 558-3311

587332

tess.chaney@sothebyshomes.com

(713) 558-3266

License No.

Robin Conner

Licensed Supervisor of Sales Agent/ Associate

Tess Chaney

307280

License No.

Sales Agent/Associate’s Name

License No.

License No.

Email

Email

Email

Buyer/Tenant/Seller/Landlord Initials Regulated by the Texas Real Estate Commission

Email

Phone

Phone

Phone

Phone

Date InformaƟon available at www.trec.texas.gov IABS 1-0