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BUYER’S GUIDE

What to Expect from Start to Finish



TABLE OF CONTENTS • Meet The Team • Meet Our Affiliates • Reviews & Testimonials • What a Team Means for You • Our Brokerage • Your Dream Home or Investment • Your Preferences • The Neighborhood • Buying 101 • At Your Service • My Promise • Glossary

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MEET THE TEAM

Laurie Hollowell

Broker-Associate, GRI, CRS, e-PRO, Owner (850) 217-1369, laurie@soldbylaurie.com • • • • • • •

• •

Native to the Florida Panhandle - Pensacola, Destin, Miramar Beach, and 30A Graduate with Honors from Florida State University’s School of Nursing Rookie of the Year for the Southeast Region of Keller Williams in 2000 Expert in marketing, negotiations and closing deals 21-year career in Real Estate on the Emerald Coast and ranked in the Top 1% of all associates in the Emerald Coast Association of Realtors® Achieved numerous Top Sales Leader, President’s Club and Pinnacle Circle of Excellence industry awards Attributes her success to the outstanding customers and members of The Laurie Hollowell Team who work diligently to best serve the needs of the team’s buyers and sellers Makes it her mission to deliver outstanding service before, during, and after every sale Sponsor to the Broker in charge of Keller Williams Realty Emerald Coast since 2000

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MEET THE TEAM Jim Meeker

Realtor® / Partner (850) 240-8682, jim@soldbylaurie.com • Strong professional business background • Excels in the listing, marketing, sales, and service aspects of the industry • Native to Northwest Florida giving clients great insight to the quality of life they can achieve here on the beautiful Emerald Coast • Condominium and vacation rental home expert

Michael D’Ambra Realtor® / Lead Sales Associate (850) 533-7551, mdambra@kw.com • Over 20 years experience in multi-media sales and advertising for cable and broadcast television • Target marketing expertise that attracts buyers ready to purchase your property • Proudly served in the United States Navy • Eager to deliver each client the finest property for the best possible price

“The level of personal attention has been incredible! No detail was too small for their concern.” Caroline B.

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MEET THE TEAM Phil Madden

Realtor® (850) 714-3099, phil@soldbylaurie.com • Phil built a 30-year career in professional sales and marketing in the healthcare industry – Merck and Pfizer - in Canada • Became a United States Citizen in January of 2019 • A multi-year vacationer to the Emerald Coast and a homeowner in Regatta Bay, Phil has developed a deep appreciation for the lifestyle afforded to Emerald Coast residents

Pat Clay

Realtor® (850) 517-8729, pat@soldbylaurie.com • Over 30 years in Accounting and Customer Service in the Trucking, Oil, and Electrical Power Supply industries in Mississippi • Full-time resident of Regatta Bay and active participant in her community, Pat and her husband Phil write an article called “Senior Sojourns” for the monthly magazine, Regatta Bay Way • Pat wants to share her insights of Emerald Coast living with others, not only golfers but also young families and retirees

“Laurie and her Team were a pure pleasure to deal with.” Jerry P.

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MEET THE TEAM Jill Mills

Office Manager & Marketing Director (850) 269-1369, jill@soldbylaurie.com • 30+ years experience in Marketing and Advertising • 2 years experience as a Realtor® in Houston, TX • Strong skills in communication, Team Management, and organization • Licensed Florida Community Association Manager

Parker Smith

Executive Assistant, IT Specialist (850) 269-1369, parker@soldbylaurie.com • Over 2 years of IT knowledge • Expert on both the physical and software side of computers, and able to identify where a problem is • Great at finding and fixing problems when they arise • Comp Tia A+ Certified

“Jim and Laurie were fantastic for us! A great education on the area, great to work with, and found us just what we were looking for - over and beyond our expectations.” John T.

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MEET OUR AFFILIATES Financing Solutions

The Laurie Hollowell Team has partnered with trusted local lenders to help guide buyers through the mortgage process and finding the right financial solution for each individual.

Michael Michas Walton Funding, Loan Officer 9961 E Co Hwy 30A, Ste 7, Rosemary Beach, FL 32461 michael@waltonfunding.com Cell: (229) 894-1889

Bonnie Manthey Inlanta Mortgage, Inc., Loan Officer NMLS #202885 225 Main St, Ste 14, Destin, FL 32541 bonniemanthey@inlanta.com Cell: (850) 585-3860

Brandon Crye HomeFi Corporation Personal NMLS #1929877 4476 Legendary Drive, Ste. 202, Destin, FL 32541 brandon@homefi.us Cell: (850) 403-0596

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REVIEWS & TESTIMONIALS

“We have worked with Laurie and Jim on 2 of our properties and they were very thorough and professional. They did a lot more for us than I ever expected from a Realtor. I really appreciated how they were on top of things and how they kept us informed every step of the way.” Princy Bucher - Purchase a home in Emerald Bay, Miramar Beach “Jim and Laurie were fantastic for us! A great education on the area, great to work with, and found us just what we were looking for. Over and beyond our expectations.” John Tablerion - Purchased a home in Lakeview, Santa Rosa Beach

“Thank you both for assisting us with the sale of our home and taking over from another Realtor. Your attention to detail and creative ideas were essential when we were beginning to get discouraged. With the loss of a dear family member, you stood by and allowed us time to grieve. For this, we are forever grateful. You and your team are one-of-a-kind and certainly exceeded all of our expectations.” Hal and Barbara Gilley - Sold a home in Emerald Bay “Laurie Hollowell is an excellent Realtor. This is the third home she has sold for us. We were well-satisfied with the selling price, the competency of Laurie and her Team, her communication with us, and the follow-up for every question we asked. She is a caring and considerate person. If I were to sell or buy in another place, I’d definitely call her again!” Emilie Warner-Paille and Lynn Paille - Sold a townhome in Inlet Beach “In your dealings, it is a rare find to have individuals with integrity. Not only does Laurie’s team exemplify this, they also are truly caring and genuine people!” Walter Creamer - Purchased a condo in Tropical Isle “At the time I was living in Las Vegas when I called and got in touch with Laurie and Jim. I could not believe that on the first phone call, I actually got Laurie on the phone. Any other Realtor would not answer the phone or call me back - this made it a very easy choice for me to do business with them! But the most important thing is they promised me a “smooth transaction” and it was. No question, they are the most professional and it shows when speaking with them. Thank you Laurie and Jim!” Guillermo Gallindo - Purchased a home in Tuscany “Excellent work Laurie! I cannot thank Laurie and her Team enough for the excellent work they did in selling my property. I had a small lot that was not going to yield much of a commission, but they treated me as if it were a million dollar estate. There was excellent communication throughout the entire process, and we were even able to do some of the paperwork remotely. One other really interesting service was the use of drones - Laurie provided aerial pictures of the property to see another perspective selling point. Thank you again!” Steve Busick - Sold a lot in Santa Rosa Beach

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THE TEAM

The Laurie Hollowell Team is a team of specialists - each focused on a particular role to ensure you have the highest level of care, attention, and results. This, in return, enables our clients to enjoy the high success rate our team members achieve for them.

The Laurie Hollowell Team Business Model

Buyer Specialists Marke ng Manager

Lis ng Specialists

YOU! Client Services

Lis ng Coordinator Contract to Close

It’s amazing! You are hiring an entire team of Specialists without you having to pay any commission the seller of the property you select pays the commission.

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WHAT A TEAM MEANS FOR YOU With So Much To Do, How Much Time Does The Individual Agent Really Have to Focus On You?

Traditional Agent Business Model Is it any wonder why the #1 complaint about real estate agents is a lack of communication?

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OUR BROKERAGE The Laurie Hollowell Team enjoys working under the brokerage of Keller Williams International, the largest real estate firm in the world. Keller Williams Realty Emerald Coast has over 400 Real Estate Agents who consistently display incredible performance in each of the categories measured - total listings, and total contracts written and closed.

Keller Williams is: • The #1 Real Estate Franchise in the world by agent count • A network of over 176,000 Real Estate consultants with 1,000+ market centers worldwide

Keller Williams uses: • Excellent cutting-edge technology, Real Estate training, coaching and education • Syndicated websites to help market your property quickly via the Internet and social media

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A SOUND DECISION

Investing in a property is one of the most important decisions you’ll make. So much more than a roof over your head or an investment property, a home is where life unfolds and memories are made - all while building a financial foundation for the future. Deciding how you’ll navigate your journey to property ownership is equally critical to the agent you work with. As a team who’s been in your spot before, we’re familiar with what’s cycling through your mind, and as a real estate team, we’ve mastered the ins and outs of the buying process. When you work with us, you’ll benefit from our experience, and together we’ll work toward making sound, smart decisions for your future.

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YOUR DREAM HOME OR INVESTMENT

Your Needs Come First Your needs drive how and when we find your next property. From this day forward, everything we do will be motivated by your goals and how you imagine your life taking place in your new home or with your investment. Once we get an understanding of where you see yourself, finding your dream property will move quickly - and with minimal interruption to your daily life.

VISUALIZE YOUR DREAM SCENARIO FOR BUYING YOUR PROPERTY What’s the one thing that has to happen to make that dream scenario a reality? How can we make that happen for you? Why is that important to you?

If we could add just one more thing to make this process even better, what would it be?

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YOUR PREFERENCES Build Your Preference Profile The Basics • Have you considered who my main contact will be? • What timeline would you like to strive for? • Have you looked into getting pre-approved for a mortgage? • Have you thought about the price range you’d be comfortable with? • If we found a property today that checked all of your boxes, could you see yourself making a move sooner rather than later?

THE WHAT, THE WHEN, THE HOW - LET’S TALK ABOUT THE BEST WAY TO GET IN TOUCH What is your preferred way to receive information or updates? c Email c Call c Text

What is the best time of day to reach you? c Morning c Noon c Afternoon c Evening c Anytime

As updates arise, how often do you prefer to be notified? c ASAP c In a few hours c That day c Every few days

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YOUR PREFERENCES Your Property Wish List TO BEGIN Who will be living in this home or it be a shortterm/long-term rental? Let’s list adults, children, and pets that will inhabit the space. What are non-negotiables for your property? If you had to name your top five non-negotiables, what would they be? Beyond your top five needs, what is something you really want?

Do you want a property that is in “move-in condition” or are you willing to do some work on it? When people visit your property, what do you want it to say about you? Are there any specific features that would make your next property feel instantly like a home? Will you require accessibility options?

Do you have a preference for the year the house or condo was built?

SIDES MORENO POINT WEST - DESTIN, FL

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YOUR PREFERENCES Your Property Wish List

EMERALD BAY - DESTIN, FL

EXTERIOR What type of home are you looking for (e.g., single-family, condo, town house, etc.)?

What are you looking for in terms of a garage/ parking [e.g., attached, carport, assigned, etc.]?

Approximately what square footage would adequately cover your living space?

What type of driveway or vehicle entrance/exit will you require?

How many stories do you prefer?

Do you want a swimming pool or a hot tub?

What lot size are you looking for?

What amenities do you want (e.g., community pool, fitness, clubhouse, golf, etc.)

What architectural styles are you drawn to? What type of exterior siding and roof appeals to you? Do you want a patio, porch, deck, or both? Does it need to be screened?

Do you need special outdoor arrangements for pets? [e.g., a dog run, fenced-in yard, etc.] What other exterior features are important to you?

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YOUR PREFERENCES Your Property Wish List

EMERALD BAY, MIRAMAR BEACH, FL

INTERIOR

BEDROOMS

What style do you envision for the interior of your property? (e.g., formal, casual, cozy, traditional, minimalist, modern, etc.)?

How many bedrooms do you need?

What kind of floor plan do you prefer (e.g., open vs. walls or divided living spaces)?

What are your preferences for the master suite?

In general, what are your preferences for the interior?

What are your general preferences for the kitchen?

BATHROOMS How many bathrooms do you need?

How will each of those rooms be used?

KITCHEN

What features must your kitchen have (e.g., breakfast nook, types of appliances, etc.)?

What are your needs for each of the bathrooms? What finishes do you like (e.g., countertops, flooring, cupboards, sink, appliances, etc.)? Will any bathroom need to serve a specific purWill your kitchen need to accommodate anypose (powder room, swimming pool access, fit thing with custom measurements (ice maker, for small children, accessibility specifications)? farmhouse sink?

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YOUR PREFERENCES Your Home Wish List LIVING ROOM/FAMILY ROOM

DINING ROOM

What are your general preferences for the living and family room(s)?

Would you like the dining room to be part of the kitchen configuration?

What size room(s) do you have in mind?

What about the living room – how should it be situated with regard to the dining room?

Do you prefer your living and family room(s) to be separate and intended for different purposes? Do you want a fireplace?

What size dining room table do you have? Is there other dining room furniture we should take into account?

What other living areas are you looking for? (e.g., playroom for children, studio, loft, mud room) What else do you see for living areas?

VILLAS AT SUNSET BEACH - 30A INLET BEACH, FL

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YOUR PREFERENCES Your Neighborhood Preference What neighborhoods, beaches or areas would you enjoy living or investing in?

Where are your favorite places to shop? What other conveniences would you like nearby?

Are there any specific streets or characteristics in these neighborhoods you’re drawn to?

What do you like to do for fun? Are there any recreational facilities that you enjoy?

If applicable, what school districts do you prefer?

Are there any other considerations we should be aware of as we find your ideal neighborhood?

If you work, where do you work?

MAKE OUR WEBSITE YOUR HOMEBASE My hyper-filtered search now extends nationwide, beyond the bounds of traditional MLS. With layers of options never experienced before, my website allows you to search by neighborhood and school district, revealing the details that matter most. Save searches, favorite homes, and collaborate. Get notifications whenever a good fit becomes available, even when on the go.

VISIT SOLDBYLAURIE.COM TO GET STARTED.

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THE NEIGHBORHOOD Getting to Know the Neighborhood & Property Amenities

30A - SEASIDE, FL

YOUR NEIGHBORHOOD IS AN EXTENSION OF YOUR PROPERTY. Neighbors, surroundings, and access to everyday things can and should factor into your decision. Based on what you’ve shared so far, we’ll pull real-time stats and insights to compare a few areas. Once we narrow down the neighborhoods you’re most interested in, we’ll send you information on properties that look like a good fit.

Always remember that you can search, save, and organize your favorites on our web site, soldbylaurie.com.

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THE NEIGHBORHOOD Map Your Move

WHEN IS THE BEST TIME TO BUY? There’s only one right answer: When you find a property that you love. Inventory and economy will wax and wane, but when you find a house or condo you can see yourself owning, the timing is just right. Take a comparative look at neighborhoods with inventory that fits your preferences.

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THE NEIGHBORHOOD Neighborhood Insights

DESTIN

30A Average Listing Price Average Selling Price Average Price/Sq. Ft. Average # Days on Market Total Active Listings Total Pending Listings School Ratings Neighborhood Website

NOTES

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BUYING 101 How Buying a Property Works 1. PARTNER WITH AN AGENT AND THEIR TEAM 3. FIND YOUR NEW HOME • Absorb their local insight • Compare home and neighborhood averages, then narrow down the neighborhoods you • Get to know neighborhood inventory levels want to own in • See what’s about to hit the market • Favorite properties - save them to collections • Gain access to off-market properties • Nix properties that don’t meet the mark • Review market averages • Schedule tours and plan an itinerary with • Complete needs assessment your agent 2. GET PRE-APPROVED FOR A LOAN • Understand what you can afford

• Decide on your dream property

• Determine your monthly mortgage payment

4. MAKE YOUR OFFER AND NEGOTIATE THE TERMS

• Understand your debt ratio

• Review contract terms and time limit for offer

• Prepare for escrow

• Negotiate purchase price

• Obtain a pre-approval letter

• Choose a title company • Shop home insurance options • Prepare for down payment, earnest money • Choose a target closing date • Sign the offer • Deliver escrow check • Stay in close contact with your agent & team

Stay in touch with our Team for current or future recommendation in regard to your new property.

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BUYING 101 How Buying a Property Works 5. UNDER CONTRACT

• Confirm that all contingencies are resolved

• Secure a mortgage if applicable

• Schedule the final property walk-through

• Acquire property insurance and send proof to your lender.

• Designate a safe, dedicated space to save your final paperwork

• Request a list of what conveys with the property

• Stay in close contact with your agent and team, lender, and title company money

• Schedule home inspection and negotiate repairs

7. CLOSING DAY: WHAT TO BRING

• Order an appraisal • Neutralize any contingencies [input any contingencies that may be specific to your area]

• Connect with your lender to wire down payment funds. You’ll need to cover the cost of closing and the down payment. Bring a printed confirmation of your wire transfer

• Conduct a title search

• Government-issued photo ID(s)

• Choose your title company

• Social Security numbers

• Schedule your closing

• Home addresses from the last 10 years

• Solidify both contract effective date and allowable move-in dates

• Proof of homeowner’s insurance

• Certify funds for closing

• Your checkbook

• Stay in close contact with your agent and team, lender, and title company

8. CLOSING DAY

6. BEFORE YOU CLOSE

• Sign closing disclosure, promissory note, and all other documentation

• Transfer funds for closing

• Title transfer

• Reserve a moving company and set a moving date

• Deed delivery

• Change your address through USPS, your bank, and other instances

• Get your keys - congrats, it’s all yours!

• Acquire a property disclosure from the seller

• Your copy of the contract

• Save your paperwork

• Set up your utilities to be activated or transferred

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AT YOUR SERVICE Get Your Mortgage Started Now

Early on in the process, we discussed getting pre-approved for your mortgage. While you’ve already been pre-approved...now you need to actually be approved. This can take some time. You should really get all your financial information and required paperwork done with your mortgage company as soon as you’re under contract. It may seem like there’s plenty of time between now and closing day, but those days and weeks fly by. Also, it’s not uncommon for lenders to request more documentation from you once they see what you initially sent in. This can cause delays and a lot of stress. As a general rule, the better you are about sending over everything in a timely manner, the better off you’ll be. So, if you haven’t already chosen a lender, do so immediately. Get the ball rolling. Now is not the time to shop or re-shop lenders, programs, and rates. But if you’re going to, you need to get that done now, and then submit your loan application and documentation within the first few days of being under contract. For the areas best local lenders, refer to page 5 in this Guide titled Meet Our Affiliates.

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AT YOUR SERVICE Financing Your Future Property Home Loans at a Glance • Make certain you are pre-approved for your loan • Apply for a mortgage • Get your home appraised • Your loan goes through underwriting • You’re cleared to close!

DO: • Notify your lender of any address change, whether it’s your home address or another listed on your application • Notify your lender of any salary or wage changes • Be prepared to provide proof of significant bank deposits • Acquire homeowner’s insurance immediately after going under contract

HAVE-ON-HAND c A month’s worth of your most recent pay stubs c Copies of your last two years’ federal tax returns and W-2s c The names and addresses of your employers over the last two years, compiled into one list c Last three months of bank statements c A copy of your real estate agreement c The names and addresses of your landlords over the past two years c Divorce/separation decree c Child support papers c Bankruptcy, discharge of bankruptcy papers

• Keep all forms of debt paid and in check DO NOT: • Make large purchases using existing credit without first talking to your lender • Apply for or acquire any additional lines of credit • Pay off, transfer, or close credit balances unless your lender instructs you to do so • Change jobs without first talking to your lender • Co-sign for another person seeking to obtain a line of credit or to make a purchase • Pay off collections before conferring with your lender

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MY PROMISE Real Value

21 YEARS IN BUSINESS

REAL EXPERIENCE When you to work with us, you’re partnering with a trained team that has the backing of the world’s largest real estate company, consisting of 180,000+ associates around the globe. That puts your search in the hands of the largest, most resourceful real estate network.

OVER 800 TOTAL CLIENTS SERVED 47 CLOSINGS to date in 2021

And, by choosing to partner with us, you gain access to a suite of technology that keeps you informed and engaged with what’s happening in the neighborhoods you’re eyeing. The Laurie Hollowell Team was built on a simple-yet-revolutionary principle: people are what matter most. To help cement this understanding, we’ve formalized a belief system that guides how we treat each other and how we do business.

16 REPEAT CLIENTS (34%) to date in 2021

WIN-WIN - or no deal

CREATIVITY - ideas before results

INTEGRITY - do the right thing CUSTOMERS - always come first

TEAMWORK - together everyone achieves more

COMMITMENT - in all things

TRUST - starts with honesty

COMMUNICATION - seek first to understand

EQUITY - opportunities for all SUCCESS - results through people

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MY PROMISE My Competitive Advantage

INDUSTRY INSIDERS

Facilitators, negotiators, teachers, cheerleaders, confidants - a good team wears many hats. In our years with Keller Williams, honing these skills has helped us develop relationships of value. With an inside look at pre-market properties, you’ll have exclusive access to opportunities before they become public knowledge. If they match your preferences, we’ll contact you ASAP.

LOCAL EXPERTS

We’ve become something of an area expert. Aside from knowing this market inside and out, being involved in the community has shown us what makes it unique. The personalities and the places, the new and the established, the good and that-which-has-seen-better-days - all feed our local knowledge and will help you when decision time comes.

TECH-ENABLED

Based on customer and agent feedback gathered from all over the world, we developed a suite of leading edge, customer-centric tools that work in your favor, complementing your experience for faster, best-in-class results. With a massive amount of data at our fingertips, We’re able to foresee even the smallest microtrend coming down the pike, giving you the full story before you proceed.

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MY PROMISE Your Trusted Partners

From the day you partner with us, and even past the day you step foot in your new property, consider us your dedicated real estate advisers. Whatever you need, we have the resources and expertise to guide your decisions. Throughout your transaction, you can come to us for both the little things and the important steps, like comprehensive home insurance and competitive financing – we have the inside edge on both. After your purchase, ask us to recommend fully-vetted service specialists or about how you can care for your investment. Further down the road, should you ever want to sell, we’ll be your trusted point persons. You’ll always have our number, and we’ll always be ready to spring into action; just say the word!

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MY PROMISE A Promise To You • To consistently and clearly communicate with you in the manner and frequency that you prefer. • To treat you and your family with straightforwardness, integrity, and respect at all times. • To answer your questions, ease your concerns, reduce your stress, and expertly handle the entire real estate transaction. • To hold ourselves accountable to finding the perfect property for you – after all, that is what our business is built on. • To serve the community as leaders in the real estate industry and as friends and neighbors. • To always do the right thing, even if it isn’t what is easiest. • To take care of your needs at the highest level through unparalleled professionalism and attention to detail. No request is too small or big. • To serve as a trusted local experts and advisers by your side.

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MY PROMISE

A Promise To The Community WE LIVE HERE, WE GIVE HERE

RED DAY RED Day, which stands for Renew, Energize and Donate, is our annual day of service. Each year on the second Thursday of May, we celebrate RED Day as a part of our legacy worth leaving. Making a difference in the lives of others and bettering the communities that we serve lies at the heart of the Keller Williams culture.

ENRICHING OUR COMMUNITY Habitat for Humanity in Northwest Florida embodies a value close to my heart: HOME. It’s where the heart is and the more people who have a home, the more our community can thrive. Each year, we join forces with other like-minded folks and contribute what we can to ensure a strong future for the residents of our town.

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MY PROMISE The Bottom Line

SANTA ROSA BEACH, FL

REAL ESTATE IS COMPLICATED. THAT’S WHERE WE COME IN. At the closing table, our goal is for you to feel that the purchase of your property exceeded all of your expectations, so throughout our interactions – from search to close – we’ll work hard to achieve that goal. When you choose us as your partners, you are not just getting trusted, respected agents – you are getting local experts who are passionate about serving our community and those who call it home. Let’s get started!

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GLOSSARY Commonly Used Terms 1031 EXCHANGES

CLOSING COSTS

Under Section 1031 of the United States Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property, a process known as a 1031 exchange.

Generally 2 to 5 percent of the purchase price include lender fees, recording fees, transfer taxes, thirdparty fees such as title insurance, and prepaids and escrows such as homeowner’s insurance, property taxes, and HOA fees.

ANNUAL HOUSEHOLD INCOME

DEED

Collective income from everyone in your household before taxes or other deductions are taken, investment income or dividends, Social Security benefits, alimony, and retirement fund withdrawals.

The legal document conveying title to a property.

APR APR refers to the annual percentage rate, which is the interest rate you’ll pay expressed as a yearly rate averaged over the full term of the loan. APR includes lender fees in the rate, so it’s usually higher than your mortgage interest rate. APPRAISAL A written justification of the price paid for a property, primarily based on an analysis of comparable sales of similar homes nearby. APPRAISED VALUE An opinion of a property’s fair market value, based on an appraiser’s knowledge, experience, and analysis of the property. Since an appraisal is based primarily on comparable sales, and the most recent sale is the one on the property in question, the appraisal usually comes out at the purchase price. CLOSING DISCLOSURE A document that provides an itemized listing of the funds that were paid or disbursed at closing.

DOWN PAYMENT A cash payment of a percentage of the sales price of the home that buyers pay at closing. Different lenders and loan programs require various down payment amounts such as 3 percent, 5 percent, or 20 percent of the purchase price. EARNEST MONEY DEPOSIT Also known as an escrow deposit, earnest money is a dollar amount buyers put into an escrow account after a seller accepts their offer. Buyers do this to show the seller that they’re entering a real estate transaction in good faith. ENCUMBRANCE Anything that affects or limits the fee simple title to a property, such as mortgages, leases, easements, or restrictions. EQUITY A homeowner’s financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on its mortgage and other liens.

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GLOSSARY ESCROW

MONTHLY DEBT

Putting something of value, like a deed or money, in the custody of a neutral third party until certain conditions are met.

The minimum payment on credit card debt; auto, student, and personal loan payments; and alimony or child support. Rent or mortgage for a property that you will pay after your home purchase must also be included.

HOMEOWNERS ASSOCIATION FEE (HOA) A fee required when you buy a home located within a community with an HOA that typically pays for maintenance and improvements of common areas and may include the use of amenities. HOMEOWNER’S INSURANCE Insurance that provides you with property and liability protection for your property and family from damages from a natural disaster or accident. Lenders usually require borrowers to buy homeowner’s insurance. HOME WARRANTY A contract between a homeowner and a home warranty company that provides for discounted repair and replacement service on a home’s major components, such as the furnace, air conditioning, plumbing, and electrical systems. LENDER FEES Part of the closing costs of a home purchase and may include an application fee, attorney fees, and recording fees. The lender’s underwriting or origination fee is usually 1 percent of the loan amount. LOAN TYPES Mortgages have different terms ranging from 10 to 30 years and are available with fixed or adjustable interest rates. Your lender can discuss down payment, insurance, credit requirements, and other specifics of various loan types.

MORTGAGE A loan from a bank, credit union, or other financial institution that relies on real estate for collateral. The bank provides money to buy the property, and the borrower agrees to monthly payments until the loan is fully repaid. MORTGAGE INSURANCE Insurance that protects the lender and repays part of the loan if the borrower defaults and the loan can’t be fully repaid by a foreclosure sale. Usually required on loans with less than a 20 percent down payment. PROPERTY TAXES Typically imposed by local governments on real property including residential real estate. The tax rate can change annually, and the assessed value of your property is usually recalculated annually. PREPAIDS Prepaids are expenses paid at the closing for bills that are not technically due yet, such as property taxes, homeowner’s insurance, mortgage insurance, and HOA fees. THIRD-PARTY FEES Any closing costs charged by someone other than your lender, typically including fees for an appraisal, a property survey, a title search, owner’s and lender’s title insurance, and sometimes an attorney.

EXPECT SUCCESS! soldbylaurie.com • 850-217-1369


WORKSHEET & NOTES Target Purchase Date: ____________________________

Purchase Price: ___________________________________ Preferred Property Type: ______________________________________________________________ Is Purchase a Your Dream Home or Investment? __________________________________________ Preferred Communities: _______________________________________________________________ ____________________________________________________________________________________ Cash or Finance - if cash, provide proof of funds; if finance, provide details: ___________________ ____________________________________________________________________________________

To Do List:

o o o o o o

Lender Pre-approval Proof of funds Review and execute Seller’s Disclosure Review of HOA/COA Documents, contact Information and website, execute Receipt Sign any additional forms as indicated by agent Read This Booklet & Buying 101

Wish List: ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________ ________________________________________________________________________

EXPECT SUCCESS! soldbylaurie.com • 850-217-1369



Call today to schedule a FREE Marketing Consultation! The Laurie Hollowell Team (850) 269-1369 laurie@soldbylaurie.com SoldbyLaurie.com

Keller Williams Inc. If you have a brokerage relationship with another agency, this is not intended as a solicitation. All information deemed reliable but not guaranteed. Equal Opportunity Housing Provider. Each office is independently owned and operated. November 2021


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