Expert Homebuying FAQ: (About.com)

Escrow and Closing:

Fireplaces - Design, Safety, Maintenance

Home Inspections:

Flood - Fire

Investment

Easements and Right of Way

 

Escrow and Closing:

Understand the Settlement Statement (HUD-1)

The HUD-1 is a form used by the settlement agent to itemize all charges for a real estate transaction. It gives each party a complete list of their incoming and outgoing funds. Get ready to close by first learning how to read the HUD-1.

Sample HUD-1 Settlement Statement

Closing Costs When Buying or Selling a Home (Here's a list of costs you may have to pay at closing. Each term is defined)

Closing Costs Estimator (To help estimate closing costs)

PMI - Private Mortgage Insurance - PMI Most lenders require Private Mortgage Insurance (PMI) if you have less than 20% equity in the property. Learn more about PMI, including when and how you can cancel it.

PMI - You CAN Buy a Home Now -If you feel there's no chance of saving enough for a downpayment on a home, don't give up. PMI is an option that may help you buy more quickly than you might have imagined.

PMI- (FAQs About PMI This page does a great job of explaining the many aspects of PMI.)

Title Insurance

Title Insurance Title insurance protects you against many types of claims that against the title to your real estate. Learn more about title insurance and why you shouldn't be without it.

Title- Basics of Title Insurance - Insure.com defines title insurance, and gives you some tips that might help save you money on your title search and policy.

Title - Exceptions to Coverage in Your Title Insurance - Title insurance policies normally have exceptions--title problems that will not be covered. Find out which events are commonly excluded in this article by Sandy Gadow for Realty Times.

Title - Seventy-Something Ways to Lose Your Property - Just what the title says: 70+ scenarios where title insurance protects against potential title defects

Title - Why You Need Title Insurance - American Land Title Association explains why you should have title insurance, and talks about the differences between owner's title insurance and lender's title insurance.

State-By-State Guide to Escrow Closings

How closings are handled within each state in the US, and what types of documents are conveyed.

The Closing Process

This link takes you to a step-by-step look at what happens between contract and closing. When you're finished, use the pull-down menu to jump to specific information about the HUD form that's used to record all funds paid or owed.

 

Fireplaces - Design, Safety, Maintenance

Fireplace Safety

Learn more about important safety issues you must remember when using woodburning and gas fireplaces.

Fireplace Safety - Met Life offers advice about fireplace safety, including a list of things you should never burn in the hearth. Scroll down the page for lots of general fire safety tips.

Wood Burning Guidelines - This article on HearthNet explains what creosote is, the dangers it creates if left in your chimney, and how to help avoid it in the first place.

Gas Log Fireplaces and Freestanding Gas Stoves

Resources to help you understand the differences between vented and vent-free gas logs and freestanding gas stoves. Everything you need to decide which gas fireplace option is best for your home.

Freestanding Gas Stoves (Learn more about freestanding gas fireplaces and the companies who manufacture them.)

Gas Fireplaces and Stoves Gas fireplaces are an ideal choice for anyone who wants to enjoy the warmth of a fire without the chores of hauling wood and cleaning ashes. Here's a bit of information to help you understand the differences between vented and unvented gas appliances.

Osburn Gas and Wood Stoves Choose from a variety of freestanding gas (and wood) stoves, plus fireplace inserts.

Regency This manufacturer offers vented and unvented freestanding gas stoves.

Gas Log Fireplaces - Find out more about vented and vent-free gas log systems. These links will help you learn the differences between the two, and decide which is best for your home.

Gas Fireplaces and Stoves Gas fireplaces are an ideal choice for anyone who wants to enjoy the warmth of a fire without the chores of hauling wood and cleaning ashes. Here's a bit of information to help you understand the differences between vented and unvented gas appliances.

FAQs From Firelogs.com A resource containing questions and answers about vented and unvented gas logs, freestanding stoves, woodburning fireplaces, and chimneys.

Gas Log Installations Find out just about everything you need to know about gas logs, including the differences between vented and unvented gas appliances. Determine which is best for your situation, and see what's required for its installation.

Gas Logs for Fireplaces The National Chimney Sweep Guild explains the different types of components used to make gas logs, and the different types of flames (yellow, blue) produced in vented gas appliances. Vent-free gas logs are also discussed.

Heat-N-Glo Heat-N-Glo manufactures a wide range of products, including gas and electric logs and stoves.

Pacific Energy These gas logs look very much like the real thing.

 

Woodburning Fireplaces and Stoves

Find resources to help you select and care for all types of woodburning fireplaces and stoves. Includes fireplace safety issues.

Freestanding Wood Stoves (Here's a set of resources to help you select, install, and care for a freestanding wood stove. )

Woodburning Fireplace Maintenance It's best to hire a professional chimney sweep to clean the chimney at your new home, and perform a thorough inspection to make sure it's safe. But there are a few things you can look at to help determine if cleaning or repairs are required.

How To Burn Wood Right Hearth.net's advice on selecting a wood stove, and burning wood.

Regency Take a look at the different types of freestanding wood stove designs offered by this manufacturer.

Woodburning Fireplaces (Visit this page to learn more about woodburning fireplaces, from installation to safety to design. )

Woodburning Fireplace Maintenance It's best to hire a professional chimney sweep to clean the chimney at your new home, and perform a thorough inspection to make sure it's safe. But there are a few things you can look at to help determine if cleaning or repairs are required.

Converting a Gas Log Fireplace HGTV explains how you can convert a gas log fireplace back to a woodburning fireplace, leaving the gas line there to act as an igniter.

Firing Up Your Fireplace Realty Times lists some important basics to help you make sure your fireplace is in good working order.

Tips for Starting a Wood Fire This step-by-step article from HearthNet tells you how to start the perfect fire in your wood burning fireplace.

 

Flood - Fire

Floods & Flooding Resources

to help you before and after a flood. Details about flood insurance, information to help you detect and prevent mildew and mold (including stachybotrys atra) when waters recede.

Flood Insurance Tutorial - There's a lot of misinformation floating around about flood insurance, about who can and cannot buy it, about its cost, and about how to apply for it. This tutorial walks you through the basics of the US Federal flood insurance program.

Flood Cleanup - Avoiding Indoor Air Quality Problems - This EPA fact sheet will take you step-by-step through issues you must consider when cleaning up your home after a flood.

Making Your Flood Insurance Claim - Important steps you must take to claim your flood insurance benefits. Protect your home from further damage or theft and make a claim to your insurance company.

National Flood Insurance Program (NFIP) (FEMA tells you all about acquiring flood insurance. )

Forest Fires - Wildfires Learn what steps you can take to help protect your home from an approaching forest fire or wildfire.

Current National Fire Maps and Conditions - Forestry Guide Steve Nix offers this resource with details of current fires, potential hotspots, weather conditons, and more categories related to forest fires.

Landscaping and Tactics for Fire Prevention - This feature helps you create a defensible space around your home, a 30-100 foot area that will slow down a fire and give firefighters a place to work. Learn how to accomplish this while retaining the landscaping that makes your property attractive.

Making Your Home Firewise Best of the Net - This multi-page presentation helps homeowners learn techniques for constructing or modifying homes in wildland/urban interface areas. Packed with tips to help you protect your home.

 

Home Inspections:

Do You Really Need a Home Inspection? Home inspections are an extra expense and usually optional, so do you really need one?

Environmental Hazards

Learn more about inspections and disclosures related to environmental hazards such as radon, buried oil tanks, lead based paint, and asbestos.

Asbestos - It's not uncommon to find materials containing asbestos in building elements of homes. Learn to inspect and care for asbestos siding and other building materials that may contain asbestos.

Asbestos Exposure: Questions and Answers An interesting article that describes what asbestos is, how it has been used in products around us and when to become worried about its presence. National Cancer Institute.

Asbestos Fact Sheet EPA's fact sheet provides an overview of asbestos, and recommends encapsulation rather than removal of most asbestos materials.

Asbestos - Indoor Air Quality Information from the EPA includes details on how to inspect for damaged asbestos, and what to do if you find problems.

Asbestos in Vermiculite Insulation Find out what kind of insulation is in your home and decide what to do if you have vermiculite insulation. From the EPA.

Asbestos in Your Home This EPA document helps you understand asbestos: what it is, its health effects, where it is in your home, and what to do about it.

Lead Based Paint - The federal government requires sellers and landlords to provide information to buyers and tenants regarding their knowledge of lead paint on the premises of residences built prior to 1978. Follow the links on this page to learn more about lead paint issues.

Lead Paint Facts and Disclosures Because lead paint creates a potential health risk, Federal regulations require that home sellers provide lead-based paint disclosures to home buyers who offer to purchase a home built before 1978.

Is Lead a Problem In My Home? An excellent fact sheet that answers questions about the possibility of lead in your home. Where to find it and what to do about it.

Know Where Lead Might Be Hiding A graphic look at places where lead might be present in your home.

Lead Based Paint Disclosure Checklist Altimus has compiled a lead-paint disclosure checklist. This link downloads a PDF file.

Mandatory Lead Based Paint Disclosure The booklet Protect Your Family from Lead in Your Home, must be given to anyone buying or renting a home built prior to 1978.

Underground Storage Tanks - Leaking underground storage tanks are an environmental hazard. Learn the normal life span of these tanks, and find out what you must do when they fail.

Insects and Other Pests

These resources will help you learn more about insects and other pests that can create problems in your home. Know what to look for when you are buying or selling a home, and how to maintain control.

Ants & Bees (Do you have problems with ants or bees? These links will help you control them.)

Wood Destroying Beetles - Powder post beetles, old house borers--what's the difference? Follow these links to find out, and to learn more about beetles that can chew their way through your home.

 

Investment

Investment Strategies

This collection of resources will help you learn negotiation skills and follows up with advice that helps you make good business decisions about your investment properties.

Buying Investment Property (A Realty Times article that outlines a few ways to finance your investment acquisitions.)

Real Estate Investment Strategies (John T. Read's text is helpful for the beginning real estate investor.)

When Should You Sell Investment Property? - Not just about selling, this Realty Times article also contains advice about choosing the right investment.

Marketing a Vacation Rental

Landlords, here's a collection of tips to help you successfully market your vacation rental property. Learn how to keep the reservations coming in.

Hideaways.com - A good place to advertise your rental or find one for this year's vacation. I particularly like their speials board and the "villafinder."

Time-Share Town - This site has extensive listing and allows you to register and post your rental at no cost. They also offer a rental kit which makes your transactions easier.

Topaz Net - Reach your market through your own rental website.

Traveling USA - A large travel site with a large section listing rentals all over the USA. To list your home or time-share just fill out their submission form.

Vacation Rentals By Owner - . The do-it-yourself network for the vacation home owner. You'll find a quick and easy way to get your property on the web.

Taxes - Real Estate Sales/Purchases

Will you owe capital gains or other taxes when you sell your home? How about a vacation home? Is it possible to avoid taxes when selling investment properties? The resources on this page contain answers to many of your tax-related questions.

Buying a Home - What's Deductible A list of items that home buyers can deduct at tax time.

Capital Gains - Information to help you understand the real estate tax laws associated with capital gains and losses.

Divorce and Home Sale Gains Do you owe capital gains taxes if your ex-spouse buys-out your share in your home? What taxes do you owe if you sell the home later? Find out how divorce affects real-estate-related capital gains taxes.

Home Sale Tax Estimator This calculator from Smartmoney.com will help you determine if you owe capital gains taxes on the sale of your home.

Selling Your Home Guide Shellie Moore lists a few simple tests to help you determine if you have to pay capital gains tax on the sale of your home.

Taxes - Home Sale Exclusions Quicken.com provides easy-to-understand information about capital gains related to the sale of your home.

Taxes on Vacation Homes This article describes the different tax-related scenarios owners encounter when renting their vacation homes, and how the sale of a vacation home relates to capital gains taxes.

Owning Real Estate - What's Tax Deductible? Learn what costs the IRS will allow you to deduct during the time you own real estate.

1031 Exchange - Tax Deferred Exchanges - A 1031 exchange allows sellers to defer 100% of the Federal and State capital gains taxes associated with the sale of property held for investment purposes. Find out if your sale qualifies for a tax deferred exchange.

1031 Tax Deferred Exchanges, the FAQ Facts to help you understand how a 1031 exchange works. An exchange must be set up carefully to comply with IRS guidelines, so take a look.

Qualified Intermediaries - Facilitators Find a facilitator to handle your 1031 exchange. This person is also called a qualified intermediary, and is a must in order to comply with IRS guidelines. You may have local companies that can handle an exchange. If not, try these resources.

Easements and Right of Way

Easements - An easement is the right to use another person's land for a stated purpose. An easement can benefit a property, an individual, or a business entity.

What Is a Right-of-Way? (This definition of right-of-way is supplied by FreeAdvice.com.)