Listed below are answers to commonly asked questions by Buyers and Sellers. If you do not find the answer to a Real Estate question you have, please feel free to contact me.

Q. What is a seller obligated to disclose?

A. The seller and the sellers' broker, if there is one, are required to disclose all facts materially affecting the value or desirability of the property which are known or accessible only to him and which are not known to, or within reach of the diligent attention and observation of the buyer. In the case of residential properties, the seller should provide the buyer with a Real Estate Transfer Disclosure Statement, which specifies the existence and condition of all known physical attributes of the property. Sellers are responsible for disclosing only information within their personal knowledge.

Q. Should I use a real estate professional?

A. Yes! In today's complicated real estate market, a real estate professional is even more important than ever. It would take you months, and even years, to gain the knowledge offered by a true real estate professional. From knowledge of the market, to understanding the financing maze, to protecting your interests while hammering out the details of a real estate purchase contract, your professional real estate agent can save you time, money, worry and aggravation.

Q. What is the MLS?

A. MLS stands for "Multiple Listing Service." Any real estate agent that is a member of the MLS may assist a purchaser in all aspects of the sale of any property that is listed in the MLS. In other words, a property that is listed with Company A may be sold by one of the agents from Company B. A person wanting to buy the property listed with Company A does not have to go through Company A to make an offer on that property.

Q. How does the MLS benefit sellers?

A. By listing their property with a member-company of the MLS, a seller is gaining a broader exposure of his/her property to the market. Each agent that is a member of the MLS is notified of the availability of that property for sale. In effect, the seller has each member of the MLS working for him or her. The seller is also taking advantage of the expertise of the professional real estate sales associate. The seller no longer has to worry about missing telephone calls about the property, or learning about different financing options, or being home to show their property to prospective buyers.

Q. What are closing costs and who pays them?

A. Who pays what closing costs is negotiable between buyer and seller, but: Normally the seller of the property pays for the preparation of deed, any recording charge based on value of property, and all costs necessary to deliver a marketable title, including recording of satisfactions and property taxes to the day of closing. Normallh the buyer pays for the cost of the Buyer's credit report, property insurance, appraisal, survey, cost of obtaining a loan, title examination, escrow deposits and prepaid expenses as well as interim interest and mortgage insurance premium or VA funding fee. Talk to your agent who will be able to explain these costs to you.