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1. BUYING A HOME
IN COLUMBIA, MARYLAND
GET IN THE RIGHT FRAME OF MIND
Buying a home in Columbia, Maryland
usually represents the largest single investment for an American
family. Home ownership is also the single most valuable asset
of the American family. In real estate parlance, family can
be one or more persons. It is important that home owners understand
how to make the investment wisely and protect their asset.
Howard County real estate is
expensive based on the local average and it is important that
home buyers have help every step of the way from home search
to settlement.
Buying a home is a very complicated transaction. Home buyers
need to make careful and wise decisions. However, buying a
home is not the same as simply buying real estate. A home
often represents a very emotional purchase. Many families
are buying a home in Howard County
so that their children can attend Howard
County public schools. There is generally more involved
in the purchase of a home, such as proximity to public schools,
commuting to the job location(s), convenience to shopping
needs and sports or hobby activities. The transfer of title
to real property is also a legal procedure and that will usually
mean that homeowners will need the help and advise of a REALTOR
® or attorney, depending on the particular laws of the
state in which the home is purchased. Whether using the services
of a REALTOR ® or real estate attorney, home buyers should
always make sure that they understand the contract, the loan
documents and the settlement procedures. Howard
County Home buyers should not hesitate to ask questions
of their REALTOR ®.
WORKING WITH AN AGENT OR BROKER
Things a buyer's agent can do to help make your home search
easier and more productive:
* Help you know the price range for which you'll qualify to
buy.
* Help you locate homes in the price range and geographical
location of choice.
* Help you preview homes with an eye for condition and value.
* Help you by preparing the contract to make an offer to purchase.
* Help you negotiate the contract with the terms and conditions
most favorable to you.
* Help you obtain loan information and make loan application
for terms most favorable to you.
* Help you understand the home inspection process and how
it relates to the contract.
* Help you by arranging the termite and other inspections
by contract.
* Help you by getting the most favorable repair terms and
conditions pursuant to the home inspection.
* Help you inspect the home prior to settlement to make sure
the condition hasn't changed.
* Help you to arrange the settlement meeting where title is
transferred to you.
WHAT ELSE WILL MY AGENT DO FOR
ME?
* Present your contract and negotiate the details until it
is accepted by all parties.
* Accompany you to loan application if needed and desired.
* Accompany you to the home inspections
* Accompany you to the settlement and make sure you understand
the Settlement Statement.
* If you are working with a Buyer's
Agent in Howard County, you'll get the benefit of EVALUATION,
NEGOTIATION AND PREPARATION OF THE CONTRACT, that cannot be
done except by a Buyer's Agent in Maryland.
WHAT IS THE EARNEST MONEY DEPOSIT?
As a part of the contract, you'll make a "Good Faith
Deposit" of money which is held until settlement at which
time it is credited to your closing costs.
SETTLEMENT PROCEDURES
The buyer and seller will usually attend settlement with their
respective agents. We will be there with you, our buyer. The
title company will go over the buyers' and sellers' closing
information and accept your payment in exchange for the keys
to your newly purchased home.
You just purchased a home in Howard
County, Maryland.
RETURN TO TOP
2. WHY A REALTOR
®?
What's the difference between a
REALTOR ® and other real estate agents?
All agents with the Homefinders.com Exclusive Buyers's Agency
brokerage are
REALTORS ®. When you work with a Homefinders.com to help
you find a home in COLUMBIA MARYLAND,
you can rely on service that meets the highest ethical standards.
* * * * *
Code of Ethics and Standards
of Practice of the
NATIONAL ASSOCIATION OF REALTORS®
Effective January 1, 2004
Duties to Clients and Customers
Where the word REALTORS® is used in this Code and Preamble,
it shall be deemed to include REALTOR-ASSOCIATE®s.
While the Code of Ethics establishes obligations that may
be higher than those mandated by law, in any instance where
the Code of Ethics and the law conflict, the obligations of
the law must take precedence.
Preamble
Under all is the land. Upon its wise utilization and widely
allocated ownership depend the survival and growth of free
institutions and of our civilization. REALTORS® should
recognize that the interests of the nation and its citizens
require the highest and best use of the land and the widest
distribution of land ownership. They require the creation
of adequate housing, the building of functioning cities, the
development of productive industries and farms, and the preservation
of a healthful environment.
Such interests impose obligations beyond those of ordinary
commerce. They impose grave social responsibility and a patriotic
duty to which REALTORS® should dedicate themselves, and
for which they should be diligent in preparing themselves.
REALTORS®, therefore, are zealous to maintain and improve
the standards of their calling and share with their fellow
REALTORS® a common responsibility for its integrity and
honor.
In recognition and appreciation of their obligations to clients,
customers, the public, and each other, REALTORS® continuously
strive to become and remain informed on issues affecting real
estate and, as knowledgeable professionals, they willingly
share the fruit of their experience and study with others.
They identify and take steps, through enforcement of this
Code of Ethics and by assisting appropriate regulatory bodies,
to eliminate practices which may damage the public or which
might discredit or bring dishonor to the real estate profession.
REALTORS® having direct personal knowledge of conduct
that may violate the Code of Ethics involving misappropriation
of client or customer funds or property, willful discrimination,
or fraud resulting in substantial economic harm, bring such
matters to the attention of the appropriate Board or Association
of REALTORS®. (Amended 1/00)
Realizing that cooperation with other real estate professionals
promotes the best interests of those who utilize their services,
REALTORS® urge exclusive representation of clients; do
not attempt to gain any unfair advantage over their competitors;
and they refrain from making unsolicited comments about other
practitioners. In instances where their opinion is sought,
or where REALTORS® believe that comment is necessary,
their opinion is offered in an objective, professional manner,
uninfluenced by any personal motivation or potential advantage
or gain.
The term REALTOR® has come to connote competency, fairness,
and high integrity resulting from adherence to a lofty ideal
of moral conduct in business relations. No inducement of profit
and no instruction from clients ever can justify departure
from this ideal.
In the interpretation of this obligation, REALTORS® can
take no safer guide than that which has been handed down through
the centuries, embodied in the Golden Rule, "Whatsoever
ye would that others should do to you, do ye even so to them."
Accepting this standard as their own, REALTORS® pledge
to observe its spirit in all of their activities and to conduct
their business in accordance with the tenets set forth below.
Duties to Clients and Customers
Article 1
When representing a buyer, seller, landlord, tenant, or other
client as an agent, REALTORS® pledge themselves to protect
and promote the interests of their client. This obligation
to the client is primary, but it does not relieve REALTORS®
of their obligation to treat all parties honestly. When serving
a buyer, seller, landlord, tenant or other party in a non-agency
capacity, REALTORS® remain obligated to treat all parties
honestly. (Amended 1/01)
Standard of Practice 1-1
REALTORS®, when acting as principals in a real estate
transaction, remain obligated by the duties imposed by the
Code of Ethics. (Amended 1/93)
Standard of Practice 1-2
The duties the Code of Ethics imposes are applicable whether
REALTORS® are acting as agents or in legally recognized
non-agency capacities except that any duty imposed exclusively
on agents by law or regulation shall not be imposed by this
Code of Ethics on REALTORS® acting in non-agency capacities.
As used in this Code of Ethics, "client" means the
person(s) or entity(ies) with whom a REALTOR® or a REALTOR®'s
firm has an agency or legally recognized non-agency relationship;
"customer" means a party to a real estate transaction
who receives information, services, or benefits but has no
contractual relationship with the REALTOR® or the REALTOR®'s
firm; "prospect" means a purchaser, seller, tenant,
or landlord who is not subject to a representation relationship
with the REALTOR® or REALTOR®'s firm; "agent"
means a real estate licensee (including brokers and sales
ASSOCIATEs) acting in an agency relationship as defined by
state law or regulation; and "broker" means a real
estate licensee (including brokers and sales Associates) acting
as an agent or in a legally recognized non-agency capacity.
(Adopted 1/95, Amended 1/04)
Standard of Practice 1-3
REALTORS®, in attempting to secure a listing, shall not
deliberately mislead the owner as to market value.
Standard of Practice 1-4
REALTORS®, when seeking to become a buyer/tenant representative,
shall not mislead buyers or tenants as to savings or other
benefits that might be realized through use of the REALTOR®'s
services. (Amended 1/93)
Standard of Practice 1-5
REALTORS® may represent the seller/landlord and buyer/tenant
in the same transaction only after full disclosure to and
with informed consent of both parties. (Adopted 1/93)
Standard of Practice 1-6
REALTORS® shall submit offers and counter-offers objectively
and as quickly as possible. (Adopted 1/93, Amended 1/95)
Standard of Practice 1-7
When acting as listing brokers, REALTORS® shall continue
to submit to the seller/landlord all offers and counter-offers
until closing or execution of a lease unless the seller/landlord
has waived this obligation in writing. REALTORS® shall
not be obligated to continue to market the property after
an offer has been accepted by the seller/landlord. REALTORS®
shall recommend that sellers/landlords obtain the advice of
legal counsel prior to acceptance of a subsequent offer except
where the acceptance is contingent on the termination of the
pre-existing purchase contract or lease. (Amended 1/93)
Standard of Practice 1-8
REALTORS®, acting as agents or brokers of buyers/tenants,
shall submit to buyers/tenants all offers and counter-offers
until acceptance but have no obligation to continue to show
properties to their clients after an offer has been accepted
unless otherwise agreed in writing. REALTORS®, acting
as agents or brokers of buyers/tenants, shall recommend that
buyers/tenants obtain the advice of legal counsel if there
is a question as to whether a pre-existing contract has been
terminated. (Adopted 1/93, Amended 1/99)
Standard of Practice 1-9
The obligation of REALTORS® to preserve confidential information
(as defined by state law) provided by their clients in the
course of any agency relationship or non-agency relationship
recognized by law continues after termination of agency relationships
or any non-agency relationships recognized by law. REALTORS®
shall not knowingly, during or following the termination of
professional relationships with their clients:
reveal confidential information of clients; or use confidential
information of clients to the disadvantage of clients; or
use confidential information of clients for the REALTOR®'s
advantage or the advantage of third parties unless: clients
consent after full disclosure; or REALTORS® are required
by court order; or it is the intention of a client to commit
a crime and the information is necessary to prevent the crime;
or it is necessary to defend a REALTOR® or the REALTOR®'s
employees or ASSOCIATEs against an accusation of wrongful
conduct. Information concerning latent material defects is
not considered confidential information under this Code of
Ethics. (Adopted 1/93, Amended 1/01)
Standard of Practice 1-10
REALTORS® shall, consistent with the terms and conditions
of their real estate licensure and their property management
agreement, competently manage the property of clients with
due regard for the rights, safety and health of tenants and
others lawfully on the premises. (Adopted 1/95, Amended 1/00)
Standard of Practice 1-11
REALTORS® who are employed to maintain or manage a client's
property shall exercise due diligence and make reasonable
efforts to protect it against reasonably foreseeable contingencies
and losses. (Adopted 1/95)
Standard of Practice 1-12
When entering into listing contracts, REALTORS® must advise
sellers/landlords of:
the REALTOR®'s company policies regarding cooperation
and the amount(s) of any compensation that will be offered
to subagents, buyer/tenant agents, and/or brokers acting in
legally recognized non-agency capacities; the fact that buyer/tenant
agents or brokers, even if compensated by listing brokers,
or by sellers/landlords may represent the interests of buyers/tenants;
and any potential for listing brokers to act as disclosed
dual agents, e.g. buyer/tenant agents. (Adopted 1/93, Renumbered
1/98, Amended 1/03)
Standard of Practice 1-13
When entering into buyer/tenant agreements, REALTORS®
must advise potential clients of:
