Real Estate

Buyers Packet Contents

The Home Buying Process Customer vs Client ~ An Article ~ Are You a Client or a Customer? by Blanche Evans New York State Agency Disclosure Equal Opportunity Disclosure Pickit Homes Buyer Contract

The following pages give you the tools and knowledge to be an educated buyer. Pickit Homes Real Estate will provide you the professional guidance you deserve. Please contact us if you have any questions.

Mark@pickithomes.com Business Phone: 315-505-4647 Fax Search For Homes 315-5054671 Dream Home Finder For Home Buyers

The Home Buying Process

One of the most effective ways to start your homes search is to meet with your agent in your home and discuss what features you are looking for in a home. ( Location, Bedrooms, Baths Yard, Garage, Schools ect.) While in your home your agent can set you up on an automatic search for homes that meet your criterion. Search and mark homes for you to consider viewing. Complete required Agency, Equal Housing and Buyer Agency Forms.
Search Internet and set up automatic notifications of new listings directly to your email address. Call any For Sale buy Owners that interest you. Check Company Listings Read Home Ads Drive through neighborhoods of interest. Suggest other professionals you may consider using Read Home Ads

The Search

Drive to neighborhoods of interest. Search the Internet Decide on a Bank and get pre-approval letter to your agent.

Make Appointments and View Homes.

Decide on an Attorney Decide on Home Inspector

Tell your agent what you liked or disliked about each house.

Did Not Find a Home

Found a Home Go to Slide 2

Real Estate

Completion of the Home Buying Process Found a Home

Decide on Offer Price and Terms Ernest Money Deposit $500-$1000

Write the Purchase Offer Offer Countered

Rework Price and Terms

Offer Rejected

Offer Accepted

Search Again

Inform Attorney of Approval Apply for Mortgage Schedule Home Inspection

Inspection not Acceptable

Acceptance of Inspection Sign off On Inspection Contingecy

Real Estate
Work with Attorney on Closing Date, Work with Bank for Mortgage Commitment and Closing Date. Prepare for Move by Packing, locate moving company ect. Finalize Home Owners Insurance and Contact to switch Utilities, Final Walk Through day before or day of closing.

Close, Move, and Enjoy

Customer, Client and Dual Agent Comparison Chart

Pickit Homes Real Estate is a member of the Syracuse Board of Realtors and through that membership we represent sellers of all homes listed in the MLS. You, as a home buyer can change that buy becoming a client and therefore be represented by a Pickit Homes Real Estate Agent. This is why we strongly recommend that we meet prior to looking at any homes so we can go over your options as a home buyer. Below is a chart outlining the differences between being a customer, client and working with Pickit Homes Real Estate as a Dual Agent.
Customer Show you Homes Honestly tell you about the home Write a Purchase Offer Negotiate and suggest price Reasonable Care Undivided Loyalty Confidentuality Full Disclosure Obedience Duty to account Yes Yes Yes No No No No No No No Client Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Dual Agent Yes Yes Yes No Yes No Yes Yes Yes Yes

Real Estate

315-505-4647

100 Distin Road Oswego, NY 13126

Real Estate

Pickithomes.com

Home Buyer Comparison Sheet

House Address: _____________________________ MLS# ______________

Price: _____ Size: _____ Acres: _____ Bedrooms: _____ Full Baths: _____ Half Baths: ______

Features
Garage: ___ Fireplace(s): ____ Cupboards:_____ Pantry: _____ Drawers: ____ Island: _____

Setting: Style:

City Ranch

Suburban Split

Village/Town Mobile

Rural Double Fair Wide Contemporary Good Farm Colonial Cape

Level Poor

Excellent

Overal Impression Roof Storage/closedts Electicle Outlets in Rooms Floors Bathrooms Refrigerator Stove Microwave Dishwasher Freezer Washer/Dryer Comments

Of the houses you have been shown, what would you rank this house? __________________

New York State DEPARTMENT OF STATE Division of Licensing Services P.O. Box 22001 Albany, NY 12201-2001

Customer Service: (518) 474-4429 www.dos.state.ny.us

New York State Disclosure Form for Buyer and Seller

THIS IS NOT A CONTRACT

New York State law requires real estate licensees who are acting as agents of buyers or sellers of property to advise the potential buyers or sellers with whom they work of the nature of their agency relationship and the rights and obligations it creates. This disclosure will help you to make informed choices about your relationship with the real estate broker and its sales agents. Throughout the transaction you may receive more than one disclosure form. The law may require each agent assisting in the transaction to present you with this disclosure form. A real estate agent is a person qualified to advise about real estate. If you need legal, tax or other advice, consult with a professional in that field.

on terms acceptable to the buyer. A buyers agent has, without limitation, the following fiduciary duties to the buyer: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A buyers agent does not represent the interest of the seller. The obligations of a buyers agent are also subject to any specific provisions set forth in an agreement between the agent and the buyer. In dealings with the seller, a buyers agent should (a) exercise reasonable skill and care in performance of the agents duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the buyers ability and/or willingness to perform a contract to acquire sellers property that are not inconsistent with the agents fiduciary duties to the buyer.

Disclosure Regarding Real Estate Agency Relationships

Sellers Agent
A sellers agent is an agent who is engaged by a seller to represent the sellers interests. The sellers agent does this by securing a buyer for the sellers home at a price and on terms acceptable to the seller. A sellers agent has, without limitation, the following fiduciary duties to the seller: reasonable care, undivided loyalty, confidentiality, full disclosure, obedience and duty to account. A sellers agent does not represent the interests of the buyer. The obligations of a sellers agent are also subject to any specific provisions set forth in an agreement between the agent and the seller. In dealings with the buyer, a sellers agent should (a) exercise reasonable skill and care in performance of the agents duties; (b) deal honestly, fairly and in good faith; and (c) disclose all facts known to the agent materially affecting the value or desirability of property, except as otherwise provided by law.

Brokers Agents
A brokers agent is an agent that cooperates or is engaged by a listing agent or a buyers agent (but does not work for the same firm as the listing agent or buyers agent) to assist the listing agent or buyers agent in locating a property to sell or buy, respectively, for the listing agents seller or the buyer agents buyer. The brokers agent does not have a direct relationship with the buyer or seller and the buyer or seller can not provide instructions or direction directly to the brokers agent. The buyer and the seller therefore do not have vicarious liability for the acts of the brokers agent. The listing agent or buyers agent do provide direction and instruction to the brokers agent and therefore the listing agent or buyers agent will have liability for the acts of the brokers agent.

Dual Agent
A real estate broker may represent both the buyer and seller if both the buyer and seller give their informed consent in writing. In such a dual agency situation, the agent will not be able to provide the full range of fiduciary duties to the buyer and seller. The obligations of an agent are also subject to any specific provisions set forth in an agreement between the agent, and the buyer and seller. An agent acting as a dual agent must explain carefully to

Buyers Agent
A buyers agent is an agent who is engaged by a buyer to represent the buyers interests. The buyers agent does this by negotiating the purchase of a home at a price and
DOS-1736-a (Rev. 11/10)

This form was prepared by Mark Coppola using the INSTANET FORMS internet contract management service.

both the buyer and seller that the agent is acting for the other party as well. The agent should also explain the possible effects of dual representation, including that by consenting to the dual agency relationship the buyer and seller are giving up their right to undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship before agreeing to such representation. A seller or buyer may provide advance informed consent to dual agency by indicating the same on this form.

Dual Agent with Designated Sales Agents

If the buyer and seller provide their informed consent in writing, the principals and the real estate broker who represents both parties as a dual agent may designate a sales agent to represent the buyer and another sales agent to represent the seller to negotiate the purchase and sale of real estate. A sales agent works under the supervision
This form was provided to me by

of the real estate broker. With the informed consent of the buyer and the seller in writing, the designated sales agent for the buyer will function as the buyers agent representing the interests of and advocating on behalf of the buyer and the designated sales agent for the seller will function as the sellers agent representing the interests of and advocating on behalf of the seller in the negotiations between the buyer and seller. A designated sales agent cannot provide the full range of fiduciary duties to the buyer or seller. The designated sales agent must explain that like the dual agent under whose supervision they function, they cannot provide undivided loyalty. A buyer or seller should carefully consider the possible consequences of a dual agency relationship with designated sales agents before agreeing to such representation. A seller or buyer may provide advance informed consent to dual agency with designated sales agents by indicating the same on this form.
(print name of licensee) of Pickit Homes Real Estate

(print name of company, firm or brokerage), a licensed real estate broker acting in the interest of the: ( ) Seller as a (check relationship below) ( ( ) Sellers agent ) Brokers agent ( ( ) Dual agent ) Dual agent with designated sales agent ( ) Buyer as a (check relationship below) ( ( ) Buyers agent ) Brokers agent

For advance informed consent to either dual agency or dual agency with designated sales agents complete section below: ( ( ) Advance informed consent dual agency ) Advance informed consent to dual agency with designated sales agents is appointed to is appointed to represent the seller in this transaction. acknowledge receipt of a copy of this disclosure } Buyer(s) and/or { } Seller(s):

If dual agent with designated sales agents is indicated above: represent the buyer; and (I) (We) form: signature of {

Date:

Date:

DOS-1736-a (Rev. 11/10)

This form was prepared by Mark Coppola using the INSTANET FORMS internet contract management service.

Greater Syracuse Association of REALTORS

EQUAL OPPORTUNITY POLICY STATEMENT

This company is a member of the Multiple Listing Service, which covers the Greater Syracuse area and some surrounding counties. Our agents can show you any homes you wish to see, regardless of location. It is the policy of this company to comply with the local, New York State, and Federal fair housing laws. These laws require that the type of service provided to a home seeker shall not be influenced by the home seeker's race, color, religion, sex, handicap, familial status, or national origin - or such other classes as may be determined by law to be protected classes (collectively referred to as "protected classes"). Our agents are not authorized to discuss with any customer or client the composition of any neighborhood or area based upon protected classes listed. Neighborhood information may usually be secured from local schools, police departments, government offices, or from residents of the area. Further, our agents are not permitted to select houses or other property for prospective buyers on the basis of the neighborhood composition of protected classes. If at any time in your relationship with this firm, you believe that you may not have received equal service because of your protected class, we strongly encourage you to notify either the manager of the branch office through which you are seeking assistance, or the Principal Broker of this company. We do not expect there will be any problems, but we would like the opportunity to correct any problems that you feel might exist.

CERTIFICATION
I have read and understand the information in the "Equal Opportunity Policy Statement."

Printed Name(s) of Prospective Buyer(s)

Printed Name(s) of Prospective Buyer(s)

Street Address

Street Address

City, State & Zip

City, State & Zip

Phone Number(s)

Phone Number(s)

Email Address

Email Address

Signature(s) of Prospective Buyer(s)

Signature(s) of Prospective Buyer(s)

I certify that I have provided the Prospective Buyer(s)/Seller(s) named above with a copy of the "Equal Opportunity Policy Statement." Signature of Sales Associate:
Broker/Manager: Mark Coppola

Phone #: 315-505-4647

Company Name: Pickit Homes Real Estate Date of Signatures:

/ /

Rev. 02/16/05

Real Estate

This form was prepared by Mark Coppola using the INSTANET FORMS internet contract management service.

BUYER/TENANT AGENCY AGREEMENT

Exclusive Right to Represent PLEASE NOTE: Commissions or fees for Real Estate Service to be provided are negotiable between Realtor and Client. This is a legally binding contract. If you have questions concerning this contract, you should consult an attorney before signing it. REALTOR Code of Ethics recommends that a Buyer/Tenant Representation Agreement be in writing in clear and understandable language expressing the specific terms, conditions, obligations and commitments of the parties. 1. Buyer/Tenant(s) ___________________________________________, _______________________________________________ Current Address: _____________________________________________________________________________________________ appoint(s) _____________________________________________________ as Buyer/Tenants exclusive agent and Pickit Homes Real Estate as (Broker), for the purpose of assisting Buyer/Tenant to find and acquire an interest in real property acceptable to Buyer/Tenant. 2. TERM OF AGREEMENT: This agreement shall begin on _____________________________ and expires at the time of closing of that pending transaction. This contract my be terminated by writing a termination notice provided the buyer/tenant has not entered into a purchase offer agreement. 3. PURPOSE OF AGENCY: Buyer/Tenant desires to purchase or lease real property (which may include items of personal property) described as follows: Type: ( ) Residential ( ) Commercial ( ) Residential Income ( ) Industrial ( ) Vacant Land ( ) Other ____________________________________________________________________________________________________________ ____________________________________________________________________________________________________________ 4. BROKERS REPRESENTATIONS AND SERVICES: Broker represents that Broker is duly licensed under the laws of the State of New York as a real estate broker. Broker will use his best efforts as Buyer/Tenants broker to locate property of the type described in Section 3 of this Contract and to negotiate acceptance of any offer by Buyer/Tenant to purchase or lease such property. 5. BROKERS OBLIGATIONS: The Buyer/Tenants Broker will use his/her best efforts on behalf of the Buyer/Tenant to: (a) Offer counseling that benefits you in the purchase of real estate (b) To use the MLS as my primary source of inventory for this Buyer/Tenant Agency Agreement and any other sources I, the broker, deem appropriate. (c) Represent you on a confidential basis. I do not have to reveal anything about you to the Seller, except that which is required by law. Be advised that sellers or sellers representatives may not treat the existence, terms, or conditions of offers as confidential unless confidentiality is required by law, regulation, or by any confidentiality agreement between the parties. If a confidentiality agreement is desired, seek the advice of your attorney. (d) Negotiate on your behalf to obtain the best possible property at the best possible price/terms with the least amount of inconvenience. 6. CLIENTS OBLIGATIONS: (a) Work exclusively with Buyer/Tenants Broker for the purchase/lease of property during the term of this Agency. (b) As needed, furnish Buyer/Tenants Broker with relevant financial information relating to Clients ability to purchase/lease property. (c) Refer to Buyer/Tenants Broker ALL properties brought to Buyer/Tenants attention by others, including but not limited to For Sale by Owner properties, New Construction, etc. 7. OTHER TERMS AND CONDITIONS: (a) Buyer/Tenant understands that other buyer/tenants may enter or may have entered into similar buyer agency agreements with Broker which may involve the same or similar properties to those Buyer/Tenant is interested in. Buyer/Tenant consents to Brokers representation of such other buyer/tenants, and understands that information Broker may have about those buyer/tenants is confidential. (b) Broker may share and disclose non-confidential information about Buyer/Tenant with other Brokers who offer real property for sale. (c) Buyer/Tenant represents that Buyer/Tenant is not currently bound by any Exclusive Agreement with another Broker, and understands that if this were the situation, Buyer/Tenant could possibly be liable for the payment of more than one fee. Buyer/Tenant understands they may not enter into another Exclusive Agreement with any other Broker without approval of this broker.

Rev 11/10 B Page 1 of 2

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This form was prepared by Mark Coppola using the INSTANET FORMS internet contract management service.

8. NONDISCRIMINATION: Broker and Buyer/Tenant agree that all actions carried out under this contract shall be in full compliance with local, state and federal fair housing laws against discrimination on the basis of race, creed, color, religion, national origin, sex, familial status, martial status, age or disabilities. 9. PROFESSIONAL COUNSEL: Broker hereby recommends that Buyer/Tenant seek legal, tax, property financing, property inspection, environmental engineering and other professional advice relating to any proposed transaction. Buyer/Tenant agrees that he will not rely on Broker for any such professional advice. 10. BUYER/TENANT AGREES TO THE FOLLOWING BROKERAGE FEE: (a) Buyer/Tenant agrees that Broker is entitled to a fee if during the original term of this Agreement or any extension, Buyer/Tenant enters into a Contract to Purchase or acquires a property acceptable to Buyer/Tenant. If Buyer/Tenant attempts to avoid the obligations to Broker under this Agreement, then Buyer/Tenant shall be obligated to pay the Brokerage fee. (b) Buyer/Tenant agrees to compensate Broker in an amount equal to 4% of the purchase price less concessions. If the amount offered through the Multiple Listing Service is less, the Broker will elect to reduce the fees to a minimum of 3% Conversely, if Broker receives a fee from any of the above sources in excess of the amount stated in this Agreement, Buyer/Tenant agrees that Broker may accept that amount. Furthermore, as part of this agreement the broker agrees to reduce compensation to the buyer/tenant .5% or $500.00 which ever is less of the earned commission in consideration of buyer/tenant entering into this agreement. (c) Typically, Broker is paid from the Transaction by the Seller of a listed property. Even when a property is not listed, and no transaction fee is provided for, Broker will attempt to have Buyer/Tenants fee paid by Seller. If no fee is forthcoming from Seller and Buyer/Tenant purchases/leases the property at its lowest negotiated price/terms, Buyer/Tenant agrees to compensate Broker as set forth in (b). This is not to be construed as a method for the Broker to collect a commission from a Buyer/Tenant in the event Seller defaults on the commission as outlined in the Contract to Purchase/Lease. 11. DUAL AGENCY: (Please initial if you agree with the terms of this paragraph) ____ I acknowledge that you may represent Seller Clients during the term of this Buyer/Tenant Agency Agreement, and that I may be interested in purchasing one of your Seller Clients properties. I hereby authorize you to show me properties owned by the Seller Clients. If, however, I wish to purchase one of your Seller Clients properties, you and I may (but do not have to) agree to enter into a Dual Agency Agreement so that you can represent me and the Seller Client at the same time with respect to the negotiations of my purchase of the property. In the event the Brokerage Firm represents the Buyer/Tenant and the Seller in the same transaction and there are two different agents involved, the Firm can designate one agent to represent the sole interests of the Buyer/Tenant and designate the other agent to represent the sole interests of the seller with the clients written authorization and informed consent. 12. NOTICE: Any notice or request required or agreed to be given under this Contract shall be sufficiently given if it is in writing and signed by the party giving it, or that partys attorney or real estate broker. Service of any such notice shall be completed upon receipt of such notice by the other party, or that partys attorney or real estate broker, and may be personally delivered, transmitted by facsimile, delivered by courier, or mailed. Unless otherwise agreed, for the purposes of this Contract, signatures transmitted by facsimile shall have the same force and effects as original signatures. 13. PERSONS BOUND. This document, and the addenda annexed hereto and named below, when signed by both parties, shall be a binding contract. It shall bind the parties hereto and their estates. This contract contains the entire agreement of the parties and may not be changed or modified orally, but only in writing by all parties to be bound. There are no warranties or representations except as set forth in this Contract, not withstanding any other statements or documents.

BUYER/TENANTS BROKER: I agree to render services to Buyer/Tenant on the terms and conditions stated above. Pickit Homes Real Estate Broker: __________________________________________ By: _____________________________________________ Date: ____________________________________________

BUYER(S)/TENANT(S): I/(We) agree to the terms and conditions stated above. _______________________________________________ _______________________________________________ Date: __________________________________________ 11/10 B

Rev 11/10 B Page 2 of 2

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This form was prepared by Mark Coppola using the INSTANET FORMS internet contract management service.