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Home Buyer Rights  The Right to Equal Representation
Your money provides the funds for closing the transaction. Purchasing a property with a real estate can be much like a tennis match with you on one side and three people on the other. You deserve to have an agent on your side of the court at no additional cost.The Right to Full Disclosure
If your agent is not working for you under a Buyer Agency Agreement, he or she is working for the seller. You are not the agent's client, your are the agent's customer. Our state agency disclosure is mandated; not optional. Let the Buyer Beware" is a philosophy that no longer needs to be prevalent in home buying. Property disclosure is not mandated but many real estate firms have sellers complete them. Although sellers are not required to volunteer information, they must answer all questions honestly. Simply ask the questions on the Seller's Statement. The Right to Premium Service
An attorney will not represent both parties in a transaction. A real estate professional shouldn't either. Even if an agent has an agreement with you to act as your buyer broker, if the agent or their office lists property for sellers, there will be a conflict of interest. The premium service checklist and contrast sheet will help you compare the difference in service. The Right to Shop for the Best Loan
Even when a lender has given you a pre-approval letter it is possible to switch lenders if you can find better rates and service elsewhere. This can be done after you are under contract on a property as long as you have time to meet the terms of the contract. Shopping for a Loan will help you understand the different types of loans and lenders you can choose. The Right to Access your Credit Report
There are often mistakes on credit reports that hinder the loan process for a consumer. Mistaken entries for people with the same name, old entries that should have been removed, or other indebtedness that doesn't exist or was cleared up are but a few. You can gain access on line credit reporting or in writing.
The Right to Select an Attorney
The attorney who conveys the title to you at the closing table does not work for you. That attorney works for the lender even though you are the one paying the bill. In many instances the legal services that protect the lender also protect the buyer, but when push comes to shove the loyalty is to the lender. Selecting a Real Estate Attorney who can represent you and look out for your best interest is wise.The Right to Select a Settlement Agent
A cash buyer can select any attorney they want to act as the settlement agent. If you are using a lender, you are limited to the attorneys who are on that lender's list of acceptable conveyance law offices. You may choose among them, ask to ad your own to the list, or use a different lender. The Right to Reject Owner's Title Insurance
Title insurance is required by the lender to protect the lender against loss. Owner's Title Insurance is optional. Some conveyance offices assume you want it and include it in the paper work for the closing. Although there are good reasons to purchase owner's title insurance you have the right to say no.The Right to a Good Faith Estimate
RESPA requires that when you apply for a loan, the lender give you a Good Faith estimate of settlement service charges you most likely will have to pay. Although the lender's estimate is not a guarantee you should compare it with the final settlement costs and ask the lender about any changes.The Right to Access Reports You Pay For
If you paid for it you deserve to see it. When using a lender you may need to request a copy of the appraisal and other documents or surveys they have ordered at your expense.  The Right to File Complaints
Complaints against real estate licensees can be made to the
Board of Registration which issues licensees and controls the guidelines under which licensees operate. You can also contact the Realtor Association with which the agent is associated. Not all licensees are Realtors.Complaints on the lending side can be made to the HUD Office of Consumer & Regulatory Affairs, or to the State Attorney General's Office. For other complaints see the Consumer Complaint Reference List.
The Right to be Treated Without Discrimination Home buyers are guaranteed certain rights under the federal Fair Housing Law (Title VIII of the Civil Rights Act of 1968, amended by the Housing and Community Development Act of 1974) and the Equal Credit Opportunity Act. Agents may not refuse to sell, rent, deal or negotiate with a person because of his or her race, color, religion, sex, marital status, national origin, or receipt of public funds or assistance. Their are strict sanctions against such discrimination.Complaints are filed with the United States Department of Housing and Urban Development (HUD). They are charged with the enforcement of the Fair Housing Act. The Fair Housing Information Clearinghouse (P.O. Box 6091, Rockville, MD 20850, 1-800-343-3442) provides a free consumer brochure explaining your fair housing rights.The Right to Freedom of Choice
You have the right to choose the players on your home buying team. This includes the lender, home inspector, insurance agent, attorney, and real estate agent. You have the right to choose a real estate agent who can work for you or one who will work against you. It will cost you the same either way. Exercise your right to hire an Exclusive Buyer's Agent. |
