There is a common misconception that brokers, or agents, represent the buyer and the seller equally. The broker, however, has a financial, legal, and moral obligation to represent the seller, who pays the broker's fee when the sale is made.

There are many financing options available for homebuyers. The three types most commonly used are third party financing, seller financing, and assumption of existing loans.

The Multiple Listing Service, or MLS, is a computerized network of homes for sale in a region. The homes are listed on the MLS system by a listing broker who is under contract with the seller to sell the property in exchange for commission.

Building a new house allows you to create rooms styled to your personal taste and preference. When you hire a homebuilder to construct your new house, you'll have the opportunity to select floorings, paint and wall coverings, cabinet styles and stains, and even the architectural style of the exterior.

Condominiums offer the benefits of home ownership, without the responsibilities and hassles of time-consuming yard maintenance. Condo owners enjoy the same privileges as house owners.

Duplexes are two homes sharing interior structures, such as a wall, or a floor and ceiling in two story units. The floor plans of these homes may be identical or different, but usually they offer very similar amenities.

New homes combine the exhilaration of a space customized with your color and amenity preferences with the satisfaction of low utility costs and responsible consumption through energy efficient insulation and appliances.

Older houses can captivate you with charm, intrigue you with a sense of history, and dazzle you with architectural brilliance. Before you invest in one of these treasures, though, you should review the property carefully.

As the cost of renting increases, some people may find buying a house to be comparable to or less than the cost of renting. The monthly payments for buying a house will depend on the amount of the loan, the interest rate, and the insurance.

Buying a home is probably the largest, single investment you will ever make. Therefore, it is extremely important that you consider a wide number of factors before making a decision to purchase a home.

When purchasing real estate, good judgment on the location of the property is very important so look over your potential neighborhood carefully. Start by identifying two to three possible neighborhoods that have new home building sites available.

Closing costs refers to the money paid to complete the sale of a property. These costs vary from state to state, and sometimes from contract to contract.

Closing is the term used to refer to the final exchange of money for the title to the lot or home you are purchasing. The closing meeting will usually involve the buyers, sellers, real estate agents, the lender, and any attorneys retained to work on the deal.

If a seller refuses to allow you to purchase a home because of your age, race, or religion, they are breaking the law. If you believe you've been discriminated against, you need to proceed carefully.

When a buyer makes an offer to purchase a home, he or she usually pays a deposit to the seller indicating his or her ability to carry out the terms of the contract.

The largest single cost you'll have to pay when closing a property is the down payment, or the cash the lender wants 'up front' against the purchase price before a loan is made.

Excited about purchasing your first home? Your home will be one of the largest investments of your life, so one of the most important steps to take is finding a knowledgeable real estate agent.

Government repossessed homes can offer you the opportunity to purchase a home slightly below market value. Some conventional home loans are backed, or insured, by a government association, called the F-H-A, which stands for Federal Housing Association.

Buyers have two options in selecting a real estate professional. They can work within the traditional system of listing and showing agents, or they can hire a buyer's agent.

If you're a first-time homebuyer, contact lenders in your state to see if there are special programs available to you. The Federal Government also offers a special program for first-time homebuyers called HUD, which stands for Housing and Urban Development.

A home purchase requires a lot of planning ahead. As you predict how much closet space and how many bedrooms you'll need, you may also want to consider the neighborhoods in which prospective homes are located.

An offer is initiated when a buyer makes an offer to a seller. Serious offers should be in writing and signed by the buyer or the buyer's agent. The offer will be made through the seller's broker or agent, if the seller has one and it must be specific in its terms, stating the obligations of both parties involved in the transaction.

Buying a home is probably the largest, single investment you will ever make. Therefore, it is important to maintain and improve your home over the years to enhance its value.

Buying a pre-owned home can offer the benefits of matured landscaping, established neighborhoods, and a home with a sense of history. If a particular style appeals to you, you may be able to locate a neighborhood that's populated with restored Victorian homes, called painted ladies, art deco inspired abodes with vintage 30s touches, or even more recent architecture with classic touches.

Real estate contracts are pre-printed forms that have been prepared according to the guidelines of the National Association of Realtors. The contract's fill-in-the-blank format allows realtors to modify the form to fit the purchase.

It is a good idea to be pre-qualified for a loan before you begin shopping for a home. Pre-qualification involves choosing a lender, providing financial information such as income and debts to the lender, and having your credit report available for review.

There are certain tax benefits associated with owning real estate. These benefits are available to homeowners and real estate investors alike. A homeowner can include both taxes and loan interest paid on the real estate as itemized deductions on his or her tax return.

When applying for a mortgage, your application will be reviewed for the three C's --credit history, character, and capacity for handling debt. Your credit history is a reflection of your past loan and bill payment behavior.

Protecting your possessions from theft, fire, storms, and even law suits can be as simple as a phone call to your insurance agent. A home owner's insurance policy protects your assets from major and minor catastrophes, for a relatively small fee.

Home size is a very personal decision. To decide the size that's right for you, consider the minimum number of bedrooms and bathrooms you'll need for your family.