A home is one of the largest purchases many people will ever make. But buying--or selling--a home is not as easy as it looks. Some of the things that will affect you when you're buying or selling a home are the laws where you live, the economy, your financial situation, the prevailing real estate market, current mortgage rates, and tax considerations. You'll need to work with a variety of people, including real estate agents, lawyers, lenders, home inspectors, surveyors, appraisers, and insurance agents.

Practices and laws affecting real estate change over time, addressing new consumer issues, and over geographic regions, with laws and customs varying from city to city and state to state.

This chapter will give you some guidance, whether you're buying or selling a home for the first time or the tenth. You'll become familiar with some real estate terminology, become acquainted with the roles of different participants, and learn about your financing and tax options. The section entitled "The Steps of Buying and Selling a Home" will tell you what you need to know about the contract that controls the transaction.

As you read this chapter, remember that becoming familiar with both the buying and selling side of the process is useful even if you are engaging in only one side of the transaction. If you understand the interests of both parties, you will be able to anticipate issues and be better prepared to negotiate the contract.

1. Introduction to Buying and Selling a Home
2. Meeting the Players
1. Selecting a Real Estate Agent to Sell Your Home
2. Selecting a Real Estate Agent to Help You Buy a Home
3. Buying and Selling Without an Agent
4. The Fair Housing Act
5. Working with a Lawyer
3. Financing a Home Purchase
1. The Basics
2. Applying for a Loan
3. Different Types of Loans
4. Key Provisions of the Loan Documents
4. The Steps of Buying and Selling a Home
1. Selling: Setting a Price for the Property
2. Disclosures
3. Making an Offer: The Purchase Contract
4. Home Inspections
5. Buying in a Multiunit Building or Development
6. The Closing
7. Closing Costs
8. Ownership Options
5. Tax Considerations
1. Tax Considerations When Buying Your Home
2. Tax Considerations When Selling Your Home