General information

Yes

No

N/A

1. Has relevant personal information been gathered?

2. Has financial situation been assessed?

       Income

       Expenses

       Assets

       Liabilities

Notes:

Choosing the right home

Yes

No

N/A

1. Has a real estate professional been contacted?

2. Has an attorney for the closing been contacted?

3. Have the advantages and disadvantages of buying a home versus renting a home been discussed?

4. Have the desired home features been determined?

       Type of home (e.g., condo, multifamily, single residence)

       Floor plan

       Yard

       Good schools

       Safe neighborhood

       Proximity to work

5. Has a housing price range been determined?

Notes:

Financing

Yes

No

N/A

1. Has credit report been ordered and checked for errors and/or negative credit?

2. Are sufficient funds available for a down payment?

3. Has the source of the down payment been evaluated?

       Savings

       Gift

       Retirement funds

4. Has the necessary paperwork (e.g., tax returns, pay stubs, bank statements) been gathered?

5. First-time homebuyer?

       FHA loan

       VA loan

6. If so, has a first-time homebuyer class offered by bank/lender been attended?

7. Has prequalification or preapproval for a mortgage taken place?

8. Has a type of mortgage been considered?

       Adjustable rate versus fixed rate

       15-year versus 30-year

9. Have various mortgage terms and rates been compared?

Notes:

Insurance planning

Yes

No

N/A

1. Has the premium been estimated for homeowners and flood insurance?

2. If a business will be run out of the home, has insurance coverage for home office been considered?

3. Has the need for other forms of insurance been evaluated?

       Disability insurance

       Life insurance

       Personal liability umbrella insurance

Notes:

Tax planning

Yes

No

N/A

1. If this is a principal residence, have the tax benefits of home ownership been reviewed?

       Home mortgage interest deductions

       Deductibility of points and closing costs

2. If a business will be run out of the home, has eligibility for home office deduction been discussed?

3. Will this be a rental property?

Notes:

Estate planning

Yes

No

N/A

1. Has estate plan been reviewed/updated?

       Wills, durable power of attorneys, advanced medical directives

       Trusts

2. Are there specific property ownership issues that need to be addressed?

       Sole ownership

       Life estate

       Tenancy in common

       Joint tenancy

       Tenancy by the entirety

       Community property

Notes:

Other

N/A

No

Yes

1. Is refinancing or obtaining a home equity line of credit/second mortgage a consideration?

2. Has the Homestead Exemption been discussed?

Notes: