1) Gift Money: Definition, Any Money given to you that you do not have to pay back.
   
Problem: If a relative gives you money and it is in your bank account for less than 2-3 months before you buy a house, your bank may make you do a significant amount of additional paperwork to confirm that it is truly "gift money" and not a loan. If the bank determines that the  "gift money" is a loan they may not qualify you for your loan.

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2) Fixture v. Personal Property

Problem: Traditionally personal property is any property the is movable and not attached to a structure and a fixture is all other property. A fixture will normally be defined using a simple acronym; I.R.M.A, which stands for  Intention, Relationship, Method of Annexation, and Adaption to real estate. When you buy a home you need to understand what you are paying for !!!! 

In the following examples do you know what is included when you buy a home?

     --Ceiling mounted Video Projector, In-wall speakers, Curtains, Washer and Dryer, Swing Set,
        Above-Ground Pool, Mobile Home

Most of the items mentioned above are considered personal property, and can be removed by the seller,  including the mobile home

By the way, the Ceiling Mounted Projector and speakers may be taken by the seller, depending on the sellers intent and how they are mounted to the house

Make sure you know what you are buying !!!

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3) Regardless of what you buy:  New Construction, Existing Home, or Land.  ALWAYS, ALWAYS ALWAYS get a survey done !!!

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4) Representation:  Did you know, that when you call the phone number on the Real Estate Sign outside of a house, the Real Estate person represents the Seller and NOT you; unless they have a written agreement or contract with YOU.