Just as no two parcels of land are
exactly alike, no two transactions are completely identical.
The search
for a new home, especially a first home, can be complex
and deeply personal. We recommend that you work with
a single agent from the beginning of your home search.
The right agent can make can guide you through the
search and buying process, and make the transaction
as smooth and timely as possible.
Working with a
single agent on the transaction allows you to efficiently
schedule appointments to view properties,
and minimizes potential conflicts over being shown
the same property by multiple agents, or of committing
to
multiple appointments at the same time.
We recommend
that you meet several agents before selecting one.
Choose the agent or agency with whom
you feel
most comfortable. The best agents should have a
strong grasp
of local market dynamics, and should help you match
your wish list to the properties currently listed.
Agents
should not pressure you to make a hasty purchase,
but should be advisors providing information that
can help
you make informed decisions.
Unless you are planning
to purchase your home in cash, your agent will likely
recommend that you
apply for
a prequalification or pre-approval letter for
a mortgage. This is covered below in more detail.
First-time
buyers should be aware that the typical deposit
upon executing
a Purchase & Sale contract is between 10%-20%
of the purchase price. We recommend that you
have those
funds available when you begin your search.
Next,
your agent will help you define your search parameters.
What qualities are most important
to you? Do you want
new construction, or an antique fixer-upper?
Are you willing to compromise on location, size,
or
price? We have prepared a checklist for
buyers that
can
help you determine your search criteria, as well
as
a list of Residential
Reports on the various
neighborhoods
of the greater Boston area.
It is not unusual
for these criteria to change as you see what’s
on the market. We recommend that you visit several
properties with your agent to get a feel
for the type of properties and amenities within
your price range. Speaking of site visits, we
recommend that
you make time for your search during the week
in order to avoid the weekend open house crowds,
and to have more
time to get an accurate feel for the property.
Once you’ve found a likely property,
do your homework (pun not intended. Mostly.). Visit
the neighborhood you’re
considering at different times of day and night.
Talk to the neighbors. Talk to both owners and
renters. Renters
tend to be very honest, since they have little
financial incentive to misrepresent facts. Check
with the city
or town’s building or planning department
to find out about any construction or development
that might
be in the works. Visit the local police department
to check crime statistics and trends.
Lastly,
you have the right to expect that housing will
be available to you without discrimination
or other
limitations based on race, color, religion, sex,
handicap, familial
status, or national origin.
A seller’s agent
owes a fiduciary duty to the property owner.
Most agents, unless specifically disclosed otherwise,
represent the seller in real estate transactions.
A buyer’s
agent represents the interests of the buyers
in the transaction. Clients can request to be
represented by a buyer’s
agent at no cost to themselves; the buyer’s
agent’s
fee is paid out of the total commission paid
by the seller.
Agents can also work as facilitators
that assist the seller and buyer in reaching
an agreement
but do not
represent either party in the transaction. Lastly,
agents can work for both the buyer and the seller
on the same
property provided the broker gets the consent
of both parties and provides each with a written
notice
of
the relationship. In this case, the agent is
considered a
disclosed dual agent. This agent owes both the
seller and buyer a duty to deal with them fairly
and honestly.
We strive to view property on your
behalf before we arrange a showing. While marketing materials
and photographs
are often quite thorough, they naturally
paint
the best
possible picture of the properties. We don’t
want our clients visiting properties that don’t
match their criteria.
To give you a sense
of how your property compares to others in terms of
price and
amenities,
our agents can provide you with “comps” or
prices of comparable properties that have
recently sold or are currently listed.
But we cannot predict the future short-term
or long-term value of any property. Property
values are affected by
many national, regional, and local factors
including but not limited to demographic,
economic and social trends;
shifts in supply and demand; local changes
in zoning and development activity; changes
in school systems;
and natural disasters. Just as with stocks
and other financial investments, past performance
is no guarantee
of future performance.
Your agent can walk you
through the mortgage
application process in order to receive
a prequalifying or
pre-approval letter from a lender. Not
only does this help you
refine your property search by giving
you a better sense of
your buying power, but this also helps
make your offer stronger because sellers
can have
more
confidence in
your financial status. This can be an
advantage in a situation where a seller receives
multiple offers.
Lastly,
being pre-approved or prequalified for
a mortgage can result in a faster closing,
since some paperwork
will
have already been completed.
Home inspections provide buyers
with an evaluation of their home’s condition,
and are common contingencies to purchase-and-sale
agreements.
Home inspections are
conducted by licensed professionals
who provide
a visual examination of the physical
structure and major interior
systems of your prospective home.
These generally include attics, basements,
ceilings, doors,
electrical and plumbing
systems, exteriors, floors, foundations,
HVAC, roofs, sites, walls, and windows.
However, it should be clearly
understood that a home inspection
is not an
appraisal, a building code inspection,
or a guarantee or insurance
policy as to the condition of the
property.
Home inspections are not intended to
point out latent defects or every
minor
problem;
most cosmetic
flaws
should be apparent to the buyer
without the aid of a professional.
It is recommended but not required
that the buyer is present for home
inspection.
Massachusetts
law prohibits sellers agents from referring specific
home inspectors
or a specific
home inspection
company. Sellers agents can,
however, provide clients with a complete
list of home inspectors
prepared
by the Board
of Registration of Home Inspectors.
However, this prohibition does
not apply if the agent is serving
as
a buyer’s
agent.
Yes. There are no conflict
of interest issues that prevent
real estate
agents from recommending
lawyers.
In fact,
we have prepared a list
of attorneys that we have
worked with that we are happy
to recommend.
You
may also
contact the Massachusetts Bar
Association's Lawyer Referral
Service. The number
in Boston is 617-654-0400
or TDD
617-338-0585.
It is our company
policy to recommend that clients retain
the services
of a real estate
attorney
early in the process
to assist buyers in drafting
offers and Purchase and Sale
Agreements,
as well
as any other
aspect of the
real estate transaction that
may require legal counsel.
Parcels of real estate can
have a long and complicated
history
of transactions,
and
it can be difficult
to determine latent problems
with titles,
tax assessments, easements,
and liens. As a result,
most lenders require that buyers
purchase lender’s
title insurance at the
closing, which protects
the lender’s interest.
Buyers may also elect to
purchase (for an additional
one-time premium)
an owner’s title
insurance policy which
protects your equity
interest against
any
claims that might arise
during your term of home ownership. |
