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Massachusetts Home Buyer Guide

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5 Lead Paint Questions Answered for Massachusetts Homebuyers

Oct 18, 2018 3:40:10 PM

Massachusetts and federal laws have required the disclosure of lead paint for more than 20 years. Many homes built before 1978 have paint that contains high levels of lead from lead-based paint.

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

Do Massachusetts Home Buyers Pay Taxes When Buying a Home?

Mar 5, 2016 4:28:44 PM

No, Massachusetts home buyers do not pay taxes on the purchase of real estate; however, homes sellers do pay something called tax stamps.

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Topics: Home-buying Tips, Real Estate Misc., Massachusetts Relocation, Real Estate Law, Boston Relocation

Should Homebuyers Worry About the New Closing Disclosure Rules?

Dec 27, 2015 7:00:00 AM

Not since Y2K have so many predicted such great disruption and chaos in our lives.

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Topics: Home-buying Tips, Mortgages 101, Mortgage Rates & News, Real Estate Law

What is a Dual Agent in Real Estate?

Nov 16, 2015 8:48:58 PM

Massachusetts and New Hampshire Allow Dual Agency

Dual Agency is when a real estate agent represents both the seller and the homebuyer in the same real estate transaction. In such a case, that real estate professional is known as a dual agent. 

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law, Condominium

Greater Boston Area Real Estate Radio

Sep 8, 2015 7:04:52 PM

The following audio (set to video) is from an interview on June 4, 2015 on Boston Herald Radio's The Money Show with host Rick Shaffer. Rick Shaffer has hosted The Money Show on various Boston area radio stations for more than 20 years. Buyers Brokers Only, LLC's co-founder and co-owner Rich Rosa discussed the history of Buyers Brokers Only, LLC; the difference between a designated buyer agent and an exclusive buyer agent; the Greater Boston Area real estate market; the importance of retaining a real estate attorney; the pitfalls of attending open houses without a buyer agent and other home-buying tips. Listen to all of Rich's appearances on Boston Herald Radio 

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Topics: Real Estate Market, Home-buying Tips, Real Estate Law, Video

Loan Commitment Date Critical For Massachusetts Home Buyers

Jul 31, 2014 5:33:00 PM

Massachusetts home buyers need to thoroughly understand the importance of the loan commitment date when purchasing a home and how failing to do so may result in the loss of their deposits.

The failure of a home buyer to receive a clean loan commitment letter, extend the loan commitment deadline or to terminate the contract with the seller before the loan commitment deadline passes puts him or her in jeopardy of losing deposits made at the time the offer to purchase and purchase and sale agreement were signed. For many home buyers, these deposits total 5 percent of the purchase price of the home they intend to purchase. 

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Topics: Home-buying Tips, Mortgages 101, Real Estate Law, Condominium

When Should MA First-time Home Buyers Tell Landlords They're Leaving?

Mar 30, 2014 7:18:00 PM

Many Massachusetts first-time home buyers are renting an apartment at the time they decide to start looking to buy their first home, so the timing of their home search and when they notify their landlord that they are ending their tenancy is important.

Whether a home buyer has a written lease with a specific term or is a tenant at will, also referred to as a month-to-month tenant, will determine how to plan his or her home search and notify his or her landlord that he or she is leaving. First, it is important to understand the timing of different aspects of the home-buying process.

For example, a first-time home buyer should know that mortgages are paid in arrears. In other words, a mortgage payment made on April 1st is a payment for the month of March. Why is this mortgage fact important? It is important to understand that a real estate closing on April 15th will result in the home buyer owing his or her first mortgage payment on June 1st. If the home buyer's apartment lease ends on May 31st, an April closing will not result in owing a monthly rental payment and a monthly mortgage payment in the same month.

Home buyers should be aware that their lender, in the example above, will want the interest on the loan paid at closing for the remaining days of April (or whatever month the closing takes place in). Closing towards the end of a month will result in less interest owed at closing, but the first mortgage payment will be do sooner.

Also, homebuyers should check their records to see whether they paid last month's rent or provided a security deposit at the beginning of their rental term. Having already paid the last month's rent and/or a security deposit gives a first-time home buyer a little financial flexibility, including the ability to close sooner on a property or maybe have a rent-free and mortgage-free month. Tenants should know that Massachusetts law requires the landlord to return the security deposit, plus interest, within 30 days of the tenancy ending; however, the landlord may keep any unpaid rent or the amount of money needed to repair damage done to the apartment (beyond normal wear and tear).

If you're a tenant at will (no lease), you need to provide notice to your landlord 30 days or one month before the due date of the next rent payment, whichever is longer. For example, if you give your landlord notice on April 20th that you are leaving, you'll be responsible for the rent through May 31st.

Of course, it is impossible to know how long it will take to find a home you want to make an offer and get an accepted offer. Some home buyers see a hand full of homes before finding one and other home buyers see many more, so the process may take weeks or months.

Also, if you are breaking your lease prior to the agreed upon term, you may be responsible for paying rent for the remaining months in the lease term. Some leases will allow tenants to terminate a lease early, but will require the payment of two months rent as a penalty. It is important to carefully review your lease before making any decisions and notifying your landlord that you are leaving. 

In addition, any major repairs or renovations a home buyer wants to perform on a new home may need to be done prior to moving in, or a home buyer may just prefer to complete any remodeling jobs prior to leaving his or her rented apartment.

The Commonwealth of Massachusetts has a guide to landlord/tenant rights, and the City of Boston has a landlord/tenant guide.

Of course the ability to be flexible on the closing date of a home purchase gives home buyers a stronger negotiating position. With that said, it may be inevitable that a home buyer has to make a rent and a mortgage payment simultaneously for one or more months.

So when is it safe to tell your landlord you're leaving? Should you wait until the purchase and sale agreement (P&S) is signed, the loan commitment has been received or the closing has taken place? It all depends on your risk tolerance.

Home buyers give their landlords notice that they're leaving all the time before the closing occurs. Some people wait until the P&S is signed, others wait until the loan commitment is provided by the lender. Some home buyers want a sure thing, and they just wait until the closing happens and the deed is recorded.

There are countless things that can happen – some are pretty rare – that can derail the closing or push back the closing date after a seller accepts a home buyer's offer. First, there is the home inspection. It's probably a mistake to notify your landlord that you are moving out prior to the home inspection. 

Once the P&S is signed, the likelihood of closing increases; however, the loan commitment (the date by which your lender needs to provide you with  a letter assuring that you're receiving the loan) is subsequent to the signing of the P&S. Once your lender has provided a loan commitment, there is even a greater chance you will reach closing. After the loan commitment date is probably the most popular time for home buyers to notify a landlord of their intention of ending a tenancy. 

Are there other issues that can arise between the loan commitment date and closing? Sure, but most are pretty rare. Title issues are rare, but do occur, and title issues may kill the deal or delay a closing. Lenders typically recheck credit reports and conduct employment verification within a 72 hours of closing. A job loss or negative notation on a credit report could result in a home buyer not getting a home loan. It may make sense not to schedule a closing date to close to the date you must vacate your apartment, just in case the closing is delayed a few days.

Download the Quick Guide to the Massachusetts Home-buying Process

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

How Unmarried Home Buyers Hold Title to Real Estate in Massachusetts

Feb 15, 2014 5:20:00 PM

Obviously, not every home buyer that purchases real estate is married. Unmarried couples and friends, as well as relatives, have two choices on how they may hold title to real estate in Massachusetts. Married couples have another choice.  

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Topics: Home-buying Tips, Massachusetts Relocation, Real Estate Law, Boston Relocation

What MA Home Buyers Should Know About Underground Oil Tanks?

Jan 4, 2014 11:45:00 AM

Massachusetts home buyers should inquire about whether a home has an underground oil tank because of the potential environmental problems the tank may cause, if a leak occurs. 

Massachusetts underground oil tankIt isn't common for an underground oil tank to still be in use; however, over the years old underground oil tanks have been abandoned rather than removed when heating systems have been upgraded.

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Topics: Home-buying Tips, Real Estate Law, Real Estate Misc.

What Massachusetts Home Buyers Should Know About Proposition 2 1/2

Dec 27, 2013 8:45:00 AM

Massachusetts home buyers will want to take into consideration the total cost of purchasing a home. Besides the price of a home and the cost of borrowing, as well as other costs, home buyers will want to consider real estate taxes in the city or town they plan to buy a home in. 

Local real estate tax rates vary throughout Massachusetts; however, there are some limitations to a city's or town's ability to raise property taxes. 

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

What Does Broom Swept Condition Mean to Massachusetts Home Buyers?

Sep 19, 2013 9:43:00 AM

Many Buyers assume that when they purchase a property, it will be delivered clean and move-in ready. That is not always the case.

In Massachusetts, properties are sold “as-is.” Unless there is specific language to the contrary in a contract / offer to purchase or a purchase and sale agreement, a buyer purchases a property in the condition that it is in at the time the contract is signed, wear and tear notwithstanding. There is nothing that requires a seller to remove trash and debris and/or clean the property prior to the closing. The condition of the property at the time of closing needs to be agreed upon in advance.

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Topics: Home-buying Tips, Real Estate Law, Homeowner Tips

MA Home Buyers Should Carefully Weigh Pros/Cons of Escalation Clause

Jul 18, 2013 2:59:00 PM

This current Massachusetts real estate market has seen a significant increase in demand in home buyers looking to purchase over the past year. At the same time the number of homeowners willing to sell has plummeted, causing a dramatic decrease in inventory.

Many factors play a role in the condition of any real estate market, including, but not limited to, the economy, interest rates and employment; however, the most important factor is supply vs. demand. 

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Topics: Home-buying Tips, Real Estate Misc., Real Estate Law

    

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