NavigatingtheHome PurchaseProcess
ExceptionalService fromStart toClose
Our commitment has always been to curate an exceptional experience for our clients ? one that is characterized by excellence, integrity, and professionalism Whether you are embarking on your first home purchase, transitioning from another region or country, exploring real estate options, or seeking out-of-state opportunities, it is essential to align yourself with experts Our team of experienced Real Estate Agents understands your unique requirements. We possess an in-depth grasp of our local markets, fortified by an extensive global network, and are committed to providing our clients with comprehensive advice and strategy Gibson Sotheby's International Realty has prepared this Buyer Guide to provide you with a keen understanding of the crucial components and choices available to buyers during the purchasing process Our purpose is to inform and guide you through each phase of this journey.
TrishaSolio
Since 1986, through all kinds of markets, hundreds and hundreds and hundreds of people have trusted Trisha Solio to guide them through buying or selling their biggest asset ? their home With Trisha's depth of knowledge of markets, houses, and negotiating, she elevates her clients' expectations and achieves great results for them Because of her extensive experience in real estate transactions, she is intuitive at anticipating potential problems and creative in resolving them
Whether she is developing a custom marketing plan to sell your home or helping you devise a successful strategy for finding the right home, you can count on her to have your best interests at heart and to bring wisdom, clarity, and patience to the process Her warmth and sense of humor often make what could be a stressful experience into an uplifting one. That?s why so many of the people she has worked with come back to her for all their real estate needs and love to refer their friends
Trisha is a top selling agent and perennial winner of real estate production awards and was named a Top Boston Real Estate Agent by Boston Magazine in 2019. Trisha is a National Association of Realtors Green Designee, a Seniors Real Estate Specialist (SRES), and an Accredited Staging professional, among other designations.
Realtor®, SRES®, Green, ASP Staging Professional 617293 8070
Trisha Solio@GibsonSIR com thesurrealtors.com
KathyPower
Kathy Power brings over 20 years of experience with the Surrealtor team and many years of experience in marketing, customer service, and business consulting. She talks like a banker, listens like a therapist, and acts as a good friend With her perceptive understanding of what you want and need, she is effective at producing real estate results for you
Kathy's skill at financial analysis of real estate investments is expressed in The Surrealtors' Investment Decision Worksheet, which helps buyers and sellers to calculate scenarios, compare properties and make sound decisions
Kathy's technology talents bring the Surrealtors' buyers and sellers an edge in search and marketing, including custom websites for properties we list. Her mastery of the myriad details that make up a real estate transaction assures that everything is handled so you can relax and start packing
Kathy's life experiences include building a house from the ground up and conceptualizing, designing, and operating a successful restaurant. She has a Masters in Philosophy, Ethics, and Writing and is a published writer
NavigatingtheHome PurchaseProcess
YourTrustedReal EstateAgents
Buying a home is typically one of the largest investments you will make and will have a lasting impact for years to come Our team of trusted Real Estate Agents will expertly guide you through the many intricacies of buying a home and help you to avoid costly mistakes
Leverage t he Sot heby's Int ernat ional Realt y®Brand
Sotheby's International Realty® is a globally recognized brand that lends credibility to your offers and elevates your representation Our success is defined by our deep commitment to our clients This trust has been built over 270 years of Sotheby's selling their clients' most valuable treasures.
Navigat ing t he Home Purchase Process
Having an experienced professional in your corner offers a competitive advantage when searching for your home and accessing local resources.A Real Estate Agent?s broad perspective can provide a stabilizing force to assist you through what can be a challenging, but ultimately rewarding,process.
BenefitsofExclusive BuyerRepresentation
Your Gibson Sotheby's International Realty Agent will prepare a contract outlining our services so we can commit to assisting you with your home purchase transaction As your exclusive buyer representative, we will guide you through the home purchase experience from start to close Below is an overview of how we demonstrate value and contribute to a successful purchase
- Provide an overview of the current market dynamics and challenges
- Create a purchase strategy
- Assist with procuring financing by referring you to lenders with a successful track record
- Evaluate purchase price range
- Set up listing alerts with MLS or RealScout
- Schedule property tours,both privately and open houses
- Provide access to Off-Market,Coming Soon and Office Exclusives,as available
- Review disclosures and reports on selected homes
- Evaluate and negotiate the offer
- Recommend vendors for inspections In Massachusetts, a Real Estate Agent can only provide a licensed home inspector referral if the agent exclusively represents the Buyer
- Recommend a Closing Attorney
What toExpect onYour InitialConsultation
An initial meeting is important to understand your home-buying needs and to develop a strategy to help you successfully make a purchase
Underst anding your real est at e goals
- Purchase time frame
- Past experience with real estate purchasing
- Risk tolerance
- Financing and stage of pre-approval,if a loan is needed
Refining propert y search crit eria
- Location and neighborhood
- Price range
- Size of home, style,amenities
- Specific requirements and non-negotiables
- Condition of home and flexibility to make improvements
- School districts,commute,neighborhood amenities and distances to such amenities
First Stepstoa SuccessfulPurchase
Each home buying journey is unique, just like our clients. The following is a list of some of the items our Real Estate Agents can assist you with that may be part of your home purchase process
Financing Assist ance
Financing and good lender relationships are important Our Agents can:
- Provide a list of Lenders who can pre-approve you and confirm the purchase price range
- Suggest that you obtain loan pre-approval subject to the property selection
- Collaborate with Lender on any Bridge Loan so you can buy before you sell
- Provide any requested contract documentation
- Show the property to the Appraiser and provide supporting comparable sales information
PropertySearch
Our Real Estate Agents view properties regularly, follow local market dynamics and are here to guide you in finding the right home Your Agent can:
- Set up automated listing alerts that meet your search criteria
- Present Off-Market or Pre-Market listings as they arise
- Communicate with Listing Agents to schedule and set up private showings
- Map out and tour properties together
- Recommend properties that are available to view at open houses
- Provide monthly Market Reports
- Review the pros and cons of each home after viewing
PropertyEvaluation
Your Agent can help you assess how your selected property compares to others on the market and to homes recently sold One benefit of having a trusted Real Estate Agent is their familiarity with required disclosures, recommendations for inspectors and experience with reviewing reports.
- Your Agent will request the Disclosure Package,if any,and other necessary information from the Listing Agent
- Discuss with your Agent any additional inspections or reports and determine the time frame for needed contingencies
- If the home is in an HOA, and the Seller has not provided the HOA documents,your Agent can explain the typical timing of the process to receive and review the documents
- Recommend a Closing Attorney experienced in real estate transactions and Title issues
WritingaCompetitiveOffer
When you locate a property that meets your needs, your Agent will provide a market analysis and strategy to assist you in determining an offer price and terms, and then negotiate on your behalf.
- Communicate with the Listing Agent to get the best information possible about competing offers and Sellers' preferences regarding terms and the timeline for offer submission
- Review comparable sales and discuss the price and terms that can best position your offer
- Prepare a compelling offer with the relevant addenda and disclosures,and submit the loan approval letter and proof of funds with the offer
- Get signatures and initials on all offer documents to provide a complete offer
Present ing your offer
Representing you in the best light can be helpful in securing the home you desire.What may not be evident at the outset is the value of having a Gibson Sotheby's International Realty Agent with a trusted brand and excellent reputation in the eyes of other agents ? who are often a key factor in helping their clients assess competing offers.
- Present the offer in a timely manner
- Maintain communications and forward any counteroffers for review
- Negotiate on your behalf and write any addenda or subsequent counter-offers
AcceptedOffer
Once an offer is accepted and necessary measures such as a home inspection are accomplished, both the Buyer and Seller will need to sign a more detailed contract, known as the Purchase and Sale Agreement. Massachusetts has a two-contract process: an offer with basic terms, followed by a Purchase and Sale agreement between the Buyer and Seller and negotiated between attorneys
Massachusetts is not a Seller Disclosure state, meaning it is not a legal requirement to provide a disclosure form to any prospective buyer. Your Attorney will negotiate a detailed agreement that is designed to protect you and outlines all terms of the agreement The Buyer?s attorney may seek representations from the Seller regarding the property, its condition, whether claims are pending against the property, and if so, how potential issues will be resolved, and which party bears the risk
A well negotiated Purchase and Sale Agreement protects all parties and addresses challenges that may arise leading up until closing
HomeInspectionsand OtherContingencies
There may be numerous contingencies associated with your contract, including a home inspection In Massachusetts, only an exclusive Buyer?s Agent can recommend a Home Inspector.Your Agent will assist you in navigating this process.
- Your Agent can help you locate a Home Inspector,plus arrange any additional inspections if needed
- Coordinate and schedule the home inspection
- Attend the home inspection
- Forward and review the Inspection Report with you
- Assist you in negotiating repairs or credits
- If appropriate,assist with conveying termination of the offer based on home inspection issues to protect your deposit
- Communicate with your Lender as requested
- Assist the Appraiser with access to the home and provide comparables,as needed
- Provide resources for Homeowners Insurance
- Guide you through any remaining contingencies
TheClosingProcess
Congratulations on your home purchase!
- Your Agent can recommend movers, interior designers,landscapers, general contractors,gardeners, cleaning services,and home maintenance services
- Arrange for a final walk-through of the property
- Provide resources for a Home Warranty Policy
- Accompany you to the settlement
- Upon recording title,provide keys
UnderstandingBuyer Representation
Gibson Sotheby's International Realty agents will provide you with a Buyer Agency Agreement that will explain in detail the role of your Buyer Agent. A Buyer Agency Agreement will be signed by the purchaser and the Broker in order for the Agent to represent the purchaser on the buyer-side of a transaction A Buyer Agent represents only the Buyer and promotes and protects their best interests throughout the transaction,keeping all information confidential.
Once an agreement is signed, the Buyer Agent owes a fiduciary duty to represent the best interests of the Buyer throughout the purchase process; including obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care In rare circumstances, Dual Agency occurs, meaning your Buyer Agent may have a pre-existing relationship with a Seller. That being said, both the Buyer and Seller must consent and provide written authority for the Agent to engage in Dual Agency This process will be explained to you further in your initial Buyer Consultation.
About Brokerage Compensation
Similar to a Listing Agreement, Buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty This confirms the compensation for the Buyer's Agent and Brokerage It should be noted that the amount a brokerage charges is not fixed by law, the commission amount is negotiable, and brokerages may set minimum compensation
HowareCommissionsPaid?
Seller Paid Brokerage Commission
Buyer Paid Brokerage Commission
When listing a property for sale, Sellers enter into a Listing Agreement and agree to pay a commission to the Listing Broker. In some cases, the Seller may also offer a commission to be paid to the Broker representing the Buyer In circumstances where the Seller does not agree to compensate a Buyer?s Agent, Buyers may request in the written offer that Sellers pay some or all of the Buyer Broker's commission This allows the commission to be incorporated into the final sale price The Seller can write off the commission and the Buyer does not need to pay the commission with additional funds at closing Instead,the commission will be paid from the Seller's proceeds
Buyer's Agents can search for properties not listed in the MLS, including For Sale By Owner, Off-Market Listings, and Office Exclusives. The Buyer Agency Agreement specifies the commission for Buyer representation and allows Agents to represent Buyers even when no cooperative compensation commission is offered. If the offer of compensation offered is less than the agreed upon amount in the Buyer Agency agreement, the Buyer will cover the difference at settlement. However, the Buyer can avoid this by making it a condition that the Seller pay the commission if they accept the offer
WhyChooseUs?
Let Us Be Your Guides t o a Great Real Est at e Experience
The Surrealtor Team brings a unique blend of experience, skills, systems and qualities to help you achieve your real estate needs,goals and desires.
- Our 40 years of experience means that we know houses and we know the real estate market and how it works.
- Our skills include detailed research, creative marketing, perceptive listening, masterful negotiation, New/ Now/ Next technology
- Our systems mean that your purchase or sale will betransacted successfully and efficiently.
- We bring caring, loyalty, humor, wisdom and honesty to our real estate clients and commit to being their real estate resource for life with our Home Infinity Program
88% of our business comes from returning clients and referrals We want to deliver you the same outstanding experience that keeps them coming back
YourLifeisUnique
What you need in a home and a home buying process is unique Buying a home is one of life's major financial and personal decisions. We have resources here to help you explore some of the elements of this big decision
The Key t o a Successful Experience
But really, your relationship with your Realtor is the key to a successful experience. You need someone who
- knows about houses,neighborhoods, and the market
- will get to know you,listen, and help you clarify what you want
- will negotiate the best deal for you
- and most importantly,will put your needs first.
We will do all this for you? and more
Buyer Beware
In a real estate transaction, the Seller Agent represents the Seller's interests. You need a Buyer Agent to represent your interests
As your Buyer Agents,we will
- help you craft a buying strategy that works for you, and shepherd you through the whole process smoothly
- help you see clearly both the strong and weak points of properties you're considering
- critically compare the property you've chosen to other recent sales to determine its real market value and make sure you don't overpay
- negotiate masterfully for you
B UY I N G A B OSTON A REA H OM E
10StepstoYour NewHome
0 1 | Find a Real Est at e Agent
Your agent is your partner in the buying process and has just one job - to make sure you get the right home for the best price
02 | Imagine t he Possibilit ies
Be a smart consumer Using an internet property search you can compare neighborhoods, locations, styles, and sizes of homes What?s important to you? An extra bedroom? A quiet side street? Parking? Café life?
03 | Get a Mort gage Pre-Approval
Your lender will help you set the price range that fits your resources. With your pre-approval in hand, you will be ready to act when you find the right house
0 4 | Shop
Tour many houses Zero in on neighborhoods, features, and price range. When you find the right home,you?ll know it
0 5 | Make an Offer
An offer starts a conversation with the seller In addition to a price, it contains terms of the sale? things like inspection and mortgage contingencies, items included in the sale, closing date.A deposit accompanies the offer.
0 6 | Inspect ion
The Home Inspection Contingency protects you if the inspection finds problems with the structure or systems of the home The inspection can also help you plan the home?s maintenance and care
07 | Purchase & Sale Agreement
This contract is usually negotiated by your attorney & spells out all of the agreements between the buyer and the seller. An earnest money deposit is due on signing
0 8 | Mort gage Applicat ion & Commit ment
After you complete your mortgage application, your lender will appraise the property to confirm its value The mortgage commitment letter is the lender?s agreement to loan you the funds
0 9 | Pre-Move Planning
In addition to packing, you will need to purchase homeowner?s insurance, order utility service, and prepare change of address forms
10 | It 's Yours
A final walk through assures that the house is in the agreed on condition. The closing brings all the parties together to sign the necessary papers,exchange monies, and complete the sale.
10ReasonstoPutUs toWorkforYou
0 1 | We Put You First
Our job is to get you the right home for the best price We hold your interests above everyone else?s,including our own.
02 | We Know Market s
Since 1986 we?ve been helping people buy and sell their homes in Greater Boston in all kinds of markets We can help you figure out a smart strategy to make the most of this market.
07 | We Keep Everyt hing on Track
Our transaction management system assures that you never miss a deadline, protecting your deposits and your peace of mind
0 8 | We?re Ready Wit h Creat ive Solut ions
Sometimes a glitch comes up on the way to the closing Our depth of experience means that we can foresee obstacles and resolve problems to get you into your new home.
03 | We List en
You?ll learn a lot about yourself and your life in the home buying process We?ll make the time for you to explore your needs and desires and clarify what is important to you
0 4 | We Offer a Great Search
Use our internet search to explore by map, by price range, by neighborhood, by home size Explore dozens of neighborhoods Save your searches. And we can email you daily updates
0 5 | We Negot iat e Mast erfully
We save you money. Our research, insight and experience result in the best price and terms for you
0 6 | We Know Houses
We?ve taken our clients through 10,000+ homes and thousands of home inspections
We can help you spot hidden problems or find a gem in the rough. We?ll also help you determine if needed renovations and repairs fit your budget and your skill range.
0 9 | We?re Your Resource
Whether you need the name of a good attorney, a lender, or a home inspector, or you just want to find a fun hangout in your new neighborhood,we?ve got it
10 | Our Home Infinit y Plan
The closing is the end of this process, but it?s only the beginning of owning your home. Our Home Infinity Plan (HIP) invites you to call us for any real estate related question or need that you may have, from now until forever.We?ll be glad to help.
RelocatingtoBoston? Let UsHelp.
Moving to a new city means starting a new chapter in life It's exciting, but it can also be worrying What neighborhoods should I be looking at? Is that old house well built? Are the schools good? Are they asking too much for this house? How long will it take me to get to work?
Will I lose money if I need to sell in a few years?
You'll make your best decisions with experienced guides who really know what they're doing and will get to know you and your needs and goals? and who will deliver superior service in the house-hunting process
We Know Bost on
Our team has sold real estate in Greater Boston for a combined total of 43 years, and we have lived and owned property in more than a dozen Boston area communities. We know the character of the neighborhoods and towns, the best commuter routes, the hidden gems of culture and cuisine.
Our Moving t o Great er Bost on Program
Our services start with your earliest questions and never end Our goal is to make your relocation as stress-free as possible for you.
To make your transition seamless, we will
- schedule an in-depth telephone interview to learn your needs and deadlines
- help you get to know the area with our extensive online resources, including an MLS search by map
- help you explore the neighborhoods you're interested in,online and in person
- pick you up at your hotel for a tour of houses
- help you take a close look at the schools
- negotiate masterfully when you find the right house
- teach you a wicked good Bahston accent
Bost on Area Housing St ock
From Back Bay rowhouses to the beach houses of Newburyport, Victorians in Jamaica Plain, glass walled high-rises in the Seaport District, triple-deckers in Dorchester, Colonials in Newton, brownstones in Brookline, brick Tudors in Belmont, Greek Revivals in Salem, condos in Harvard Square, contemporaries in Wellesley, lofts in the Leather District, antique farmhouses in Concord wherever you want to live in Greater Boston, we can help you find the perfect home, and then get the best price.
BuyingandSelling at theSameTime
A Breat ht aking Piece of Choreography
Selling one house and buying another is a lot like a trapeze act ? hair raising and possibly disastrous when attempted by amateurs, a breath-taking piece of choreography when executed by an experienced team.
So Much t o Figure Out
Selling one house and buying another is a lot like a trapeze act ? hair raising and possibly disastrous when attempted by amateurs, a breath-taking piece of choreography when executed by an experienced team
- Should I sell first or buy first?
- Should I think about keeping this house as a rental and buying another?
- What happens if someone is ready to buy my house but I haven't found something I really like yet?
- What if I find the perfect home,but mine is not sold yet?
- What are the financing questions I need to get answered?
- What about tax planning? Are there special things I should know?
- What is a kickout clause? What is a bridge loan?
- What if the worst case scenario comes true? Who helps me then?
- What's my back up plan?
Every Sit uat ion Is Unique
Each experience of buying and selling at the same time is unique No one formula is right for everyone. But there is one thing that you can do to put yourself in the best position possible. You can hire a Realtor who excels at every phase of the real estate process and who also understand your needs, your resources,and your tolerance for uncertainty
BuyingAMulti-FamilyHome
One of the benefits of buying a multi-family home is the ability to use the rent payments to help pay your mortgage This lets you have a lower housing expense and build more real estate equity. A two- or three-family home can be a great investment, but it?s not for everyone. Use these questions to help you decide if buying a multi-family might work for you
How comfort able are you wit h home maint enance?
You might have the tools and not mind doing small jobs, or you might know somebody reliable who is handy But remember, there will be two or three kitchens, two or three baths, painting, plumbing,electrical,and yard work.
How are your boundaries?
Your tenants will be your neighbors, maybe even your friends or family These can be really rich relationships, but having tenants can also be complicated and contain possibilities of miscommunication,differing expectations,even court action.
Do you have a cash cushion?
That mortgage payment is due every month? whether your apartment(s) are rented or not.
If you are st ill excit ed... then a multi-family with its mix of home and business may be right for you We have a lot of experience and excel at working with first time multi-family buyers. Call or email us and let?s go look at some houses!
Flexibilit y
Some two-family homes have a modest ?rental? unit and a larger ?owner? unit You can live economically in the smaller unit until you need the larger space. The higher rent you can get from the larger unit will pay a larger part of your mortgage payment Or you can live in the larger unit, yet still have part of your mortgage paid by the rent. Click here for our Multi-Family Financial Worksheet Call or email today to discuss your multi-family thoughts and ask for your customizable Investment Decision Worksheet
Next St ep
When you?re ready to move to your next home, you have the option of keeping the multi-family as a rental property for extra monthly income, for future college tuition, or to help finance an early retirement. If selling is the right strategy, you could sell it as a multi-family. You could also sell each apartment separately by converting to condominiums We can help you plot your path through the perils and promises of multi-family homeownership.
Investors
Our years of experience include not only residential real estate, but business consulting and investment real estate as well. Whether you're a developer or looking for rental income, whether you want a long term buy and hold or a shorter turnaround like a condo conversion, or you're hoping to parlay a real estate investment into college tuition or an early retirement, we have the strategies, tools, and expertise to help you achieve your goals.
Buying
If you're an investor/ buyer, our team can guide you to smart decisions that consider cash flow, risk, ROI, upside potential, neighborhood trends and best use We don't wait for the market to offer up a smart buy? we'll go find it for you.And we have a great eye for a diamond in the rough.
Selling
We consistently get our investor/sellers top price for their investment properties by demonstrating the value of every aspect of the property to potential buyers
Invest ment Tools
In short, we have the tools to treat investment in real estate as the business decision it is Take a look at a sample of our Investment Decision Worksheet here Call or email today to discuss your real estate investment needs and ask for your customizable Investment Decision Worksheet
GlossaryofTerms
Adjust able-Rat e Mort gage (ARM)
Also called a Variable-Rate Mortgage, an ARM is a home loan with an interest rate that adjusts over time based on the market.
Amort izat ion
The length of time it takes to pay off a mortgage in full The amortization is an estimate based on the interest rate for your current term
Annual Percent age Rat e (APR)
The cost to borrow money as a yearly percentage. It's a more complete measure of a loan's cost than the interest rate alone It includes the interest rate plus discount points and other fees
Appraisal
An unbiased professional opinion of a home's value by a licensed appraiser needed to secure a loan. The appraisal will be ordered by your Lender and is typically paid for by the Buyer.
Assessed Value
The dollar value assigned to a property by an assessor for tax calculation purposes It may differ from the appraised value and/or market value
Cert ificat e of Tit le
Legal document issued by a government agency that indicates proof of ownership of property
Closing
The point at which the deed to a property is legally transferred from the seller to the buyer and all documents are recorded. Also known as Settlement
Closing At t orney
In Massachusetts, real estate closings are considered the practice of law, so there will be an attorney overseeing the closing transaction and reviewing title and clearing title issues The Closing Attorney will also be an agent of a Title Company and be able to issue a Title Insurance Policy for the benefit of the Buyer and the Lender
Closing Cost s
The expenses over and above the property's price that Buyers and Sellers incur to complete a real estate transaction These costs may include loan origination fees, discount points, appraisal fees, title searches, title insurance, surveys, taxes, deed recording fees,attorney fees,etc.
Closing / Set t lement St at ement
A document confirming the purchase price and summarizing all of the closing costs and credits due to and from the Buyer and Seller
Commit ment
An agreement to loan a specified amount to a purchaser
Comparat ive Market Analysis (CMA)
An assessment of the attributes and selling prices of comparable properties recently sold or on the market used to determine current market value
Cont ingency
Any requirements in a contract which must be completed before the contract can be considered ready for performance
Deed
A deed is a tangible document signed by the seller, or grantor, of a property. It confirms transfer of ownership from one party to another
Discount Point s
Also called mortgage points or simply points, discount points are a form of prepaid interest One point equals one percent of the loan amount.
Earnest Money
A sum of money given to bind an agreement or an offer made to show good faith
Equit y
The difference between what you owe on your mortgage and what your home is currently worth
Escalat ion Clause
A special provision in a purchase offer that states that a prospective buyer is willing to raise their offer on a home should the seller receive a higher competing offer until it reaches the maximum price the buyer is willing to pay for the home
Escrow
A neutral third party holding assets or funds before they are transferred from one party in a transaction to another
Fixed-Rat e Mort gage
Interest rate and monthly payments remain the same for the entire term of the loan
Homeowners Associat ion (HOA) Fee
A monthly fee the homeowner is responsible for HOA fees typically cover the costs of maintaining common areas, such as lobbies, elevators, landscaping, and amenities, and common utilities, such as water/sewer, garbage disposal, master insurance and property management
Int erest
The cost of borrowing money expressed by a percentage rate
Lien
A security claim placed on a property until a debt is satisfied
Market Value
The price a property should bring based on comparable sales, economic conditions and market trends
Mort gage
A type of loan used to purchase property. The borrower agrees to pay the lender over time, typically in a series of regular payments that are divided into principal and interest. The property then serves as collateral to secure the loan.
Mult iple List ing Service (MLS)
A Multiple Listing Service (MLS) is a database established by cooperating real estate brokers to provide data about properties for sale. An MLS allows brokers to see one another?s listings of properties for sale with the goal of connecting homebuyers to sellers Below are statuses you will see within MLS updates:
New / Act ive
The property is either newly listed or active on the market
Cont ingent (CTG)
The property has an accepted offer Typically, the property is still available to be seen for potential backup offers
Under Agreement (UAG)
A purchase and sale agreement has been signed The buyer is moving forward with the purchase
Back on Market (BOM)
The property is available for sale again after a prior offer or contract fell through
Principle
The outstanding balance of your mortgage
Privat e Mort gage Insurance (PMI)
An insurance premium charged by a Lender to Buyers with less than 20% down payment. PMI insures the Lender in the event that the Buyer should default on the loan.
Purchase and Sale Agreement (P&S)
The Purchase and Sale Agreement is the contract between the Buyer and Seller of real estate It sets out the obligations of each party from the time the property is taken off the market to the closing
Tit le
Title denotes ownership rights: It is the bundle of rights that dictates who has legal or equitable interest in the property It also details the limitations on ownership.
Tit le Insurance
An insurance policy that protects against any errors or claims that may arise about ownership.
Tit le Search
An examination of public records to confirm that the Seller owns the property and it is free from unsettled items,claims or liens
