Frequently Asked Questions

 

What is the fee for our services?

The answer is: There is no fee to buyers directly.

 

Our fees come from a split in commission paid by the Seller to his/her agent when the house is sold. Specifically, the Seller pays an agreed upon fee to his/her listing agent, and the listing agent, in turn, gives a percentage of their fee to the agent who brings a buyer to purchase the home. This fee is paid at closing from the Seller's proceeds from the sale of the home.

 

The commission amount is stated upfront on all MLS (Multiple Listing Service) listings. When we search for houses on MLS, we see this commission amount. MLS is used by almost all real estate agents in Massachusetts. Home listings you see on other sites (such as realtor.com) are first put in an MLS system. Each state has its own type of MLS.

 

Is there a retainer?

 

The answer is: no.

 

We do not take any money upfront from our buyer clients. We feel this is the best method for many of our clients, especially first-time homeowners who prefer to save their money for the deposit on the home. Some buyer agencies charge an upfront retainer to pay for their services in the event the buyer does not buy a home with them; it's best to ask the policy on retainers before choosing a buyer agency.

 

Our policy is: If we do not find you a home, we do not charge for our services.

 

Is there a fee for our legal services?

 

The answer is: no. There is no fee for our legal services pertaining to the purchase of a home if you use our buyer agency services.

 

Our legal services are complementary, and give buyers a sense of security when making the important decision to purchase a home.

There may be fees for recording your new Deed, Mortgage, and other related documents, with the Registry of Deeds. Recording fees are set by the Massachusetts Registry of Deeds. You can find out these fees by calling your local Registry of Deeds.

 

There may also be fees charged by your closing attorney (the attorney representing your bank). Your lender usually requires you to pay the closing attorney fees. Find.a.home cannot prepare the closing documents, because there would be a conflict of interest. We do, however, review all your closing documents and make sure the closing attorney has everything they need, all at no extra fee.

 

 

 

"Before you begin working with an agent it is important to understand that Mass Law provides for different types of representation and broker/agent relationships for both buyers and sellers.

 

Seller Agent: A seller can engage the services of a real estate agent to sell his/her property. This agent, called the listing agent, is then the agent for the seller. This means that the real estate agent represents the seller. The agent must put the seller's interests first and negotiate for the best price and terms for the seller. The agent must, however, disclose any known material defects about the property to the buyer.

 

Buyer Agent: A buyer can engage the services of a real estate agent to purchase property. The real estate agent is then the agent for the buyer. The agent must put the buyer's interests first and negotiate for the best price and terms for the buyer. This means that the real estate agent represents the buyer, and of course that the agent must disclose any known material defects about the property to the buyer.

 

Dual Agent: A real estate agent may act as a dual agent representing both the seller and buyer in a transaction but only with the express and informed written consent of both the seller and buyer. Written consent to dual agency must be obtained by the real estate agent prior to the execution of an offer to purchase a specific property. A dual agent shall be neutral with regard to any conflicting interests of the seller and buyer. Consequently a dual agent cannot satisfy fully the duties that would be offered by either a seller or buyer agent. A dual agent does, however, still owe a duty of confidentiality of material information and accounting for funds. A sample dual agency consent form is available at the Board's website at www.mass.gov/dpl/boards/re/index. htm.

 

Facilitator: When a real estate agent works as a facilitator, that agent assists the seller and buyer in reaching an agreement but does not represent either the seller or buyer in the transaction. The facilitator and the broker with whom the facilitator is affiliated owe the seller or buyer a duty to present each property honestly and accurately by disclosing known material defects about the property and owe a duty to account for funds. Unless otherwise agreed, the facilitator has no duty to keep information received from a seller or buyer confidential...."

 

- Quoted from, "Agency Disclosure, A Consumer Guide to Real Estate Representation"

 

For the full brochure, visit the Board of Registration of Real Estate Brokers and Salespeople.

 

>>Check a real estate agent's license

 

 

Initial Consultation

At Find.a.home Buyer's Broker & Legal Services, each purchase is individualized, and our clients receive services tailored to their needs. Your buying process begins with a free, no obligation consultation, either in person or by phone, where we discuss your home buying needs and answer all your questions. We will ask you what you have done so far in your search, and discuss the type of home you are looking for and the towns which interest you, your time requirements, and your financing plans. We will discuss our exclusive buyer agency policy and our legal services, and provide you with an Agency Disclosure form and a Buyer Agency Agreement.

 

Financing and Pre-Approval

Pre-approval shows a seller that you are serious about buying their home and that you have the financial ability to follow through with your offer. If you haven't already done so, now is a good time to speak with a lender/mortgage company to get yourself pre-approved for financing. The process is simple: furnish your lender with necessary paperwork, such as a statement of income, and your lender will issue you a mortgage commitment letter stating that you are eligible for a mortgage. It's important to have a copy of this letter when preparing your offer, so that we can tailor your offer to any requirements in your mortgage commitment letter.

 

Our Search for Homes

Once you are pre-approved for financing, we will search for homes for you based on the information you provided us during our initial consultation. The Massachusetts Multiple Listing System (MLS) Property Information Network database is our main search portal. If there is nothing that meets your preferences, we will search community newspapers and homes for sale by owner. We try to narrow our search to homes that match the description you provide us and we will preview homes for you in order to save you time. Our goal is efficiency, and by narrowing our searches and previewing homes, we have helped buyers find their "perfect" home in one day.

 

Your Search for the "Perfect" Home

Finding the right home is a personal decision. Once we find compatible homes, and before we show them to you, we provide you with a description of the homes and their locations. We encourage you to drive by the homes and visit the neighborhoods. If you like the homes, we will set up appointments to show you each one. We can also email you details of homes of interest as they come on the market, and help you find more information on homes you might see on sites such as realtor.com.

 

Offer to Purchase - a Binding Contract

Once you find a home you want to purchase, your next step is to present a written offer to the seller. Contracts to purchase real estate in Massachusetts must be in writing to be legal, and in Massachusetts, a written offer to purchase is a binding contract... just as binding as a purchase and sale agreement. Although you sign an offer before you sign a purchase and sale agreement, your offer has the same legal obligations. With Find.a.home, you will have an attorney with you when you sign your offer. We will explain any questions you may have and we will attach any necessary legal addendums (additional pages), such as home inspection and mortgage contingencies, to protect your interests in your purchase.

 

Purchase and Sale Agreement

Once the seller accepts your offer, their broker will present you with a purchase and sale agreement. This written agreement is longer than the offer and details more specifics pertaining to your purchase. We will review your purchase and sale agreement for you, making sure any contingencies we put in the offer are incorporated into the purchase and sale agreement as well.

 

Home Inspections and Re-Visiting Your Lender

After the purchase and sale agreement is signed by you and the seller, you will have a time period in which to complete home inspections and tests, and to re-visit your mortgage lender to fulfill any financing conditions. It is your responsibility to meet all your lender's requirements before the deadlines. For a list of licensed home inspectors, visit the Massachusetts Board of Registration of Home Inspectors

 

Preparing for the Closing

In addition to preparing for your move, there are some tasks you can complete while waiting for your closing. You will need to obtain homeowner's insurance (make sure to bring a copy of this to your closing), confirm your closing date and time with the lender's attorney, obtain a bank check for any money you need to bring to the closing (the lender's attorney will provide you with this information), submit change of address forms to the post office, and transfer your existing home utilities. We will set up a "walk through" for you to visit your new home before the closing to make sure the home is ready for you.

 

The Closing

The closing is transfer of ownership from the seller to you. Your mortgage lender's attorney will conduct the closing and prepare all the closing documents. The closing attorney also prepares the title insurance, pays off existing mortgages, obtains property tax information, and records your deed and mortgage. This closing attorney represents your lender, but lender's usually require the buyer to pay this attorney's fees at the closing. We will contact the closing attorney to ensure your closing will go smoothly and review pertinent closing documents, such as the HUD settlement sheet (a detailed list of the distribution of money relating to your purchase), for you prior to the closing. Closings usually take place at either the closing attorney's office or the registry of deeds, and there will be many papers for you to sign. Once it's finished, the seller's mortgage will be paid off, your deed and mortgage will be recorded, and you will be the new owner!

 

 

The Board of Home Inspectors has published a brochure for consumers titled "the Home Inspectors Facts for Consumers sheet." This fact sheet should answer all your questions regarding finding a licensed home inpector. All Massachusetts real estate agents are required by law to provide home buyers with a copy of this fact sheet. To view this fact sheet, visit the Board of Home Inspectors website.

 

Also, you can view or search, by name, license number, or town, the entire list of licensed home inspectors at the Board of Registration of Home Inspectors website.