If you're about to buy a condo or home in Boston, it pays to remember that price and timeline are not the only things to be mindful of. There are contingencies that your sale that are in place for your protection, and you'll need to pay attention to them.Most of the contingencies are to be completed prior to your signing the "Purchase and Sale" contract (also called the "P & S").First on your list is the inspection contingency. You'll set up an inspection for the first few days after having had your offer accepted and put under agreement. If there are inspection issues of concern, this gives time to resolve them before you move on to the P & S. As stated in the Greater Boston Real Estate Board's addendum form, the contingency exists to protect you from "serious mechanical, structural, or other defects." A threshold dollar figure is inserted in the form (usually $1,000 for repairs), above which the buyer can opt out of the transaction. Typically, buyer and seller come to some sort of negotiated agreement on repairs. I generally encourage my buyers to get a credit rather than have the seller do the repairs because youll want to make sure such repairs are done to your satisfaction. Again, these issues should be agreed to prior to signing your P & S.Next, have your attorney (always use an attorney!) look over the condo documents and the association financials to ensure that the association was properly set up and in sound legal standing. Make sure you know policies on pets, insurance, rentals, and any other policies. Your attorney will know what is important to know. You should also review the financials and, if you can, it's often helpful to talk with the association trustee(s) or management to learn the association's financial footing. Ask if there are reserves. Ask if there is work coming up on the building, and who will pay for it. Ask if there are other issues within the association you should know about. Your attorney and your agent will help you gather the necessary information.Your last contingency, assuming you are financing your purchase, is your ability to obtain a mortgage. You'll need to have made a full mortgage application by a certain specified date, and you should get the ball rolling on that as soon as your offer is accepted. The date should be the day after the signing of the P & S, because lenders will need the P & S to make an application.There's a second important date, and I can't overstate the importance of this. It's the mortgage commitment date; the date by which your mortgage contingency expires. If this date should pass and you've failed to get a mortgage and can't buy the property, you're in danger of losing your deposit.Here's my more detailed transaction guide.If youhavequestions about buying or selling Boston real estate, please call me at
617-584-9790, or send me an email via the link below.
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This architectural masterpiece is listed by one of my Sotheby's affiliates in San Antonio, Texas! The 12-foot entry is a light-filled open floor plan with spacious living spaces and awe-inspiring views. The entertaining space features a 500 bottle temp-controlled cooler. This home has 6 bedrooms and 5.5 bathrooms, and a master suite with a separate living area, walk-in closet, and spa-like bath with a large soaking tub. The ultra-modern pool is an engineering marvel in itself featuring a waterfall that cascades from the roof.See more photos and details of
I see some exceptional real estate in the
Urban dwellers love getting the most out of outdoor spaces while the opportunity is there. Dinner and drinks on your condos deck, balcony or patio is one of the joys of summer months in the city. Every year around this time I like to repost the City of Boston'srules for rooftop, deck, and patio grilling. Heres what you need to know to stay safe and legal.If you are planning to cook on your outdoor space, first learnBostons
If you're in Boston right now, you know it's colder than cold out there. There's an excellent Boston Globe article from Winter 2016 that seems especially appropriate right now. It'sabout keeping pipes from freezing, something that is important for a homeowner, or prospective homeowner, to pay attention to during cold spells:
In itseffort to strategize bettercommunicationand collaboration with Boston neighborhoods,the Boston Planning & Development Agency (BPDA) worked with a Bostondesign firm called Continuumthat focuses on institutions with complex problems.There's an interesting article about this ongoing transition inFast Company, highlighting Mayor Marty Walsh's role in initiating a strategic overhaul of what was until recently known as the Boston Redevelopment Authority (BRA). Changing the BRA's identity and branding was a first step in moving forward to a better exchange with City of Boston residents.Jon Campbell, the senior vice president of experience and service design at Continuum, describes realizing the need to understand and work witheachneighborhood's character:
Now thatwe're suddenly having glorious weather, let's look at some of the great outdoorsy environs the City of Boston has to offer! The Boston lifestyle offers many excellentspaces to enjoy.Curbed Boston has put together one of its lovely signature maps of 11 dreamy downtown Boston locales, designed for days like this. Featured among them are some big open spaces, water features, trees, and views.Read Curbed Boston's
With Opening Day for Fenway Park on the other side of this weekend(Monday, April 3), I'd like toshare an itemon Fenway Park construction by the Boston Business Journal.According to BBJ, at least $3.6 million in improvements to the park took place over the winter, ranging from structural shoring to building new game suites. BBJ has also put together a slideshow to illustrate what the park's ground crew preparations have been like in recent weeks. Those projects include removing ice and snow, removing grass, re-sodding, dismantling an ice rink, and plantinga coyote decoy to ward off geese.Read Boston Business Journal's 
