A-ha Moments in Real Estate TransactionsDecember 5, 2015
Although many Boston luxury real estate transactions go to the closing table smoothly and uneventful, buyers should always anticipate last minute glitches without losing one’s cool. There are often issues that come up with the Title, including past mortgages that have been discharged but failed to be recorded. This is a fairly common occurrence with Boston luxury homes, but for most part, it gets cleared up quickly.
Other issues are less common and require meticulous attention to detail by both Boston luxury real estate brokers and attorneys representing the sellers. Some sellers are not too detail oriented.
Here are a few items that demand attention to detail when purchasing Boston luxury homes:
• The exact condo fees (in case of a condominium or a coop building). Call the management company to get the “exact” fees before listing the unit. Or have the seller to reconfirm the amount in writing. Boston luxury real estate buyers and / or their lenders need to have the exact number in order to process a loan.
• Number of parking spaces. In larger luxury residential buildings that have “valet” parking, the number of designated parking spaces have to be very clear. In some buildings, owners have the liberty and ease of having a second or third car parked thinking inadvertently that they have that many spaces. Make sure to confirm the number of spaces allotted to the unit. The seller’s attorney can easily determine this by checking the deed.
• Owner occupancy in the building. This is very important in case the buyer is getting a loan. Should be verified before listing the property.
These are some of the facts that should and could be verified before listing Boston luxury homes. Otherwise, it will come back to haunt you at the closing table, and the deal can literally fall apart for a small detail that could have been verified beforehand. And there’s no reason to prolong the home buying process.