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Home Inspection Protects Consumers
Real estate agents are not trained to find structural, electrical,
plumbing, septic and other problems with a home or land and do not
guarantee the condition of property they sell.
As of May 2001, home inspectors
are required to be licensed in the Commonwealth of Massachusetts. A home inspector's
license can be verified with the
Board of Registration of Home Inspectors website
or by calling the Board at (617) 727- 4459.
A standard home inspection is a
visual examination of the physical structure and major interior systems of a residential
building consisting of one to four dwelling units.
It should be clearly understood that a home
inspection is not to be confused with an appraisal, a building code inspection, a
guarantee of any kind, and/or an insurance policy on the condition of the property.
During an inspection, the
inspector will review the readily accessible exposed portions of the structure of the
home, including the roof, the attic, walls, ceilings, floors, windows, doors, basement,
and foundation as well as the heating/air conditioning systems, interior plumbing and
electrical systems for potential problems.
Home inspections are not intended to point out
every small problem or any invisible or latent defect in a home. Most minor or cosmetic
flaws, for example, should be apparent to the buyer without the aid of a professional.
A home inspector is
typically hired by a potential homebuyer right after the offer to purchase
real estate contract is
signed, prior to executing the final purchase and sales agreement. However, before the
potential buyer signs the offer to purchase contract, he/she should be sure that there is
an inspection clause in the contract making the purchase obligation contingent upon the
findings of a professional home inspection. This clause should specify the terms to which
both the buyer and seller are obligated.
Real estate brokers and salesmen
may not directly recommend a specific home inspection company or home inspector unless
representing the buyer as a buyer's broker. Brokers, however, may provide assistance to
buyers in accessing information on licensed home inspectors.
Good referral sources for home
inspection services are friends, neighbors, or business acquaintances who have been
satisfied with a home inspector. In addition, lawyers and mortgage brokers may also
recommend a home inspector. The names of local inspectors can be found by searching the
Division of Professional Licensure home inspectors website,
or in the Yellow Pages where many advertise under "Building Inspection Service"
or "Home Inspection Service."
It is strongly recommended that potential buyers
consider having the following inspections and/or tests performed prior to signing the
final purchase agreement: lead paint, pests, wood destroying insects, including termites,
and air quality including radon gas. While some home inspectors are qualified to offer
these services, these inspections and tests are not part of the basic home inspection and
should be contracted through qualified licensed professionals in those fields. It should
also be noted that the seller is required, under 105 CMR 651.010, to provide the potential
buyer with an affidavit disclosing the presence of Urea Formaldehyde Insulation if it
exists. In addition, the seller under 105 CMR 460.750(A) shall disclose if the property
has been inspected for lead paint and provide copies of any lead paint reports concerning
the residential premises or any dwelling unit therein.
Licensed Local Inspectors
- Beacon Home Inspections, Inc.
RR 2, Box 266-K, Tisbury, MA 02568 508-693-9216
- Paul Daniele Home Inspections
Box 54, Edgartown, MA 02539 508-627-7802
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Septic Systems And Cesspools
Massachusetts environmental regulations require that a property which is
serviced by a septic system, cesspool or other private waste disposal system
be inspected within two (2) years before sale (three (3) years if pumped at
least once each year) or within six (6) months after sale (if weather conditions
prevent a pre-sale inspection). Only licensed inspectors and soil evaluators may
conduct such inspections. Should a system fail an inspection, the buyer and seller
may negotiate who will pay to repair or replace the system or, if the agreement
for sale contains a contingency, the buyer may decide to withdraw. The fact that
a system passes a Title 5 inspection is not a guarantee that the system will
continue to function properly. Even a properly maintained system may only last an
average of 15 to 20 years.
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Smoke Detector / CO Certificates
Massachusetts law requires that all residential structures be equipped with
approved smoke detectors and carbon monoxide detectors upon sale. The local
fire department will issue a
certificate to prove compliance.
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Finance
Bank of Martha’s Vineyard
A Division of Sovereign Bank
Contact: Jeannie Ogden
Phone: 508-696-4463
jogden@sovereignbank.com
Martha’s Vineyard Cooperative Bank
Contact: Tim Lowe
Phone:508-693-0161
Edgartown National Bank
Contact: John Washbrook
Phone: 508-627-1123
1-800-627-1123
Dukes County Savings Bank
Contact: Bob Wheeler
Phone: 508-627-4266
Martha’s Vineyard Mortgage Company, LLC
Contacts: Polly K. Bassett and Carol J. Borselle
Phone: 508-696-1801
Fax: 508-696-1803
Anchor Mortgage
Contact: Sheila Adams
Phone: 508-696-7676
1-800-640-4333
Sheila@askanchor.com
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Buyer Broker Agreement Protects
Consumers
Massachusetts law prohibits a real estate broker or salesperson from
representing or negotiating on behalf of a buyer unless a buyer has an
agreement (either written or verbal) to allow the broker or salesperson
to act on the buyer's behalf. For the protection of consumers, Massachusetts
law encourages that all business relationships be defined in writing.
Buyer Broker Agreement
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Mandatory Massachusetts Agency Disclosure Protects
Consumers
The state of Massachusetts requires that real estate
agents provide this
disclosure to home buyers and sellers. MGL Ch 112 Sec 87AAA½.
MASSACHUSETTS BOARD OF
REGISTRATION OF REAL ESTATE BROKER AND SALESPERSONS
MANDATORY AGENCY DISCLOSURE- AGENCY RELATIONSHIP
The purpose of this disclosure is to enable you to
make informed choices before working with real estate
licensees. It must be provided at the first personal meeting
that you have with an agent to discuss a specific property.
THIS IS NOT A CONTRACT. It is a disclosure notice for your
information and protection. BE SURE TO READ THE DESCRIPTIONS
OF THE DIFFERENT TYPES OF AGENCY REPRESENTATION AT THE BOTTOM
OF THIS DISCLOSURE.
CONSUMER INFORMATION
- Whether you are the buyer or the seller you can choose to
have the advice, assistance and representation of your own
agent. Do not assume that a broker is acting on your behalf
unless you have contracted with that broker to represent you.
- All real estate licensees must, by law, present properties
honestly and accurately.
- If you are a seller you may authorize your listing
agent to cooperate with agents from other firms to help
sell your property. These cooperating agents may be subagents
who work for the seller or buyer’s agents.
- If you are the buyer you have the option of working
with seller’s or buyer’s agents. This decision
will depend on the types of services you want from a real
estate agent. A buyer should tell seller’s agents,
including subagents, only what he/she would tell the seller
directly.
TYPES OF AGENCY
REPRESENTATION
SELLER’S AGENT
When
a seller engages the services of a listing broker, that
seller becomes the broker’s client. This means the
broker, and his/her subagents represent the seller. They owe
the seller undivided loyalty, utmost care, disclosure,
obedience to lawful instruction, confidentiality and
accountability. They must put the seller’s interest
first and negotiate for the best price and terms for their
client, the seller. (The seller may also authorize
subagents to represent him/her in marketing the property
to buyers).
BUYER’S AGENT
When a
buyer engages the services of a broker then that buyer
becomes the broker’s client. This means the broker
represents the buyer. The broker owes the buyer undivided
loyalty, utmost care, disclosure, obedient to lawful
instruction, confidentiality and accountability. The
broker must put the buyer’s interest first and
negotiate for the best price and terms for his/her
client, the buyer. (The buyer may also authorize
subagents to represent him/her in locating property.)
(NON-AGENT) FACILITATOR
When a real estate
agent works as a facilitator that agent assists the seller and
buyer in reaching as 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 and 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.
The role of facilitator applies only to the seller and buyer in the
particular property transaction involving the seller and buyer.
Should the seller and buyer expressly agree a facilitator relationship
can be changed to become an exclusive agency relationship with
either the seller or the buyer.
DISCLOSED DUAL AGENT
A broker can work
for both the buyer and the seller on the same property
provided such broker obtains the informed consent of
both parties. The broker is then considered a disclosed
dual agent. This broker owes the seller and the buyer
a duty to deal with them fairly and honestly. In this
type of agency relationship the broker does not
represent either the seller or buyer exclusively
and they cannot expect the broker’s undivided
loyalty. Also undisclosed dual agency is illegal.
The duties of a real
estate licensee do not relieve the consumer of the
responsibility to protect his/her own interest.
Consumers with questions on whether and how real
estate agents share fees should pose them to the agent.
If you need advice for legal, tax, insurance or other
matters it is your responsibility to consult a professional
in those areas.
Unless contracted to serve as
an agent of either the SELLER or the BUYER of real property, Jane Brown
Associates and all affiliated agents conducts business as a non-agent
facilitator. Jane Brown Associates does not permit sub-agency as defined
by Massachusetts law.
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Property Transfer Lead Paint Notification Protects Consumers
Under Massachusetts and federal law, owners and real estate agents must comply
with Lead Paint Property Transfer Notification requirements when a prospective buyer or tenant with an option to buy is about to purchase a home built before 1978. The aim of this requirement is to inform prospective buyers about:
- The danger lead paint poses to children and adults
- Lead poisoning prevention steps
- The requirements of the Lead Law
To comply with both state and federal requirements, sellers and real estate agents must provide the Property Transfer Lead Paint Notification to a prospective buyer before signing a purchase and sale agreement, a lease with an option to purchase, or a memorandum of agreement used in foreclosure sales. In addition, they must:
- Provide a copy of any lead inspection report, risk assessment report, Letter of Compliance, or Letter of Interim Control.
- Tell the buyer anything they know about lead in the home.
- Tell the buyer that, under the Lead Law, a new owner of a home built before 1978 in which a child under six will live or continue to live must have the home either deleaded or brought into Interim Control within 90 days of taking the title.
- Sign, and have the buyer sign, the certification page of the Property Transfer Lead Paint Notification, which contains a checklist to ensure that the buyer has been fully notified of the requirements of the Lead Law.
Sellers or real estate agents who fail to comply with Property Transfer Lead Paint Notification requirements are subject to civil penalty under Massachusetts law, and both civil and criminal penalties under federal law.
Lead Paint Property Transfer Notification, Property Transfer Certification Form
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Martha's Vineyard Land Bank Fee
A fee of two percent of the purchase price is imposed upon the
transfer of any real estate situated in a member town at the
time of transfer. The fee is
the responsibility of the purchaser. Any agreement between the
purchaser and the seller or any other party with reference
to the allocation of the responsibility for bearing said
fee shall not affect such liability of the purchaser.
The State Legislature, with Chapter 736 of the Acts of 1985,
and the Towns of Martha's Vineyard, with voter approval in 1986,
established the Dukes County Land Bank, to be administered by the
Martha's
Vineyard Land Bank Commission for the purpose of acquiring,
holding and managing land and interests in land. The land
to be acquired shall be situated in a member town and
may consist of any of the following: (a) land to protect
existing and future well fields, aquifers and recharge
areas; (b) agricultural lands; (c) forest land; (d)
fresh and salt water marshes and other wetlands; (e)
ocean and pond frontage, beaches, dunes and adjoining
backlands, to protect their natural and scenic resources;
(f) land to protect scenic vistas; (g) land for nature
or wildlife preserves; (h) easements for trails and for
publicly owned lands; and (i) land for passive
recreational use. The land bank commission shall retain
any real property interest acquired pursuant to this act
predominantly in its natural, scenic or open condition,
and shall not restrict access to any property interest
on the basis of residency or domicile.
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Jane Brown Associates
Triangle Building 249 Edg-VH Road
PO Box 2035
Edgartown, MA 02539
Phone: 508-627-4741 Fax: 508-627-7756
Email Address: jane@jbamv.com
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