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How
do I get started? |
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The
first thing to do is to discuss your search criteria
with a leasing agent by calling 617.264.0000. The
agent will ask you a series of questions regarding
location, price range, pets, parking, if you are
working or a student? etc. We will then set up some
appointments using the specifics that you have provided.
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What
is the difference between fee and no fee rentals? |
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The
brokers fee is equal to one months rent. Usually
the larger management companies will pay half or
all of the brokers fee. Individual owners and smaller
companies usually pay half of the brokers fee. |
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Can
I have a pet? |
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Many
landlords do allow pets. You’ll want to tell
your rental agent during your first meeting that
you are interested in properties that accept pets. |
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What
do apartments typically rent for in some of the
neighborhoods? |
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Apartment
prices do fluctuate depending on the market demand,
location and condition of the apartment. In general,
studio apartments rent for under $1200, one bedroom
apartments rent for $1100-$1900 and two bedroom
apartments rent for $2000 or more. |
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How
far ahead should I look for an apartment? |
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Rentals
are typically listed 30-60 days before they come
available. You’ll want to start looking 6-8
weeks prior to the date you want to move. However,
if your time frame is shorter than that (even 1
week), our rental agents will still be able to find
you a great apartment. |
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Do
I have to sign a 1-year lease? |
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Although
most leases are 1-year leases, if you want something
shorter, please let your rental agent know up front.
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What
is the difference between being pre-qualified and
pre-approved? |
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A
pre-qualification is an estimate of how much house
you can afford. This estimate is based on the
information a buyer provides to the lender, such
as income and estimated expenses. Pre-qualification
is not a guarantee that you will be able to obtain
that level of financing, it is solely an estimation
of what you could afford. You will receive a pre-qualification
letter from the lender with your pre-qualification
amount. Although not as strong as a pre-approval,
pre-qualification is very quick, and does give
buyers a good guideline to begin looking for their
new home.
A
pre-approval means your income, assets and credit
have been reviewed by a lender, and your mortgage
is already approved. You will receive a pre-approval
letter from the lender with your pre-approved
financing details. Being pre-approved gives you
an advantage when making an offer on a property,
and in many cases, the seller will require a pre-approval
letter before accepting an offer. |
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What
is the difference between the sales price and the
assessed value? |
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The
selling price of a home is the value placed on
it based upon other home sales in the area, condition
of the property, location and other factors.
The
assessed value of a home is an estimation used
by the city to determine your property taxes.
Assessed value has no bearing on the market value
or sales price of a property. |
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Can
I make a verbal offer on a property?
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Verbal
offers are not accepted in Massachusetts. All offers
must be made in writing. Your real estate agent
can prepare and submit your written offer for you.
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How
much money will I need when I make the offer? |
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At
the time of the offer, you will need to submit an
earnest money deposit to show your offer is being
made in good faith. This deposit is typically $1000.
At the time of the Purchase and Sale, which is usually
signed 10 days after the offer is accepted, you
will need to put approximately 5% of the purchase
price in an escrow account. The remaining money
will be paid at the closing. |
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What
is a Purchase and Sale Agreement? |
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Usually
signed about 10 days after the offer is accepted,
the Purchase & Sale Agreement (commonly referred
to as P&S) expands the Offer to Purchase in
detail. Typically, you will work with a lawyer to
finalize the details in the P&S, such as mortgage
contingency, condition of the property, deadlines
for loan commitment and closing date, and any other
agreements between the buyer and the seller. |
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What
happens at the closing? |
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Your
closing will occur typically 30-90 days after your
offer was accepted. During this time, you will have
your home inspection done, worked with your attorney
and your mortgage broker or bank to finalize your
financing and get all the paperwork done that’s
necessary to take possession of your new home. On
the day of the closing, you will take final walk-through
of the property to ensure it meets the conditions
set in the P&S. At the closing you will sign
all the closing and title papers, and then the deed
will be recorded, which finalizes the sale. |
