Commonly Asked Questions
Q. When should I do my Title 5 inspection?
A. Title 5 only applies to private sewerage disposal systems. It should be done as soon as the property is listed if not before.
Q. What happens if the Title 5 inspection fails?
A. You have 2 years from the date of the
Title 5 failing to comply with the regulations.
It is advisable to have new testing done and obtain a new septic design. From the new plans, estimates can be obtained and used by the buyer when applying for financing. Or you as the seller can install the new system prior to closing.
Q. Do I have to accept the first offer that comes in?
A. No! But usually the first offer is the best offer. It is proven that the longer a property is on the market the lower the offers become. As a seller you have 3 options when an offer comes in.
1. Accept it as stated.
2. You can counter offer any part of the agreement including price, closing date or conditions.
3. You can reject the offer.
We highly recommend you do not reject any offer that comes in, no matter how ridiculous it may be. We suggest you counter offer to what will be acceptable to you. Please don't take it personal because buyers sometimes have outside influences that give them unrealistic expectations.
Q. How soon does a home inspection have to be done and who pays for it?
A. The home inspection is usually completed within 10 days from the signed offer. The cost of the home inspection is paid by the buyer, unless otherwise negotiated.
Q. Do I need to be present at the home inspection?
A. No! Normally the Selling/ Buyer agent is present with the buyer and home inspector at the inspection. If there are any issues as a result of the home inspection, the Buyer's agent will notify us in writing.
Q. What happens if there are issues with home inspection?
A. Buyers have 3 options.
1. They can back out of purchasing the property for major reasons, not cosmetic.
2. They can request that the items in question be repaired prior to closing or renegotiate price.
3. Accept property in "as is" condition.
Q. Is there anything I need to do before closing?
A. Our office will keep you informed of what is needed prior to closing. For example you will need to provide:
1. Payoff information if there is a mortgage on the property.
2. Smoke detector and Carbon Monoxide certifications (MA only) prior to closing.
3. A final water meter reading 1- 2 days before closing.
4. A new deed prepared
Q. When do we have to move out?
A. On the day of closing the property is to be vacant and in broom clean condition or the closing will be delayed.
Q. What is final walk thru?
A. A final walk thru gives a buyer an opportunity to view the property to ensure there are no changes to its condition.
|