Seaport Realty Group

The Process of Selling Your Home

Signing The Contract

Seaport Realty Group uses the standard Exclusive Agency form from the Greater Boston Board of Real Estate for listing your home. We strongly believe in co-broking and this contract allows any brokers/agents to channel through our office to show the home to perspective buyers. This contract will also allow us to place it on the MLS/H3 service as that service requires an exclusive agency to post any listings. Our standard commission rate is 5%, but can be negotiated as discussed. The standard agreement terms run from 60-120 days. Our contract is a show of good faith. If you are not 100% satisfied with our services you are not obligated to remain with Seaport Realty Group.

Do You Hire an Attorney?

We always advise that you consult an attorney in regard to all aspects of your real estate transaction. We are not qualified to give legal advice. Our main role is bringing the Buyer and Seller together. We will provide you with our resources and assist in communication to keep the sale process on track. If you would like a referral to an attorney we can recommend local council to make your transaction process easier.

Documents Required

Please provide a copy of your condo documents, home deed, tax bills and any other important documents you feel relevant to your sale. You may need to contact your original closing attorney to obtain a copy of these if you are having difficulty locating originals.

Negotiation of Offer

As your exclusive listing agent we represent you, the Seller. When a Buyer wants to make an offer we work to negotiate the highest possible price with the best terms for you. Your selling position is kept in confidence and all negotiations are presented with your best interest in mind.

An offer form is the first step. It requires that the Buyer deposit $1000, which is held by Seaport Realty Group. The offer is only good for a specified amount of time usually within 24-48 hours. The Buyer will usually offer lower than he is ultimately willing to pay. This back and forth negotiation process can be very disheartening, but it is the nature of the business. With this in mind, you will probably want to make a counter offer slightly higher than you are willing to accept. This is just one example of the many ways the offer process can take place. It is up to you how flexible you want to be with the price. We are obligated to present all offers to you despite how unreasonable we think they may be. Remember, is not just the price that you should consider in negotiations. Closing dates, home inspection contingencies and financing contingencies will sometimes make a lower offer better than a higher offer.

Once the Buyer & Seller have agreed upon the price, it is very important that both parties have signed and initialed any changes. Most offers are subject to obtaining mortgage financing and obtaining a home inspection within 10 days of offer acceptance. Always remember that a signed offer is a valid contract, it can be equally binding as a Purchase and Sale Contract.

The Purchase and Sale Contract

The time between Offer to Purchase and signing of the Purchase and Sale contract allow the buyer to do a home inspection and attorneys to review the Purchase and Sale contract. There is no standard procedure for origination of the Purchase and Sale contract. Your attorney will create your Purchase and Sale contract or we can provide you with a standard contract from the Greater Boston Board of Real Estate. We will fill in available information provided from both Buyer and Seller. This starter version will be distributed to one party who will then make their additions or changes and forwarded for review to the other party. It will then go back and forth between Buyer and Seller until the contract terms have been clarified completely. It is important to make every effort to stay within the deadline for signing in order to avoid having to request an extension of this deadline. An extension would require that both parties agree to a new signing date, and this new date would have to be changed and initialed on the Offer to Purchase. The Buyer must give a 5% deposit to be held in our escrow account until the closing.

Sometimes the Buyer will attach a punch list or addendum to the Purchase and Sale. These are a list of items that the Seller has agreed to complete prior to the closing. The commitment deadline is another important deadline that the Seller should pay attention to. This is the date that the Bank promises to provide Buyer with the money that he will need to close on the property. If the Buyer does not get this commitment letter from the bank by the deadline the Seller may want to consider putting the property back on the market.

The Closing

Prior to the closing the Buyer may request a final walk through to inspect the property before closing. The final arrangements for closing are in the hands of the lending bank's attorney. This attorney can draw the deed for you (approx. $150 charge at closing). He will verify clear title and schedule a date and location for the closing. It is often not until the last minute that the closing time and place is determined. This can be very inconvenient for all parties involved. With this in mind, keep your schedule open around the closing date.

Water Meter Reading

As a Seller, you are required to obtain a final water reading certificate from the Boston Water and Sewer Department located in Roxbury. To schedule a water meter reading you can call 330-9400. They will require a $25.00 check in advance to make this appointment. If you are a condominium owner you will be required to provide a 6-D certificate. What is a 6D Certificate? This certificate is required by condo sellers. It is an affidavit signed by the Trustee of the Association stating that there are no unpaid fees or liens against your unit as of the closing date.

Smoke Inspection/CO2 Certificate

As a Seller, you are also required to obtain a Smoke/CO2 Certificate from the Boston Fire Department. Consult with your listing agent to make sure you have the detectors placed in the correct areas. This inspection requires that you wait for the Fire Department to show up within the hours of 9-12:30 on a Tuesday, Wednesday or Thursday and that you have a money order payable to the City of Boston for $50-$100 depending on property type. If you cannot stay home from work or find someone to wait at your home on that scheduled day a Seaport Realty Group associate will be happy to assist you with the inspection.

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