Client-Focused Representation In Real Estate Matters

3 ways to increase transparency in real estate transactions

On Behalf of | Apr 3, 2024 | Real Estate Transactions, Residential Real Estate |

When scouting for a home, a buyer needs to be meticulous about the property’s structure, location and title. Moreover, they need to be careful when dealing with salespersons and brokers. They must demand transparency so that their transaction may be more seamless.

Ask for the disclosure form

On your first meeting to discuss properties, you can expect salespersons and brokers to give a written disclosure form. Massachusetts requires this so that consumers will know the agencies of the real estate professionals they are consulting with.

This regulation protects consumers by confirming that the licensed professionals are authorized to make deals. In addition, it prevents consumers from revealing confidential information to salespersons and brokers.

Be aware of your deposit funds

After careful consideration, you decide to acquire a residential property. To secure a future home, consumers must sign a provisional agreement and pay a deposit. Brokers should place the deposit in an escrow account, which only they have access to.

Therefore, brokers must secure the deposit until the closing when they will remit it to the seller. If the transaction fails, then they would return it to the buyer. Additionally, brokers cannot use the deposit for business or personal purposes. To ensure the safety of deposits, buyers may ask for an update on their escrow accounts.

Clarify the purchase and sale agreement

Shortly after, the signing of the purchase and sale agreement should take place. The agreement between the buyer and seller should be clear and detailed. You may ask to change some terms and negotiate other matters before signing it.

It is also important to mention how buyers and sellers should act in good faith. The agreement can specify grounds for making a dispute and requirements for obtaining financing.

Achieving a smooth deal

Buying a residential property should not be a burden for you. To have a smooth sailing transaction, concerned parties must show transparency and cooperation. This could help you acquire a home with less stress and worries and give you confidence in your new property.