Effective home selling for a Beacon Hill condo for sale requires downtown Boston real estate know how. Here are some key terms that you should know:
1031 Exchange
A 1030 Exchange is a tax aspect of the Internal Revenue Code to allow a Beacon Hill real estate investor who meets all the requirements to sell their property and defer paying taxes on the gain. By completing an exchange, the owner can dispose of their investment property, use all of the equity to acquire replacement investment property, defer the capital gain tax that would ordinarily be paid, and leverage all of their equity into the replacement property.
Breach Of Contract
A Breach Of Contract occurs when a party is in violation of a direct obligation or failure to perform provisions in the contract agreement (such as Beacon Hill condo sale). In the world of downtown Boston real estate, a contract breach occurs most often in two ways: 1. A failure to perform in the property listing agreement between the broker and the seller. 2. A violation of terms in the sales contract between the buyer and the seller.
Contingencies
Contingencies in downtown Boston real estate contracts are the specific clauses in the contract that must be fulfilled by both the buyer and the seller, or provide a way to void the contract. For example, a current Beacon Hill real estate contingency is often used when a buyer is making an offer on a home before selling the existing home. The buyer may need to sell the present home before being able to qualify and afford the purchase. Therefore, the offer is contingent upon the sale of the existing home. Key standard contingencies include home inspections, financing, and appraisal.
The Alienation Clause Due on Sale Clause
The Alienation Clause Due on Sale Clause is the specific verbiage in a mortgage or deed which asserts the lender’s option to force that the balance of the secured debt becomes immediately due and payable if the property is sold by the borrower, thus preventing the homeowner/borrower from assigning the debt without the lenders approval. Derived from the term “alienate”, which means to transfer or convey the title to a property from one party to another.
Exclusive Right to Sell
Exclusive Right to Sell is a common type of Beacon Hill real estate listing agreement. A specific broker is given the exclusive right and authorization to market the sellers property. A key to this agreement is that if the property is sold while the listing is in effect, the seller must pay the broker a commission regardless of who sells the property. Therefore, this type of listing agreement offers the best opportunity for brokers to earn a commission. This is also known as an exclusive agency listing.
Bottom Line
The Ford Realty Team has guided 1,000s of people through the process of buying a Boston Beacon Hill Condos for sale for last 20 years. If you have any questions or if you are interested in a Beacon Hill condo feel free to contact one of our team members and we would be happy to answer any questions you have.
Beacon Hill Condos for Sale
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