The Commonwealth of Massachusetts has three mandatory disclosures for buyers that real estate agents are required to provide to buyers during the course of their real estate transactions. Often, they are given to buyers at the last minute. To be as transparent as possible with our buyers, we feel that it is important to understand these issues up front, even before looking at homes or deciding which agent to work with.
We are aware that some brokerages modify some of these forms from their original formats. We do not modify these forms. Therefore, we have provided links to the original forms on the state’s website.
AGENCY DISCLOSURE NOTICE:
Agents are required to provide this form to potential buyers at the first personal meeting to discuss a specific property.
We think that buyers should know about the different types of agents that they can work with before they begin looking at homes with an agent so that they can make an informed decision about the relationship that they will have and the services that they will get from the agent that will help them with one of the most expensive and important decisions of their lives.
Here is a link to the “MASSACHUSETTS MANDATORY REAL ESTATE LICENSEE-CONSUMER RELATIONSHIP DISCLOSURE” (aka Agency Disclosure) on the state’s website:
This link will provide you with a sample of the Agency Disclosure form that you will be asked to sign when you work with Greater Boston Home Team as a buyer:
LEAD PAINT NOTIFICATION AND DISCLOSURE:
Unless otherwise notified, buyers should assume that any property built before 1978 has lead paint somewhere.
Since lead paint tastes sweet and lead dust from old windows can be hazardous to children, the state mandates that “real estate agents must also tell prospective purchasers that under the state Lead Law, a new owner of a home built before 1978 in which a child under six will live or continue to live must have it either deleaded or brought under interim control within 90 days of taking title”. The cost to abate or encapsulate lead paint can run into thousands of dollars.
Under Massachusetts and federal law, this notification package must be given to prospective purchasers of homes built before 1978.
Most buyers do not receive it until they make an offer, however, we provide it to our buyer-clients so that they can be knowledgeable about lead paint before they even begin looking at homes.
The last page should be completed by the seller and the seller’s agent before it is given to the buyers because the buyer’s signature is an acknowledgement that the buyer has received and reviewed the information provided. If a lead test has been done on the property, the seller must provide a copy with the report. The buyer’s agent must also initial and sign the form indicating that he or she has informed the buyer of the possible presence of lead paint if the property was built before 1978.
We want to be sure that our buyer-clients understand about lead paint before they begin looking at properties. After you review this information, please let us know if you have any questions or concerns about the lead paint law. Then we can have a conversation about how the lead paint law could affect your purchase.
Here is a link to the CHILDHOOD LEAD POISONING PREVENTION PROGRAM (CLPPP)
PROPERTY TRANSFER LEAD PAINT NOTIFICATION form on the state’s website:
HOME INSPECTORS CONSUMER FACT SHEET:
This form is required to be provided to buyers so that they understand about home inspections and their limitations. We recommend that home buyers read it prior to looking at property.
Here is a link to the Home Inspectors Consumer Fact Sheet on the state’s website:
Additional Information for Buyers:
Although we are not required to provide you with the following disclosures, they will help you understand more about the people that are involved in your real estate transaction, even if you do not see them in the course of your purchase.
Real Estate Appraisers Consumer Fact Sheet:
As part of the home financing process, mortgage lenders are required to have an impartial, independent party confirm the property’s value before they approve a mortgage. Lenders use licensed real estate appraisers on their approved list for that purpose.
Here is a link to the Real Estate Appraisers Consumer Fact Sheet on the state’s website:
Our President, Sam Schneiderman, was a licensed appraiser. He has trained and supervised over 40 appraisers as well as Greater Boston Home Team’s agents. Freddie Mac reported that his appraisals were among the top 3% in the U.S. for accuracy. Sam is available to answer any of your appraisal questions or concerns.