Taryn DeVines - Buyers Guide

Navigating the Home Purchase Process

Exceptional Service from Start to Close Our commitment has always been to curate an exceptional experience for our clients ? one that is characterized by excellence, integrity, and professionalism. Whether you are embarking on your first home purchase, transitioning from another region or country, exploring real estate options, or seeking out-of-state opportunities, it is essential to align yourself with experts. Our team of experienced Real Estate Agents understands your unique requirements. We possess an in-depth grasp of our local markets, fortified by an extensive global network, and are committed to providing our clients with comprehensive advice and strategy. Gibson Sotheby's International Realty has prepared this Buyer Guide to provide you with a keen understanding of the crucial components and choices available to buyers during the purchasing process. Our purpose is to inform and guide you through each phase of this journey.

YO U R A DV I S O R

Taryn DeVine A lifelong resident of t he Sout h Shore, Taryn DeVine is a t rust ed real est at e professional known for her deep market knowledge, st rat egic market ing expert ise, and unflagging commit ment t o her client s.

She has successfully guided numerous buyers and sellers across t he t owns of Hingham, Hanover, Scit uat e, Marshfield, and Plymout h? whet her helping out-of-st at e buyers relocat e, assist ing families t ransit ioning relat ives t o assist ed living, or advising Sout h Shore resident s on how t o maximize t heir home?s value before selling.

Wit h a professional background in market ing and advert ising, Taryn spent over a decade refining her ability t o posit ion and promot e brands effect ively. She ensures every home she represent s is showcased in it s best light , leveraging st rat egic market ing, digit al exposure, and local connect ions t o at t ract t he right buyers.

Taryn?s ext ensive knowledge of Sout h Shore invent ory, market t rends, and community dynamics allows her t o provide buyers and

Tar yn.DeVine@GibsonSIR.com 781.361.2318 Global Real Est at e Advisor Tar ynDeVine.gibsonsot hebysrealt y.com

sellers wit h a compet it ive edge. Her st rong relat ionships wit h local Sout h Shore businesses, schools, and community groups give her client s access t o valuable resources? from off-market opport unit ies and t rust ed service providers t o insight s on school dist rict s and neighborhood development s t hat can impact home values.

She t hrives on making t he real est at e process seamless, st ress-free, and t ailored t o each client ?s unique needs.

Taryn is proact ive, energized, and incredibly warm and personable. When she?s not working wit h client s, you?ll find her enjoying all t he Sout h Shore has t o offer? whet her spending t ime at t he beach, exploring local neighborhood spot s, or enjoying home wit h her husband, t hree young children, and t heir yellow lab, Louie.

For buyers and sellers seeking a knowledgeable, dedicat ed, and market ing-savvy real est at e professional, Taryn DeVine is ready t o help you t ake t he next st ep wit h confidence.

Contents 8

Navigating the Home Purchase Process

10

Your Trusted Real Estate Agent

11

Benefits of Exclusive Buyer Representation

12

What to Expect on Your Initial Consultation

13

First Steps to A Successful Purchase

14

Property Search

15

Property Evaluation

16

Writing a Competitive Offer

17

Accepted Offer

18

Home Inspections and Other Contingencies

19

The Closing Process

20

Understanding Buyer Representation

20

About Brokerage Compensation

21

How are Commissions Paid?

23

Glossary of Terms

Navigating the Home Purchase Process

8

Process may vary by market . Please consult with your Real Estate Agent .

* Contingencies can consist of home inspection, financing, appraisal, home sale, punch list items, etc.

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Your Trusted Real Estate Agent Buying a home is typically one of the largest investments you will make and will have a lasting impact for years to come. Our team of trusted Real Estate Agents will expertly guide you through the many intricacies of buying a home and help you to avoid costly mistakes.

Leverage t he Sot heby's Int ernat ional Realt y® Brand Sotheby's International Realty® is a globally recognized brand that lends credibility to your offers and elevates your representation. Our success is defined by our deep commitment to our clients. This trust has been built over 270 years of Sotheby's selling their clients' most valuable treasures.

Navigat ing t he Home Purchase Process Having an experienced professional in your corner offers a competitive advantage when searching for your home and accessing local resources. A Real Estate Agent?s broad perspective can provide a stabilizing force to assist you through what can be a challenging, but ultimately rewarding, process.

Benefits of Exclusive Buyer Representation Your Gibson Sotheby's International Realty Agent will prepare a contract outlining our services so we can commit to assisting you with your home purchase transaction. As your exclusive buyer representative, we will guide you through the home purchase experience from start to close. Below is an overview of how we demonstrate value and contribute to a successful purchase.

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Provide an overview of the current market dynamics and challenges

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Create a purchase strategy

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Assist with procuring financing by referring you to lenders with a successful track record

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Evaluate purchase price range

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Set up listing alerts with MLS or RealScout

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Schedule property tours, both privately and open houses

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Provide access to Off-Market , Coming Soon and Office Exclusives, as available

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Review disclosures and reports on selected homes

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Evaluate and negotiate the offer

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Recommend vendors for inspections. In Massachusetts, a Real Estate Agent can only provide a licensed home inspector referral if the agent exclusively represents the Buyer

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Recommend a Closing Attorney 11

What to Expect on Your Initial Consultation An initial meeting is important to understand your home-buying needs and to develop a strategy to help you successfully make a purchase.

Underst anding your real est at e goals -

Purchase time frame

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Past experience with real estate purchasing

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Risk tolerance

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Financing and stage of pre-approval, if a loan is needed

Ref ining propert y search crit eria

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Location and neighborhood

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Price range

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Size of home, style, amenities

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Specific requirements and non-negotiables

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Condition of home and flexibility to make improvements

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School districts, commute, neighborhood amenities and distances to such amenities

First Steps to a Successful Purchase Each home buying journey is unique, just like our clients. The following is a list of some of the items our Real Estate Agents can assist you with that may be part of your home purchase process.

Financing Assist ance Financing and good lender relationships are important . Our Agents can: -

Provide a list of Lenders who can pre-approve you and confirm the purchase price range

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Suggest that you obtain loan pre-approval subject to the property selection

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Collaborate with Lender on any Bridge Loan so you can buy before you sell

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Provide any requested contract documentation

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Show the property to the Appraiser and provide supporting comparable sales information

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Property Search Our Real Estate Agents view properties regularly, follow local market dynamics and are here to guide you in finding the right home. Your Agent can:

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Set up automated listing alerts that meet your search criteria

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Present Off-Market or Pre-Market listings as they arise

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Communicate with Listing Agents to schedule and set up private showings

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Map out and tour properties together

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Recommend properties that are available to view at open houses

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Provide monthly Market Reports

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Review the pros and cons of each home after viewing

Property Evaluation Your Agent can help you assess how your selected property compares to others on the market and to homes recently sold. One benefit of having a trusted Real Estate Agent is their familiarity with required disclosures, recommendations for inspectors and experience with reviewing reports.

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Your Agent will request the Disclosure Package, if any, and other necessary information from the Listing Agent

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Discuss with your Agent any additional inspections or reports and determine the time frame for needed contingencies

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If the home is in an HOA, and the Seller has not provided the HOA documents, your Agent can explain the typical timing of the process to receive and review the documents

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Recommend a Closing Attorney experienced in real estate transactions and Title issues 15

Writing a Competitive Offer When you locate a property that meets your needs, your Agent will provide a market analysis and strategy to assist you in determining an offer price and terms, and then negotiate on your behalf.

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Communicate with the Listing Agent to get the best information possible about competing offers and Sellers' preferences regarding terms and the timeline for offer submission

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Review comparable sales and discuss the price and terms that can best position your offer

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Prepare a compelling offer with the relevant addenda and disclosures, and submit the loan approval letter and proof of funds with the offer

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Get signatures and initials on all offer documents to provide a complete offer

Present ing your of f er Representing you in the best light can be helpful in securing the home you desire. What may not be evident at the outset is the value of having a Gibson Sotheby's International Realty Agent with a trusted brand and excellent reputation in the eyes of other agents ? who are often a key factor in helping their clients assess competing offers.

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Present the offer in a timely manner

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Maintain communications and forward any counteroffers for review

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Negotiate on your behalf and write any addenda or subsequent counter-offers

Accepted Offer Once an offer is accepted and necessary measures such as a home inspection are accomplished, both the Buyer and Seller will need to sign a more detailed contract , known as the Purchase and Sale Agreement . Massachusetts has a two-contract process: an offer with basic terms, followed by a Purchase and Sale agreement between the Buyer and Seller and negotiated between attorneys.

Massachusetts is not a Seller Disclosure state, meaning it is not a legal requirement to provide a disclosure form to any prospective buyer. Your Attorney will negotiate a detailed agreement that is designed to protect you and outlines all terms of the agreement . The Buyer?s attorney may seek representations from the Seller regarding the property, its condition, whether claims are pending against the property, and if so, how potential issues will be resolved, and which party bears the risk.

A well negotiated Purchase and Sale Agreement protects all parties and addresses challenges that may arise leading up until closing.

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Home Inspections and Other Contingencies There may be numerous contingencies associated with your contract , including a home inspection. In Massachusetts, only an exclusive Buyer?s Agent can recommend a Home Inspector. Your Agent will assist you in navigating this process.

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Your Agent can help you locate a Home Inspector, plus arrange any additional inspections if needed

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Coordinate and schedule the home inspection

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Attend the home inspection

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Forward and review the Inspection Report with you

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Assist you in negotiating repairs or credits

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If appropriate, assist with conveying termination of the offer based on home inspection issues to protect your deposit

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Communicate with your Lender as requested

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Assist the Appraiser with access to the home and provide comparables, as needed

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Provide resources for Homeowners Insurance

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Guide you through any remaining contingencies

The Closing Process Congratulations on your home purchase!

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Your Agent can recommend movers, interior designers, landscapers, general contractors, gardeners, cleaning services, and home maintenance services

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Arrange for a final walk-through of the property

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Provide resources for a Home Warranty Policy

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Accompany you to the settlement

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Upon recording title, provide keys

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Understanding Buyer Representation Gibson Sotheby's International Realty agents will provide you with a Buyer Agency Agreement that will explain in detail the role of your Buyer Agent . A Buyer Agency Agreement will be signed by the purchaser and the Broker in order for the Agent to represent the purchaser on the buyer-side of a transaction. A Buyer Agent represents only the Buyer and promotes and protects their best interests throughout the transaction, keeping all information confidential.

Once an agreement is signed, the Buyer Agent owes a fiduciary duty to represent the best interests of the Buyer throughout the purchase process; including obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care. In rare circumstances, Dual Agency occurs, meaning your Buyer Agent may have a pre-existing relationship with a Seller.

That being said, both the Buyer and Seller must consent and provide written authority for the Agent to engage in Dual Agency. This process will be explained to you further in your initial Buyer Consultation.

About Brokerage Compensation Similar to a Listing Agreement , Buyers execute an Agency Agreement for professional services and representation between themselves and Gibson Sotheby's International Realty. This confirms the compensation for the Buyer's Agent and Brokerage. It should be noted that the amount a brokerage charges is not fixed by law, the commission amount is negotiable, and brokerages may set minimum compensation.

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How are Commissions Paid?

Seller Paid

When listing a property for sale, Sellers enter into a Listing Agreement and

Brokerage

agree to pay a commission to the Listing Broker. In some cases, the Seller

Commission

may also offer a commission to be paid to the Broker representing the Buyer.

In circumstances where the Seller does not agree to compensate a Buyer?s Agent , Buyers may request in the written offer that Sellers pay some or all of the Buyer Broker's commission. This allows the commission to be incorporated into the final sale price. The Seller can write off the commission and the Buyer does not need to pay the commission with additional funds at closing. Instead, the commission will be paid from the Seller's proceeds.

Buyer Paid

Buyer's Agents can search for properties not listed in the MLS, including For

Brokerage

Sale By Owner, Off-Market Listings, and Office Exclusives. The Buyer Agency

Commission

Agreement specifies the commission for Buyer representation and allows Agents to represent Buyers even when no cooperative compensation commission is offered. If the offer of compensation offered is less than the agreed upon amount in the Buyer Agency agreement , the Buyer will cover the difference at settlement . However, the Buyer can avoid this by making it a condition that the Seller pay the commission if they accept the offer.

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Glossary of Terms Adjust able-Rat e Mort gage (ARM)

Closing

Also called a Variable-Rate Mortgage, an ARM

The point at which the deed to a property is

is a home loan with an interest rate that

legally transferred from the seller to the

adjusts over time based on the market .

buyer and all documents are recorded. Also known as Settlement .

Amort izat ion The length of time it takes to pay off a

Closing At t orney

mortgage in full. The amortization is an

In Massachusetts, real estate closings are

estimate based on the interest rate for your

considered the practice of law, so there will

current term.

be

an

attorney

overseeing

the

closing

transaction and reviewing title and clearing Annual Percent age Rat e (APR)

title issues. The Closing Attorney will also be

The cost to borrow money as a yearly

an agent of a Title Company and be able to

percentage. It's a more complete measure of

issue a Title Insurance Policy for the benefit

a loan's cost than the interest rate alone. It

of the Buyer and the Lender.

includes the interest rate plus discount points and other fees.

Closing Cost s The expenses over and above the property's

Appraisal

price that

An unbiased professional opinion of a home's

complete a real estate transaction. These

value by a licensed appraiser needed to

costs may include loan origination fees,

secure a loan. The appraisal will be ordered

discount points, appraisal fees, title searches,

by your Lender and is typically paid for by

title insurance, surveys, taxes, deed recording

the Buyer.

fees, attorney fees, etc.

Assessed Value

Closing / Set t lement St at ement

The dollar value assigned to a property by an

A document confirming the purchase price

assessor for tax calculation purposes. It may

and summarizing all of the closing costs and

differ

credits due to and from the Buyer and Seller.

from

the appraised value and/ or

Buyers and Sellers incur to

market value.

Commit ment Cert if icat e of Tit le

An agreement to loan a specified amount to

Legal document issued by a government

a purchaser.

agency that indicates proof of ownership of property.

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Comparat ive Market Analysis (CMA)

Escalat ion Clause

An assessment of the attributes and selling

A special provision in a purchase offer that

prices of comparable properties recently sold

states that a prospective buyer is willing to

or on the market used to determine current

raise their offer on a home should the seller

market value.

receive a higher competing offer until it reaches the maximum price the buyer is

Cont ingency

willing to pay for the home.

Any requirements in a contract which must be completed before the contract can be

Escrow

considered ready for performance.

A neutral third party holding assets or funds before they are transferred from one party in

Deed

a transaction to another.

A deed is a tangible document signed by the seller, or grantor, of a property. It confirms

Fixed-Rat e Mort gage

transfer

Interest rate and monthly payments remain

of

ownership

from

one

party

to another.

the same for the entire term of the loan.

Discount Point s

Homeowners Associat ion (HOA) Fee

Also called mortgage points or simply points,

A monthly fee the homeowner is responsible

discount points are a form of prepaid interest .

for. HOA fees typically cover the costs of

One point

maintaining common areas, such as lobbies,

equals

one

percent

of

the

loan amount .

elevators, landscaping, and amenities, and common

utilities, such

as

water/ sewer,

Earnest Money

garbage disposal, master insurance and

A sum of money given to bind an agreement

property management .

or an offer made to show good faith.

Int erest Equit y

The cost of borrowing money expressed by a

The difference between what you owe on

percentage rate.

your mortgage and what your home is currently worth.

Lien A security claim placed on a property until a debt is satisfied.

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Market Value

Back on Market (BOM)

The price a property should bring based on

The property is available for sale again after a

comparable sales, economic conditions and

prior offer or contract fell through.

market trends.

Principle Mort gage

The outstanding balance of your mortgage.

A type of loan used to purchase property. The borrower agrees to pay the lender over time,

Privat e Mort gage Insurance (PMI)

typically in a series of regular payments that

An insurance premium charged by a Lender

are divided into principal and interest . The

to Buyers with less than 20 % down payment .

property then serves as collateral to secure

PMI insures the Lender in the event that the

the loan.

Buyer should default on the loan.

Mult iple List ing Ser vice (MLS)

Purchase and Sale Agreement (P&S)

A Multiple Listing Service (MLS) is a database

The Purchase and Sale Agreement is the

established

estate

contract between the Buyer and Seller of real

brokers to provide data about properties for

estate. It sets out the obligations of each

sale. An MLS allows brokers to see one

party from the time the property is taken off

another?s listings of properties for sale

the market to the closing.

by

cooperating

real

with the goal of connecting homebuyers to sellers. Below are statuses you will see within

Tit le

MLS updates:

Title denotes ownership rights: It is the bundle of rights that dictates who has legal or

New / Act ive

equitable interest in the property. It also

The property is either newly listed or active

details the limitations on ownership.

on the market .

Tit le Insurance Cont ingent (CTG)

An insurance policy that protects against

The property has an accepted offer. Typically,

any

the property is still available to be seen for

about ownership.

errors

or

claims

that

may

arise

potential backup offers.

Tit le Search Under Agreement (UAG)

An examination of public records to confirm

A purchase and sale agreement has been

that the Seller owns the property and it is free

signed. The buyer is moving forward with

from unsettled items, claims or liens.

the purchase.

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