3 Bonus Tips To Get The Best Waterfront Property In Maine
ASK THE REAL ESTATE EXPERS
www.waterfrontpropertiesofmaine.com
Bonus TIP# 1 – Never buy without INSPECTIONS!
Any offer you make should be conditioned on resolving certain issues: for instance, if you need financing, make your offer contingent upon your ability to obtain financing. Sometimes physical problems with a property lie deep (such as radon or lead paint) and can only be detected by a qualified inspector – so make your offer contingent upon those inspections you feel are needed to make your purchase comfortable, insurable and financeable. Most inspections are relatively inexpensive when compared to the purchase price. And, if you find problems with the property, you may want to negotiate with the seller to lower the price, or to pay for certain repairs.
Bonus TIP# 2 – Plan for local LEGAL representation
Some “awayers”, particularly from the Western states, are used to having Title Companies handle all the various aspects of a real estate transaction. In Maine, and many other Eastern states, attorneys handle these transactions. 1. The Seller’s attorney is responsible for drawing up the new Deed, the Transfer Tax Form and the Real Estate Withholding Tax Form. 2. The Buyer’s attorney is responsible for examining the Title for any problems (actually searching the records at the local County Court House), drawing up the Mortgage, Notes, Closing Statements with prorations – and in most cases, presiding over the actual closing itself, where both Buyers and Sellers are usually present to sign all the papers, and the checks from the proceeds are disbursed.
Bonus TIP# 3 – Know who is in YOUR CORNER
It used to be simple – if you wanted to sell a piece of real estate, you listed it with a real estate agent (your agent, obviously) who would hopefully find a buyer for it, draw up their offer for you and put the deal together. Then in the 1980’s, along came Multiple Listing Systems, co-operating brokers, and the increasing numbers of lawsuits – in this case trying to determine who was representing whom – with the current result that in Maine there are at least 6 kinds of agency relationships recognized (most states settled for 3 or 4): sellers agents, buyers agents, sub agency, transaction agents, disclosed dual agents, and appointed agents. It has become so complex that brokers themselves have trouble understanding all the issues and ramifications involved.
Ask the real estate experts for your waterfront property real estate queries in Maine. Follow Waterfront Properties of Maine
Consult Waterfront properties of Maine who is among the top real estate consultants dealing in waterfront, oceanfront & riverside properties in Maine. We've around 15 years of experience in real estate services. Contact to know more!
www.waterfrontpropertiesofmaine.com info@waterfrontpropertiesofmaine.com (800) 808-5974