As a newcomer to the world of Boston condo buying, you will likely notice real estate and mortgage professionals use quite a few unfamiliar terms. As one of the most important sectors of the American economy, real estate overlaps the fields of law, finance, and compliance. For this reason, it is important to understand some of the vocabulary used by realtors, lenders, and title insurance agents. When searching for Boston condos for sale don’t hesitate to ask your real estate agent about terms that are new to you. Here are a few terms to get you started.
Assessed value is not the sales price or even the appraised value of the property. It is the determination made by the Boston County assessor for taxation purposes, and it is often lower than you expect.
Back on the Market (BOM)
A BOM property should be approached with a certain degree of caution and with advice from a Boston condo professional. Something happened the first time around and the sale was not completed.
You will find out there are many items you are expected to pay before taking possession of your new home. These items are known as closing costs, and they can be negotiated to a certain extent with your mortgage loan officer. Payment of these costs is settled at the closing table.
Multiple Listing Service (MLS)
You will hear MLS mentioned quite a few times during your home search. This centralized digital service provides accurate information about available Boston condos for sale on the market.
Principal and Interest
When you get to the closing table, a title agent will tell you how much you are expected to pay each month for your mortgage, and part of this payment will be the principal amount you borrowed plus the interest you agreed to. In some cases, you may only pay interest for a few years.
This policy protects the lender from errors related to the conveyance of title to your name. You pay the cost of insuring your lender, but you can also get an owner’s title insurance policy for your own peace of mind.
Boston condominium vocabulary can be challenging to understand no matter what type of property you’re looking for. Whether your tastes lean more toward condos in a high rise tower or you’re partial to a Beacon Hill condo is a wonderful place to live. If you’re interested in seeing the latest properties on the market in the downtown Boston area, get in touch with Ford Realty at 617-595-3712.
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