Effective home selling in Downtown Midtown condo requires real estate know how. Here are some key terms that you should know:
A 1031 Exchange
is a tax aspect of the Internal Revenue Code to allow a 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.
A Breach Of Contract
occurs when a party is in violation of a direct obligation or failure to perform provisions in the contract agreement. In the world of 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.
in 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 home sales 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
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
is a common type of 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.
The Ford Realty Team has guided 1,000s of people through the process of buying a Downtown Boston Condo. If you have any questions or if you are interested in a Downtown Boston Condo feel free to contact one of our team members and we would be happy to answer any questions you have.
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Condos around the Midtown area to rent:
Back Bay area condos for rent
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114
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