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| METROPOLITAN REAL ESTATE 872 MASSACHUSETTS AVENUE, SUITE 2-8 CAMBRIDGE MASSACHUSETTS 02139 PHONE: 617-547-9559 FACSIMILE: 617-876-2216 |
| Dedicated to Fair Housing Practices |
The first step to a successful transaction is choosing the right
professionals to work with you during the process. You'll need
an Attorney, a Mortgage Broker, a Home Inspector, and OUR
SUGGESTION - FIRST choose a Buyer's Agent.
Where to Start...
| BUYING FOR INVESTMENT? How to Determine Cash Flow Gross Rental Income + Miscellaneous Income = Effective Gross Income - Operating Expenses = NOI (Net Operating Income) - Debt Service = Cash Flow (cash remaining) |
Buyer Brokerage Information
Imagine your New Home
Mortgage Pre-approval
Finding a New Neighborhood
View MLS Listings
Make an Offer
Negotiating Your Offer
A Smooth Transaction
The Closing
Imagine your New Home
Mortgage Pre-approval
Finding a New Neighborhood
View MLS Listings
Make an Offer
Negotiating Your Offer
A Smooth Transaction
The Closing
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| Common Types of Ownership or Tenancy |
Sole Ownership
This is ownership by one person, an individual
Tenancy by the Entirety
A type of co-ownership that is available only to
a husband and wife. Both owners must agree
before the house can be sold or refinanced.
When one spouse dies, the house goes to the
surviving spouse automatically.
Joint Tenancy
An equal undivided ownership of property by
two or more persons. During their lifetimes,
any of the owners may sell their interest to
whomever they choose. If one owner dies, the
surviving owner, or owners, automatically gets
the deceased owner's share in the property.
Tenancy in Common
A type of co-ownership without the right of
survivorship. The property is owned jointly, but
if one owner dies, the deceased owner's share
goes to his or her heirs rather than to the
surviving owner or owners.
This is ownership by one person, an individual
Tenancy by the Entirety
A type of co-ownership that is available only to
a husband and wife. Both owners must agree
before the house can be sold or refinanced.
When one spouse dies, the house goes to the
surviving spouse automatically.
Joint Tenancy
An equal undivided ownership of property by
two or more persons. During their lifetimes,
any of the owners may sell their interest to
whomever they choose. If one owner dies, the
surviving owner, or owners, automatically gets
the deceased owner's share in the property.
Tenancy in Common
A type of co-ownership without the right of
survivorship. The property is owned jointly, but
if one owner dies, the deceased owner's share
goes to his or her heirs rather than to the
surviving owner or owners.
Professionals Involved in the Process of Buying a Home
Real Estate Professional
A Broker, Realtor, or Sales Agent is a person licensed to negotiate and transact the
sale of real estate for a fee.
Insurance Representative
This person or agency provides hazard insurance to protect the homeowner and the
lender against physical damage to the property. This insurance may cover fire, wind,
vandalism or other hazards. It is necessary to have proof of insurance coverage
prior to closing.
Mortgage Brokers
They are independent professionals who specialize in mortgages but usually let
banks, lenders, or investors handle the funding and servicing of the loans. A
mortgage broker may work with one or several different lenders.
Lender or Mortgagee
This is the person or institution that lends mortgage money using the property as
security for payment of the debt.
Borrower or Mortgagor
This is the person who borrows money to buy a home, pledging to repay the money
with interest and to maintain hazard insurance on the property.
Mortgage Insurer
An institution that insures the lender against loss in case the borrower does not
repay the loan. This insurance (PMI) may be required on loans with a
down-payment of less than twenty percent.
Loan Servicer
This person or institution actually collects payments for the loan. Someone other
than the original lender may service a mortgage.
Professional Home Inspector
The property inspector will examine the home for structural defects, such as
problems with the roof, wiring, plumbing, or heating and cooling systems. The
inspector may also determine whether cosmetic items like tile, wood flooring,
fixtures or appliances are in need of repair or replacement. A home inspector
should be licensed and insured, many are members of the American Society of
Home Inspectors (ASHI).
Property Appraiser
A real estate professional qualified and certified to evaluate a property and assign a
market value. Lenders typically require a professional appraisal of the property
before approving a mortgage loan.
Attorney or Lawyer
A person legally empowered or appointed to act for another individual, giving legal
advice to clients and representing them in court. The attorney could negotiate terms
of the contract; offer legal advice, make arrangements for the title search, funds
disbursement, and the legal transfer of ownership.
Real Estate Professional
A Broker, Realtor, or Sales Agent is a person licensed to negotiate and transact the
sale of real estate for a fee.
Insurance Representative
This person or agency provides hazard insurance to protect the homeowner and the
lender against physical damage to the property. This insurance may cover fire, wind,
vandalism or other hazards. It is necessary to have proof of insurance coverage
prior to closing.
Mortgage Brokers
They are independent professionals who specialize in mortgages but usually let
banks, lenders, or investors handle the funding and servicing of the loans. A
mortgage broker may work with one or several different lenders.
Lender or Mortgagee
This is the person or institution that lends mortgage money using the property as
security for payment of the debt.
Borrower or Mortgagor
This is the person who borrows money to buy a home, pledging to repay the money
with interest and to maintain hazard insurance on the property.
Mortgage Insurer
An institution that insures the lender against loss in case the borrower does not
repay the loan. This insurance (PMI) may be required on loans with a
down-payment of less than twenty percent.
Loan Servicer
This person or institution actually collects payments for the loan. Someone other
than the original lender may service a mortgage.
Professional Home Inspector
The property inspector will examine the home for structural defects, such as
problems with the roof, wiring, plumbing, or heating and cooling systems. The
inspector may also determine whether cosmetic items like tile, wood flooring,
fixtures or appliances are in need of repair or replacement. A home inspector
should be licensed and insured, many are members of the American Society of
Home Inspectors (ASHI).
Property Appraiser
A real estate professional qualified and certified to evaluate a property and assign a
market value. Lenders typically require a professional appraisal of the property
before approving a mortgage loan.
Attorney or Lawyer
A person legally empowered or appointed to act for another individual, giving legal
advice to clients and representing them in court. The attorney could negotiate terms
of the contract; offer legal advice, make arrangements for the title search, funds
disbursement, and the legal transfer of ownership.
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