Vineyard Real Estate Frequently Asked Questions
~ FOR BUYERS ONLY ~
is a true Buyer's Agent?
When a buyer engages the services of a real
estate buyer's agent, then the buyer becomes that agent's
client. This means the agent represents the buyer. The buyer's
agent owes the buyer undivided loyalty, utmost care, disclosure,
obedience to lawful instruction, confidentiality and accountability.
The buyer's agent must put the buyer's interest first and
negotiate for the best price and terms for his/her client,
the buyer. Having said all of this, in the event a non-exclusive
buyer's agent transitions to Disclosed Dual Agent or Designated
Agent status, I cannot believe it is possible to maintain
a neutral unbiased relationship where confidential information
already disclosed will be safe-guarded. This will be further
explained as you read on. (Full
is an EBA?
Any licensed real estate agent can receive
the ABR® designation; however, only a licensed real
estate agent who is an exclusive buyer's agent and member
of the National Association of Exclusive Buyer's
Agents (NAEBA) can receive the EBA designation. EBA's
are required to adhere to a strict Code of Ethics EBA
Code of Ethics. To find an EBA, go to www.naeba.com
and the 'find an agent' section. When interviewing a buyer's
agent it is important to ask two questions: 1) Do you or
your firm take listings? 2) Do you practice dual agency?
If the answer to these questions is 'yes', you will not
be represented by an EXCLUSIVE Buyer's Agent. (More
on this subject here.)
is an ABR®?
ABR® is an acronym that stands for Accredited Buyer's Representative.
ABR® is a designation attained through completion of
an extensive classroom training program on buyer agency
practices and procedures followed by a rigorous written
examination. However, the designation is not rewarded until
the applicant can submit evidence of practical experience
as a buyer's representative --- that means transactions
successfully closed representing buyers.
Why work with a CRS®?
The CRS® (Certified Real
Estate Specialist) designation is indisputably
the highest level Designation any REALTOR® can be awarded
in residential real estate.
CRS® members have completed advanced training in residential
real estate and have successfully completed the high volume
of sales transactions required to earn the CRS® Designation.
They excel in both experience and education; they are consummate
professionals. There are less than 39,000 active CRS®
designees nationwide with an average of 16 years full-time
experience in residential real estate.
When searching for a CRS® to assist you
in the purchase or sale of real estate, you can be confident
that the agent displaying the CRS® designation will
be an experienced professional. Here is how you can find
does it mean to be a REALTOR®?
Not every real estate agent is a REALTOR®, although they
may refer to themselves as realtors. The term REALTOR® is
a registered collective membership mark that identifies
a real estate professional who is a member of the NATIONAL
ASSOCIATION OF REALTORS® (NAR)
and subscribes to its strict Code
is 'The HUD-1'?
The HUD-1 is the form commonly used to track
all the various costs related to a property purchase and
sale transaction. (Full Story here)
is Title Insurance?
When you purchase a home on Martha's Vineyard,
instead of purchasing the actual building or land, you are
really purchasing the title to the property - the right
to occupy and use the space. That title may be limited by
rights and claims asserted by others, which may limit your
use and enjoyment of the property and even bring financial
loss. Title insurance protects against these types of title
problems for Martha's Vineyard real estate and brings confidence
and certainty to the parties at a real estate closing that
the title of the subject real property is as represented
and expected. The title insurer offers financial protection
and will indemnify and defend against an attack on covered
title hazards as insured, and will either perfect the title
or pay valid claims. (Full
is The Land Bank?
The Martha's Vineyard Land Bank is a conservation
entity charged with the task of acquiring, holding and managing
a diversity of important open space resources for the use
and enjoyment of the general public. To accomplish this
task the Martha's Vineyard Land Bank imposes a 2% real estate
transfer fee which is levied against the purchase price
on most real estate transfers on Martha's Vineyard Island.
This is not a tax and there is no way around it.
Only first time homebuyers are eligible for a nominal credit.
(Full Story here)
have a Land Bank?
Martha's Vineyard has witnessed unprecedented
change in the most recent decades. Farming declined; centuries-old
pastures and fields were left to knot into vines and shrubs.
The "freedom to roam" was curtailed as fences were erected
across trails, beaches were gated off and hunting was restricted.
Few of these problems could be solved by planning boards
and conservation commissions only; the Vineyard needed a
new type of land agency. (Full
is 'Title 5'?
Title 5 of the State Environmental Code sets
standard guidelines and requirements for the inspection,
design, siting, construction, upgrade and expansion of on-site
wastewater treatment and disposal systems in the towns of
Edgartown, Oak Bluffs, Vineyard Haven, West Tisbury, Chilmark
and Aquinnah. The onus usually falls upon the seller for
compliance. (Full Story here)
is the MIL rate?
A mil (tax) rate is the method used to determine
the taxes that are to be paid on a property here on Martha's
Vineyard. That tax rate when multiplied by your property
value (assessed value determined by the tax assessor) equals
your tax bill. (Full