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Buying
property on Martha's Vineyard Island can be a dream come
true. Rely on Caroline Taylor Properties to inform you
of regulations and laws that pertain to the purchase of
your dream home. We are familiar with state regulations,
as well as local regulations. Please ask us for zoning
information on particular properties as needed. So that
you may avoid surprises, we offer the following guide
to help you through the process.
Click
here to see "Steps in the Home Buying Process"
Buyer Agency
Caroline Taylor Properties works as a Buyers Agent to
represent your interest in the purchase of your
new home. Upon the first telephone discussion or
the first personal meeting with an agent from Caroline
Taylor Properties, your agent will discuss the different
types of agency representation with you. We work
with you to assure a smooth transaction on your Martha's
Vineyard home purchase by researching all information
possible on the property you select for purchase. View
or download these Agency Agreement files in Adobe PDF
format: Buyer
Agency Agreement Exclusive
Buyer Agency Agreement
Questions
to Ask Yourself
Do you want to work with an agent who represents you, the buyer?
Or the seller? Do you know that you have the right to have an
exclusive Buyer's Agent represent your interest in helping you
to acquire property? Do you know that as of July 1, 2005, the
Commonwealth of Massachusetts requires that you be allowed to
be represented by a Buyer's Agent?
Are
you committed to buying property on Martha's Vineyard? When do
you plan to buy? What area of the Island do you prefer? Do you
know the zoning regulations in that area? Do you know about septic
regulations? Lead paint laws? Covenants & Restrictions? Finding
a subdivision plan? Comparable Sales in the area? Value? Caroline
Taylor Properties can guide you through this maze of regulations.
Martha's
Vineyard Land Bank Fee
This investment in the beauty of Martha's Vineyard is funded by
a 2% fee on most Martha's Vineyard Real Estate Sales at the time
of closing. This fee is usually paid by the buyer. In 1986, state
legislation was passed to form the Martha's Vineyard Land Bank.
The purpose of the Land Bank is to preserve undeveloped land as
a protective device for the Island's resources. The Land Bank
preserves our open spaces for the future of Martha's Vineyard
and protects the Island from becoming overdeveloped. Most Martha's
Vineyard residents feel that protecting the island is well worth
the price.
Septic
Systems and Title V
A septic system must be inspected within two years prior to the
transfer of ownership. If a system fails inspection, most banks
now require an approved septic plan for repair, replacement or
full installation before closing. In many cases, funds can be
escrowed and the work done after closing. Note: Title V requirements
are minimum requirements and a local community may set higher
standards with more restrictive regulations. A professional engineer
can inspect your system or a licensed inspector can do the job.
See Our B Team page.
Tip: SUGGEST TO YOUR AGENT TO REQUEST THAT THE SEPTIC SYSTEM BE
PUMPED BEFORE CLOSING.
Residential
Tax Rates (Per $1000 of Assessed Value)
| TOWN |
2006 |
2007 |
| Aquinnah |
3.69 |
4.03 |
| Chilmark |
1.85 |
1.87 |
| Edgartown |
3.03 |
2.85 |
| Oak
Bluffs |
5.75 |
5.95 |
| Tisbury |
5.20 |
5.63 |
| West
Tisbury |
4.77 |
4.38 |
Maps
There are excellent maps on these sites: www.mvol.com or www.mapquest.com, and www.maps.google.com.
Mortgage Calculator
Enter your estimated mortgage information including purchase price,
down payment, interest rate, and number of years. Then click calculate
to see number of payments and estimated monthly payment cost.
Home
Inspection
In Massachusetts, it is the buyers' option to hire a home inspector
to examine their prospective purchase, at their expense. Your
concerns should not be limited to the structural integrity of
the property, but also the water, insects, lead paint, septic,
radon and asbestos. Your inspector will also provide you with
a list of "to-do" items that may be needed. This should
be included with the Offer to Purchase. If you have a specific
concern, please make sure to discuss it with your home inspector.
NOTE: Home Inspectors are required to be licensed by the Division
of the Professional Licensure in Massachusetts. For a list of
qualified home inspectors on Martha's Vineyard and a consumer
fact sheet about home inspections and selecting a home inspector
call 508-627-5554 or visit: www.state.ma.us/reg/boards/hi
Some environmental issues a home inspector will examine include:
Asbestos
Asbestos was commonly used in building material prior to 1978
when it was determined that exposure to asbestos is unsafe. Use
of asbestos has been prohibited since 1978. Experts recommend
that asbestos that is in good condition and in an area that is
unlikely to be disturbed should be encapsulated. In certain situations,
it may be necessary to remove the asbestos. Removal of asbestos
is heavily regulated at federal, state and local levels. Before
removing any asbestos a building owner or a contractor must contact
the Massachusetts Department of Environmental Protections 20 days
prior to performing the work. See our B
Team page
Mold
Significant presence of mold in homes is the latest concern among
health officials. Although there will always be mold on the Vineyard,
the concern for a home buyer is the presence of excessive mold.
Have your inspector check the house, if you have a concern.
Radon
Radon is a radioactive gas created by the natural breakdown
of uranium in soil, rock and water and has been linked
to cancer. New and old homes can have radon problems.
Radon levels can be reduced by sealing foundation cracks
and, if needed, installing an air venting system. A few
areas of the Island have tested positive for radon.
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Underground
Storage Tanks
Many older homes have underground storage tanks for storing
heating oil. These tanks often develop leaks. They can cause
significant damage to the environment as well as liability
to the owner. Massachusetts law is very specific regarding
the obligations of a property owner as it relates to the
removal a storage tank that is no longer in use. A contractor
will obtain all permits from the local fire department.
The tank should be removed, transported and disposed of
by the licensed contractor. A representative from the local
fire department should be present when the tank is removed.
It is important to note that local communities can implement
their own rules that are stricter than state regulations.
Check with your town for current regulations.
Lead Paint
Until 1978, lead was common in exterior and interior paint
and some varnishes. It became illegal after 1978, though
it is still used in marine paints. Massachusetts lead paint
laws are very complex, and you will be presented with a
lead paint information/disclosure packet provided by the
state, if you select a home built prior to 1978. The lead
paint law requires that "any property where a child under
six resides must be deleaded or encapsulated." When the
property transfers ownership, the new owner assumes the
responsibility. Only a licensed professional may remove
lead paint or encapsulate. A buyer is not required to test
for lead paint, but the seller must allow testing. The results
are reported to the local Health Department.
For more information on lead paint, visit www.mass.gov.
Tips for Closing
• Allow at least one month to secure an insurance binder
for your new home. Because we are in a coastal area, insurance
agencies are constantly changing their coverage area and
requirements. Local insurance agents are listed on
our B Team
page
• Utilities are listed on our B
Team page. Allow plenty of time with the telephone company.
In some areas, phone numbers may be in short supply if there
are new homes in the area.
• A call to the seller's service contractors to let
them know you would like to continue with their services
will avoid confusion when future maintenance or repairs
are needed. |
