Northshore homes for sale

My House Failed Title V. What Are My Options?

Here in Ipswich, MA as well as across the north shore, we have a high number of septic systems and Title V is commonly part of most real estate transactions. We make it a priority to be well-informed and current on all changes by having regular sessions with our board of health director and constant information sharing. There are many nuances to managing a transaction with a septic system and I highly recommend you hire an agent who truly understands Title V. Thank you to the Massachusetts Association of Realtors for sharing these important facts: 

Q. I am selling a home that has a failed Title 5 inspection. What are my seller’s options?

A. Aside from very limited circumstances, a property must have a passing Title 5 inspection within 2 years before a transfer takes place. An inspection is not required before a transfer in the following situations:

1.     Refinancing or any situation where no new parties are introduced;

2.     a transfer between spouses;

3.     a transfer between parents and child(ren);

4.     a transfer between full siblings; and

5.     where the property is held in a trust.

A property owner or buyer of a property with a failed inspection may also enter into an enforceable agreement with the Board of Health requiring them to upgrade the system or connect to the public sewer within 2 years following the transfer of title. If a property owner has entered into this type of agreement, they must disclose it to prospective buyers, and it must be binding on subsequent owners.

The most straightforward option available to sellers with a failed Title 5 inspection is to repair or replace the system prior to transfer. However, this may not be a viable option for all sellers because of the expense involved. In these situations, the seller and buyer may negotiate a resolution that satisfies both the requirements of the law as well as the financial well-being of all parties involved.

Not our Normal Spring Real Estate Market - A New Way in Real Estate

Answers. It's what we all want. But nobody has them, and anyone claiming they do, well, I recommend a fact check. None of us here at Windhil have that elusive crystal ball and no, we can't make you any promises about the future. But what I can tell you is that here in the northeast, north of Boston, on the northshore in particular, what we are seeing right now is serious pent-up demand for inventory and every listing we take has a long line of ready, willing and able buyers. These homes, if priced properly, are going under contract with multiple offers, sometimes over asking and because our network of professionals including lenders, inspectors, attorneys, etc. are now well-versed in the new way of doing business, the closings are happening efficiently and on time. The closings might be curbside but the smiles are still there.

Predictions point to a delay in inventory that will inevitably explode so if you're thinking of selling but the path is unclear, ask for help, get some sound advice, educate yourself about the new process. Lack of inventory is to your advantage, while it lasts. 

The Massachusetts Real Estate Market is Down But Not Out! Great article thank you to WGBH.

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