Checklist for Home Buyers

  1. Determine what you want in a property; size, location, price range, etc.
  2. Our agents can help you better understand the market and assist in identifying the property that’s right for you.
  3. Obtain a mortgage pre-qualification letter from a qualified lender; in today’s market sellers typically expect to see a pre-approval with any offers.
  4. In Massachusetts, buying and selling a home is a multi-step process:
    1. Offer to Purchase Agreement: the Offer made by the buyers and accompanied with a “good faith” deposit. The offer is a contract and outlines dates, contingencies, and other details.
    2. Home Inspection: most buyers choose to have a home inspection, which is paid for by the buyer. The inspection is conducted shortly after the signing of the Offer to Purchase.
    3. Purchase & Sales Agreement: this is the sales contract that binds both parties to all the requirements of the purchase and supersedes the Offer to Purchase Agreement. Any issues raised by the Home Inspection should be negotiated prior to signing the P&S. Buyers make another deposit at signing.
    4. Mortgage Contingency: if a buyer is financing the purchase, this is the deadline by which they must have a mortgage commitment.
    5. Closing: this is the final step, in which the Deed is transferred to the buyers, additional monies down are paid, and the sellers receive their funds.
  5. In Massachusetts, only attorneys licensed by the Commonwealth can represent buyers and sellers in a real estate transaction. Buyers are strongly encouraged to secure the services of an Attorney shortly after signing the Offer to Purchase Agreement.