Steps to buying a house in Massachusetts:

1. Written Offer to Purchase—this states your offer price, your proposed closing date, the date you will sign the longer form Purchase and Sale contract, and inspection and financing contingencies. I will attach a sample blank offer and addendum. Mortgage pre-approval letter must accompany offer. $1000.00 binder check is submitted as well.

2. After acceptance of offer/agreement of terms, the binder check is deposited in an escrow account. An inspection is performed within a week, generally. Purchase and Sale (“P&S”) is usually set for a few days after the last date of the inspection contingency. Issues arising from inspection, if any, are often addressed in the p&s, either via a price adjustment or in a rider describing repairs to be made. Attorneys are usually hired for the p&s. For the buyer, the attorney is often the same attorney who will represent the lender at the closing. They might offer a break on the fee for the p&s.

3. Buyers sign P&S and broker brings it to sellers to sign. Buyer puts down at least 5% deposit, less the $1000.00 already deposited in escrow. All funds held in escrow.

4. Bank sends independent appraiser to appraise property.

5. Lender provides a commitment letter to the buyer for the loan.

6. Closing. Insurance binder must be in place for the house by closing.

Closing and Moving Checklist

•Book a moving company

•Contact insurance company and arrange for new property

•Notify old and new post offices

•Notify medical providers, banks, credit card companies, employers, friends, etc. of new address

•Register to vote at new address

•Confirm elevator, loading dock, parking space reservations at new building if applicable

•Confirm closing time and place with attorney


•Notify utilities:

-Telephone

-Alarm

-Cable

-Electric

-Gas

-Oil

-Internet provider

-Water company

•Arrange for time off from work and child care for closing and moving dates

•Arrange for a final walk-through the morning of or day before closing
•Confirm that insurance binder has been prepared and sent to closing attorney

•Confirm moving date/time with moving company

•Isolate valuables, credit cards, keys, cash. etc.

•Confirm phones working in both locations

•Drain gas and oil from power equipment

Closing:


•Bring certified check as per lender’s requirements

•Bring personal checks for adjustments and/or miscellaneous items

•Bring picture IDs