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BUYING PROPERTY IN MASSACHUSETTS

 

In Massachusetts there are two types of Real Estate Brokers in the Commonwealth. A Buyer’s Broker works for the buyer and a Seller’s Broker works for the seller. Real Estate brokers and agents are bound by Massachusetts real estate laws to inform the customer which interests we represent, the seller or the buyer. We are also bound to be ethical and honest in all dealings with both the buyer and the seller. Pied Piper Real Estate is a Seller’s Broker. As a buyer you can be assured that your interests are professionally represented in the transaction. We have a talent for matching people with the right property. Each of us was a property buyer long before we were in the real estate business and we do understand your concerns. Our patience, attention to detail and follow-through will insure a successful closing.

 

The Process

1.      Offer to Purchase (The first step): After you have decided upon a particular property, the first step is to present an Offer to Purchase to the Seller. The Offer to Purchase is the negotiating instrument, containing: a) the offered price, b) the proposed date of closing, c) the buyer’s property inspection date and c) any contingencies involved in the offer. At the time the Offer to Purchase is presented, a check is also submitted. This is referred to as a “Good Faith” deposit.

2.      Purchase and Sale (The second step): The Purchase and Sale Agreement, (P&S), is usually signed by all parties (buyer/seller/broker) approximately two weeks from the acceptance of the Offer to Purchase by the Seller. This document is traditionally prepared by the attorney for the buyer and contains the data that appeared in the Offer to Purchase as well as Massachusetts Law as it relates to the purchase of real estate. Be prepared to write a check in the amount of approximately 10% of the total purchase price. This check is submitted with the Purchase and Sale Agreement and will be held in an escrow account until the closing.

3.      Mortgage Application:  Many buyers are doing their homework before even beginning to shop for real estate. Ask agent for local Lending Institutions information. If you contact the lending institution, you can usually be given an idea as to what you are capable of affording and be issued a letter of prequalification  by that lending institution. When you are making an Offer to Purchase, this will help the seller in their decision to accept your offer.

 

One very important question buyers have is: How much are my monthly mortgage payments going to be?  Just click on the   Mortgage Amoritization Chart button.gif (1883 bytes) and follow the simple directions for your monthly mortgage payment information.

 

 

Closing (The last step):Approximately 30 to 40 days from the time the Purchase and Sale Agreement is accepted by  the Seller, you will be able to close. This is due to the mortgage processing needs of the lending institutions. Of course, if you are paying cash, this speeds the process up considerably.

Use these helpful links button.gif (1883 bytes) for more information on Provincetown and buying or selling property.

If you need more information, submit a request button.gif (1883 bytes) here.

 

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