In Massachusetts there are two types of Real Estate Brokers
in the Commonwealth. A Buyers Broker works for the buyer and a Sellers 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 Sellers 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.
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 buyers 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.
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
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.
important question buyers have is: How much are my monthly mortgage payments going to be? Just click on the
Mortgage Amoritization Chart and
follow the simple directions for your monthly mortgage payment information.
(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 for
more information on Provincetown and buying or selling property.
If you need more information, submit a request here.