You will find the process of buying a home in Wellesley and surrounding towns much easier if you find a real estate agent first! Personal referrals are the best source. If you are going to open houses, check out the realtors along with the properties. Referral services and web pages will give you options.
After finding the home of your dreams….
Massachusetts has a 2-step process for transferring (buying and selling) real estate. Although the sale can be closed with a fully executed offer, most MA real estate sales take place through an Offer to Purchase and a Purchase and Sale (P&S) Agreement. All agreements between the parties must be in writing.
The standard form Offer to Purchase for a property sets forth the description, the price, the timing, deposits, and any contingencies agreed upon by the parties. These contingencies often include financing and inspections. Lead paint notification and agency disclosure are required by law. The deposit to bind the offer is held in escrow by the listing broker.
The P&S is usually executed 10 days to 2 weeks after the Offer (giving time for inspections) and is negotiated by the parties’ attorneys.
The closing date is established in the Offer and the Purchase and Sale Agreement. Usually the “bank attorney” conducts the closing. The buyer brings his/her mortgage and certified funds to close, an insurance binder, and picture ID.
The bank will require title insurance sufficient to cover the mortgage. The buyer may decide to cover the entire purchase price. Mortgage insurance is a one-time payment for the ownership of the property.
The sale is complete when title passes and the deed has been recorded.
Your Rutledge Properties real estate agent can guide you through each of these steps. Contact Rutledge Properties with any questions.
Here are some additional links which we hope you’ll find helpful as you prepare to buy your home:
Get Ready for Homeownership
- 10 Ways to Prepare for Homeownership
- Common First-Time Home Buyer Mistakes
- Why You Should Work With a REALTOR®
- Questions to Ask When Choosing a REALTOR®
- Tax Benefits of Homeownership
- Take the Stress Out of Homebuying
Buyers: Prepare for Closing & Beyond
- What Buyers Need to Know About Title Insurance
- 5 Things to Know About Homeowner’s Insurance
- Tips for Lowering Homeowner’s Insurance Costs
- What’s a Home Warranty?
- What Not to Overlook on a Final Walk-through
- Common Closing Costs for Buyers
- Moving With Pets
- Finding a mover
- Closing Documents You Should Keep
- 17 Tips for Packing Like a Pro