The first step in selling is choosing a real estate professional to represent you. Personal referrals are your most direct path to the right agent for you. Other sources are web pages, referral networks, and open houses.
After presenting a market analysis and marketing proposal, your Rutledge Properties listing agent will guide you through the forms required by the state and the local multiple listing service and advise you on the presentation of the property (see selling your home).
Massachusetts has a 2-step process for transferring (selling) real estate. All agreements between the parties must be in writing. The sale can be closed with a fully executed offer, so be careful what you sign! However, most sales take place through an offer to purchase and a purchase and sale agreement.
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 proffered by the buyer is held in escrow by the listing broker.
The Purchase and Sale Agreement 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 seller provides the deed (drawn up by his attorney and accepted by the buyer’s attorney), the smoke and carbon monoxide detector certificate from the local fire department, evidence of paid town utilities and taxes, Title 5 certificate if the property has a septic system, and the keys.
There is a “stamp tax” of $4.56/$1000.
The sale is complete when title passes and the deed has been recorded.
Here are some additional links which we hope you’ll find helpful:
Before You Sell
- What to Do If You're Facing a Short Sale
- Does Moving Up Make Sense?
- 8 Reasons You Should Work With a REALTOR®
- 12 Questions to Ask When Choosing Your REALTOR®
- 5 Things to do Before Putting Your Home on the Market
- Understand Agency Relationships
- What is Appraised Value?
- Setting the stage for a sale
- Simple Tips for Better Home Showings
Contact us if you have questions about the selling process and how we can sell your home!