Summary for Purchasing Real Estate in MA

The process of purchasing a home varies between states. So if you are moving to Massachusetts or just need a refresher on how real estate is purchased the following is a basic summary.    

In Massachusetts, a real estate contract must be in writing in order to be valid.

In many states there is only one contract signed prior to closing. However, in Massachusetts there are two:  the Offer to Purchase followed by the Purchase and Sales Agreement.

The steps and typical time table are as follows:

1.      Submit Offer to Purchase, accompanied by a binder (usually $1000 or more)

2.   Arrange for your professional home inspections. These inspections are generally conducted within 5 working days from the date a seller has accepted your offer.

3.   Select your real estate attorney

4.   Apply for your mortgage

5.     Approximately 10 to 14 days after the initial agreement is signed, the Purchase and Sales agreement that has been prepared by the attorneys is executed. It is usually accompanied by a deposit of 5% of the purchase price.

6.      Mortgage commitment is received.

7.      Closing

The above steps most often occur within a 60 day time period.

For more tips on buying or selling a home in Massachusetts click here.

For more detailed information please contact:

Vincent Spoto

Co-founder of Pinnacle Residential Properties

 Member of:

         National Association of Realtors,

         Massachusetts Association of Realtors,

         Senior Real Estate Specialist,

         Wellesley Chamber of Commerce,

         Board of Directors - Better Business Bureau  

 Cell: 781-771-0340

 Office: 781-237-5000

 Email: vspoto@pinnaclehouses.com

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