Optimum Real Estate, Inc.
293 Bedford Street,
Whitman, MA 02382
Phone (781) 447-0700
Fax (781) 447- 9930
Home Buyer's Process: For the buyer
Below are some guidelines to help you through the home buying process. If you have specific questions, please do not hesitate to contact us.
- Obtain Mandatory Agency Disclosure from your agent (discuss how they will represent you in the transaction).
- View property
- When you find a home you like, make an offer.
- The offer must be in writing and accompanied with a good faith check.
- An offer will include:
- the amount you are willing to pay for the home
- the amount of your two deposits
- your inspection contingency addendum (pest, radon, lead etc.) (allows for any inspections you want to have on property) paid by the buyer
- mortgage contingency addendum (states amount you are mortgaging, application date, and the commitment date)
- Signing of P&S date
- Closing date
- Buyer's and Seller's signatures (if there are any changes all must initial the changes)
- Consult your attorney at any time.
- An offer is good until date on offer ( all offers are presented ASAP ) and can be extended if needed for counter offers.
- The offer is negotiated
- If your offer is not accepted your good faith check will be returned to you.
- Once the offer is accepted:
- You have 10 days to do your home inspection, at your expense: Pest- Lead-Home-Radon- etc. If a problem exists, notify agent ASAP in writing.
- You need to put in a mortgage application ASAP
- You have a date to obtain your commitment by from the bank
- If property was built prior to 1978 agent must inform you of the possibilities of lead paint
- A Property Transfer Notification Certification form must be filled out and signed by both Seller & Buyer
- Within 10 days of the accepted offer the listing agent will prepare a Purchase & Sales(P&S) Agreement, you and/or your attorney will have time to review it.
- A Purchase and Sales Agreement is a formal document that replaces the offer to purchase. At this time an additional deposit will accompany the P&S and all checks will be cashed. Escrow money is held in a non-interest bearing account by the listing real estate firm.
- P&S will be signed by both parties (Buyer & Seller) with 4-5 original copies
- Now until closing you will work with your lender to get everything together to obtain your mortgage.
- You will purchase a Home Owner's Insurance Policy, bring the binder to closing and/or make sure lender receives it.
- Notify all utility companies and phone of changes
- Final Walk -Through, view property before the closing
- At t he Closing, money is exchanged all paper work is signed
- Mortgage and Deed is recorded at the Registry of Deeds in your county.
- Keys exchanged
****CONGRATULATIONS! You now own your home!****
FOR BOTH THE BUYER AND SELLER....By no means do we at any time state, imply, or believe anyone at Optimum RE, Inc. is an attorney or a member of Massachusetts practicing law . At all times we recommend your own attorney is hired and involved from start to end. We adhere to the law and will follow the law ethically, and to the best of our ability; We are not lawyers. If you would like someone else to view your confidential information please allow us to do so in writing complete with signature and date.