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Guide to Buying Property

• Identify your Search Parameters: Speak with your Real Estate Agent about what you are looking for in a property. We realize that sometimes you may not be exactly sure of what you are looking for. We will show you a wide range of property to help you narrow your search.
  
  
• Prequalify for financing: If you do not already have a relationship with a lender, ask your Agent to recommend a mortgage broker or two. Choose someone that you feel comfortable speaking with, and someone who is responsive to your requests. When comparing rates between two or more brokers, make sure that you call each on the same day, as rates fluctuate daily, and you will want to get a fair and accurate comparison.
  
  It is helpful to prequalify for financing, so that you can firmly identify a price range for your search. It also strengthens your offer to accompany it with a letter of pre-approval. This shows the seller that you are prepared.
  
  
• Search for your Dream Home: Plan one or more visits to come to the Outer Cape to search for your future property. Providing feedback on each of the properties to your Agent will help him/her to assist you better in finding the perfect property in the shortest amount of time. Between visits, your Agent will update you by email of any new listings that meet your search parameters.
  
  
• Submit an Offer to Purchase - In Massachusetts, the first step to buying a property is an Offer to Purchase. Addressed to the Seller, this document states the amount you will pay, the amount of financing that you will pursue, and the closing date that you are requesting. Offers have many protections built into them for the Buyer, including inspection contingencies and financing contingencies. Typically, the initial offer is submitted in writing, accompanied by an earnest deposit. Then, the terms are generally negotiated with the seller on a verbal basis. Once the parties have come to an agreement on all terms, the offer is resubmitted in writing and signed by both parties. At this point, it becomes a legally binding contract. If you don’t already have a relationship with a local attorney, we will gladly recommend one.
  
  
• Inspection Period - It is strongly recommended that you have the property inspected by a licensed Home Inspector. If possible, it is a good idea to attend the inspection personally, as this is a great way to receive a crash course on your property-to-be. Should any questions arise as a result of the inspection, you have the right, during the Inspection Period, to consult further with any specialists. By the end of the inspection period, you will know whether you are interested in proceeding with the purchase or, in extreme cases, you may wish to withdraw your offer. Should you withdraw, your deposit is fully refundable.
  
  
• Purchase and Sale Agreement (P & S) : The P & S is the final contract for your transaction, and once signed, it supercedes the Offer to Purchase. It builds upon the items set forth in the Offer and goes into greater detail on all aspects of the transaction.
  
  The P & S is drawn up by the attorneys representing the Buyer and the Seller, and typically, the contingencies outlined in the Offer carry through to the P&S, unless they have already been satisfied prior to signing.
  
  This document is typically signed by all parties 2-3 weeks after the Offer to Purchase. At the time of signing, an additional deposit is required, typically 5%-10% of the purchase price, and held in a special escrow on your behalf by the Real Estate Company representing the Seller.
  
  
• Mortgage Commitment : The last step in the process is the Mortgage Commitment. The Lender that you choose will send a licensed appraiser to the property to determine the fair market value of the property. If the property “appraises out” for the agreed upon price, and you have met all other conditions required of you, the Lender will issue a loan commitment.
  
  
• Closing : Your attorney will inform you of the date, time and location of the closing. He/she will also advise you regarding the funds that you must bring to closing. Be sure to bring proper identification with you, and it is a good idea to have a personal check with you to cover any additional adjustments that may come up.
  
  
• Enjoy Your New Property! If you are purchasing the property as an investment, we are available to assist with putting your property on the Rental Market.
  
  If you are purchasing the property for your own personal use, ENJOY!