Congratulations! Your Offer has been accepted! What's next?
Our Team is here to help make this process as easy as possible. You will be contacted by our Transaction Coordinator to coordinate the various steps that are necessary for you Closing on the home purchase. If you have any questions, comments or concerns, please contact us.
- After the Offer is signed by the seller, you will receive a copy of the fully-executed document, the condo documents and budget for the Association.
- Once we receive your initial deposit check, it will be held in escrow by the Listing Agent's office.
- You should review all documents with your Real Estate Attorney at this time.
- If you need a recommendation for an attorney, we will provide you with referrals.
- Your Offer specifies the date by which your Home Inspection must be completed. Generally this is 7-10 days from the date of the signed Offer.
- If you need a recommendation for Home Inspector, we will provide you with referrals.
- Once the inspection is scheduled, our Team will confirm the date and time with the Listing Agent.
- A member of our Team will attend the Home Inspection.
- We recommend that you attend the inspection to fully gain an understanding of your new home.
Purchase and Sale (P&S)
- The Seller's Attorney will prepare the initial draft and send to your attorney for review.
- Once your Attorney received the final draft, you will sign and the documents will be forwarded to the Seller's Attorney.
- At this time, a deposit check is required, payable to the Listing Agent's company. This check will be held in escrow until the closing.
- A personal check is permitted only if the P&S is signed two weeks, or more, before the closing date. Otherwise a cashier's check is required. If you are unable to drop a check in person, wire instructions will be made available as an alternative way to transfer funds.
- If you are applying for financing, your lender will follow up with us to schedule an appraisal.
- The Listing Agent will meet the appraiser at the property.
- You do not need to be present for the appraisal.
- Your Lender will send a Condo Questionnaire to our Team that needs to be completed by a Trustee of the Association or the Management Company.
- Our Team will return the completed Condo Questionnaire to the Lender.
- Most Lenders will require a copy of the Master Insurance policy listing the Mortgagee as Loss Payee.
Additional Visits to Property
- After the P&S is signed, you may want to access the property for contractors, designers and/or measurements purposes.
- Our Team will coordinate these visits with the Listing Agent and will attend with you.
- You should also begin to consider your change of address notifications, utility and cable connections, etc.
Smoke Detector Inspection
- A Smoke Certificate is required for the closing.
- The City of Boston's Fire Department inspects the property to ensure that all the smoke and CO2 detectors are up-to-code.
- The Listing Agent arranges for the inspection.
- You do not need to attend.
- The evening or morning prior to the closing you will have a walk-through of the property.
- The Seller is responsible for completing all agreed upon repairs prior to the walk-through, and the unit should be "broom clean".
- A member of our Team will attend this with you.
Again congratulations! You're one step closer to having the home of your dreams! With this check list, and our assistance we ensure the smoothest closing possible!
If you are interested in purchasing a condo, or are even in the beginning stages of your search, please don't hesitate to reach out to us! We would be happy to set up a time to speak and/or meet and discuss your plans.