Role of ... the REALTOR® · the Lender · the Attorney · the Insurance Agent
Tips to Buyers · Checklist for Moving · Articles of Interest · CENTURY 21 Communities®

FRIENDLY TIPS TO BUYERS

TYPICAL HOME PURCHASE PROCEDURE

Step 1: As a Buyer, if you are going to finance the purchase, you should obtain pre-approval for mortgage from your bank or mortgage company so the prospective Sellers know that you are a qualified Buyer and you have a comfort level when looking at properties in a certain price range.

Step 2:In negotiating the purchase of your home, you should instruct your broker to make an offer to purchase. This offer should be in writing and accompanied by a check of $1,000 to show "good faith". This offer should include:

• The amount you are willing to pay for the property.
  
• Closing date
  
• Any contingencies, including obtaining a mortgage and home inspection

If the offer is not acceptable, further negotiations are necessary to reach terms agreeable to both Buyer and Seller. This is where your REALTORS®  knowledge and expertise work to your advantage.

Step 3: When the Buyer and Seller agree on terms:

• The buyer immediately submits their application for financing and arranges for home inspection
  
• The Seller arranges with his/her Attorney or REALTOR®  for the drafting of the purchase and sales contract based on agreed terms.

Step 4: The purchase and sales contract should include, among other things the following:

• Purchase price
  
• Mortgage contingencies if any
  
• Quality of title to be conveyed
  
• Date of possession
  
• Itemized list of personal property included in sale.

The contract is reviewed by the buyer and is not valid until signed by both parties. The bank's attorney proceeds with arrangements for title search and other preparations necessary for the closing or passing of title.

TYPICAL HOME PURCHASE COSTS

Points: also known as the Loan Origination Fee. Check with your lender.

Interest on the Loan: Interest covering the period from date of closing until end of month.

Title Insurance: Sometimes banks require this insurance. Check with your lender.

Attorney's Fees, Survey Fees: If not recently surveyed the Lender or Title Insurance Company may require a registered survey or map showing the location of the house and the boundaries of the property, as well as easements and rights of way.

Recording Fees: The buyer usually pays the fee for legally recording the new deed and mortgage.

Homeowner's Insurance: Proof of current policy is necessary at the closing. Be sure to contact your insurance agent in advance.

Adjustment Costs: Paid to seller at closing (where applicable): Buyer's share of pre-paid property taxes, heating old remaining in tank, sewer service charge, any remaining balance on betterments, condo or neighborhood association fees paid in advance.

Home Inspection: The Seller is responsible for a Title V Septic Inspection, performed by a licensed company, and a Smoke Alarm Inspection Certificate, performed by the local town Fire Department. The Buyer is responsible for the costs related to their Home Inspection after the offer is accepted by both parties.

This site provides information about Mashpee, New Seabury, and Popponesset Real Estate for sale or for rent on Cape Cod, also properties for sale or rent in Bourne, Falmouth, Woods Hole, Sandwich, Cotuit, Marstons Mills, Osterville, Centerville, Hyannis, Hyannisport, Barnstable and all areas of Cape Cod, and the South Shore of Massachusetts. This includes specialty properties such as waterfront homes, golf condo's, golf front properties, new homes, new construction, condominiums, oceanfront homes, 1st time home buyer properties, land for sale, lots for sale, vacation homes, summer homes, cape cod rentals, summer rentals, cottages, waterview, waterfront, steps to beach, luxury homes, and second homes for the discriminating buyer.

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