Buying Process
1. Offer and Contract
- buyer submits an offer with a 13 pg standard sales contract + proof of funds or mortgage pre-approval
- offer includes price, payment method, closing date, and conditions
- seller responds within 1-3 days: accept, deny, counteroffer, or highest & best
2. Attorney Review
- begins when seller signs and returns contract
- attorneys review terms and negotiate as needed
- usually lasts 3-5 days
3. Down Payment
- typically 20% (3.5%-15% depending on loan type)
- paid in 2 parts: first within 10 days after attorney review, remainder at closing
- paid via buyer’s attorney to seller’s attorney escrow account
4. Home Inspection
- must be completed within 10 days after attorney review
- includes home, radon, and termite; additional inspections if needed
- repairs or credits can be negotiated for significant issues (not normal wear and tear)
5. Mortgage Process
- after attorney review, buyer submits all documents to lender
- lender orders appraisal; issues commitment letter if value matches and loan is approved
- may require survey; mortgage rate can be locked within 30 days of closing
6. Title Search
- conducted after mortgage commitment to ensure clear ownership
- checks for liens, restrictions, open permits, etc
- title insurance is usually required by lenders
- “clear to close” is issued when all is resolved
7. Certificate of Occupancy (CO/CCO)
- required before closing; usually seller’s responsibility
- town inspects for safety compliance (smoke/CO detectors, fire extinguishers, etc)
- buyer may be responsible in certain cases (ex. bank-owned properties)
8. Closing Disclosure
- provided by lender or title company before closing
- buyer reviews and transfers all remaining funds to title company escrow
9. Final Walk-Through
- conducted just before closing to confirm property condition
10. Closing
- final meeting with buyer, seller, attorneys, agents, and title company
- buyer signs mortgage documents; seller hands over keys and access codes
- entire process usually takes about 2 months from contract to closing
