Real Estate That Makes Cents
Showing the property – We work with a
professional appointment setting company, MAPASS (visit their website) to
schedule all of the showing requests. This company ensures that someone is
always available to accept inquires to show your home. Their only job is to
handle these inquires, thus reducing any delays in responding to a buyer’s
interest. We highly recommend that you work as closely with those time requests
as possible—sometimes, we don’t get a second chance for these showings!
The Seller’s responsibility is to make the home as “accessible” and as
“presentable” as possible for these showings. Nice touches are to turn the
lights on, freshen the air and tidy your home! Showings generally take 30
– 40 minutes and this is not a time for the Seller or Seller’s pets to be in
the property.
Receiving an Offer
– This is done in writing and requires a deposit from the buyer. This is known
as a “Good Faith Deposit” and will be held in an Escrow Account. The offer may
be subject to a satisfactory Home Inspection and a Mortgage Commitment. The
Offer states a time period for you to respond in writing. Prior to
expiration of this time period, this is your opportunity to Accept, Reject or
Counteroffer the Buyer’s offer.
The Home Inspection
– This should be scheduled immediately after the Offer has been accepted, and
typically takes place within the next 10 days. The Buyer is responsible for
hiring and paying the home inspector. The inspector, the buyer(s) and the Agent
the buyer(s) is working with attend the inspection. The seller should never
attend. It typically runs between 2-4 hours. After the inspection is completed,
the Inspector should provide the buyer(s) with a written report. If the buyer
has any concerns, it will be brought to our attention through the buyer’s
agent.
The Purchase and Sales Agreement – This is signed by
all parties after the acceptance of the “Offer” and generally after the home
inspection has been completed. All the parties involved have the option of
having an attorney advise prior to signing this document. Also, an additional
deposit is required from the buyer, which will be held in an escrow account.
The Appraisal – The
mortgage company will assign an appraiser to research the property and provide
an opinion of value. This is done after the Purchase and Sales Agreement has
been signed by all parties. This is done because the bank holds the property as
collateral and this is a cost to the buyer.
The Mortgage Commitment
– This a written letter issued by the bank after a satisfactory Appraisal has
been completed and the lender is satisfied with its lending requirements.
The Smoke and Carbon Monoxide Detector Certificate – This is an
inspection to ensure that the smoke and carbon monoxide detectors are in
compliance with local code. This is conducted by the Fire Department and
is the responsibility of the seller to provide this documentation prior to
closing. This is a time-sensitive document.
6D Certificate – This is a document
provided by the Seller (of a condo) prior to closing. This document
signifies that all condo fees have been paid satisfactorily.
Final Adjustments – Prior to closing
there are several municipal and private adjustments that need to be made.
Some of these are final water readings, fuel adjustments, sewer, trash, rentals
(such as hot water tanks), all of which need to be forwarded by the Seller to
the closing attorney.
Title V – Under Massachusetts State Law, every
septic system must undergo (and pass) the Title V certification. This is
the Seller’s responsibility. It is highly advisable that the Seller
conduct this test at the earliest possible time to marketing the
property. A Title V certification is valid for 2 years with an
unpumped system and 3 years with a pumped system.
The Final Walk Through – This is a final inspection that the
buyer conducts on the property. The property needs to be in the same condition
as stated in the executed Purchase and Sales Agreement. This usually takes
place the day before or the day of the closing.
The Transfer of Utilities – Prior to closing and
prior to vacating the property, the seller will contact the utility companies
servicing their property. This is the time for the seller to indicate a
stop or transfer of those utilities
The Closing – The closing is transferring the ownership of the
property from the seller to the buyer and is the final step. You will learn the
time of day and the location that this will take place a few days prior to the
scheduled date. The Signing Process is followed by the “recording process” at
the Registry of Deeds. This completes the legal process.