soldNow that you have a prospective Buyer for your house, let’s set out the procedure from “Offer to Purchase” to Closing.

Once the Home Inspection and any related repairs or price concessions have been completed, we will draft a “Purchase & Sale Agreement” to send to the Buyer’s Attorney.  Once their review is completed and we have agreed on a final form, a copy will be forwarded to the Broker to circulate for signing by all parties.  It is optimum for Sellers to sign the Purchase & Sale after the Buyers have signed and delivered the deposit to the listing Broker.

During the “Purchase & Sale period” your tasks are:

  • Maintain the house in good condition, both inside and out;
  • Negotiate and repair agreed upon Buyer Inspection items;
  • Notify your utility companies of a final service date;
  • Provide this Office with Mortgage Statements for any secured Loan(s) to be paid at Closing;
  • Cancel any automatic payments on your Mortgage;
  • Cease any draw-down on Home Equity Loans at least (21) days prior to Closing;
  • Do not cancel your Homeowner’s Insurance Policy until the transfer of ownership has been recorded in the Registry of Deeds;
  • If your real estate Tax Bill is due prior to the Closing date, pay the Bill;
  • Coordinate with your Broker for the inspection of your smoke/carbon dioxide detectors with your local fire department;
  • Coordinate with your Broker for final Water and if applicable, Oil tank level readings within (7) days prior to Closing.

What we will do:

  • Prepare a “Quitclaim Deed” for original signature of all Sellers; (signatures must be Notarized);
  • Prepare a “Power of Attorney” to our Office so that Seller’s attendance at Closing is optional;
  • Discuss the Sale procedure with the Settlement Agent or Lender’s Attorney; set a time and place for Closing.

Prior to and including Closing date:

  • Meet in our Office to sign the Deed and Power of Attorney.  IMPORTANT: bring your current Driver’s License(s) for photocopying;
  • Provide your forwarding address;
  • If funds from your Sale are to be wired, bring printed Wire Instructions to your Bank or Financial Institution;
  • Bring Keys and Garage Door Opener(s), or make provisions to deliver same to Broker;
  • Plan to change over utilities from your name to the Buyer’s;
  • If the property is a Condominium, secure a “6d” Certificate from the Association;
  • Clean out home and yard of ALL personal property and debris not remaining as per the Purchase & Sale Agreement.  The home should be “broom clean.”

Pre & Closing Day:

Before the Closing occurs, all of your costs are set out on the “Settlement Statement.”  This form is usually available 24-48 hours prior to Closing for us to review with you.  It will include Mortgages, Broker(s) Fees, our Legal Fee, final Water charges and Tax adjustments to the City or Town to the day of Closing.  The State of Massachusetts charges Sellers an Excise Tax at Sale which is $4.56 per one thousand dollars of Sale purchase price [this can be higher in some specific counties].

Once Closing is completed, the documents will be sent to the applicable Registry of Deeds for recording.  After recording, your proceeds check will be released, or, the Settlement Agent will Wire your proceeds if arrangements have been made and a fee for that service has been paid.