Before you seriously begin your home search it is important to consult with a mortgage lender to discuss your financial situation, and obtain pre-approval to purchase a home. Your offer will be taken more seriously by a seller if they can see your strength as a buyer. I would be happy to supply you with a list of three qualified mortgage brokers. They will discuss your credit and loan choices with no obligation to you.

Inspections are typically done within seven days of the accepted Offer. Remember that the date included in the Offer is the deadline by which you put in writing any objection, request for adjustment, or rejection of the property. If the date passes without anything in writing from you, it is assumed that all inspection contingencies are satisfied. Your earnest money deposit may be retained by the Seller if you do not meet these deadline, and fail to close!

The Purchase and Sale Agreement formalizes in more detail the original Offer to Purchase. It expands upon what has already been agreed, without changing the original terms unless both parties agree. It is usually “drafted” by the seller's attorney or listing office, and should be reviewed by attorney for the Buyer and Seller. Normally, when the Purchase and Sale agreement is signed, the last remaining contingency is the mortgage contingency. The date for signing a Purchase and Sale agreement is customarily about 10-14 days after the acceptance of the Offer. Remember, this is when the balance of the 5% - 10% deposit is due.

The closing is generally held at the office of the bank’s attorney or at the Registry of Deeds. It may also be held anywhere that is mutually agreed upon. At the closing you will need funds as directed by the lender’s attorney and your personal checkbook for any additional amounts due. You will also need to produce your driver’s license. There will be many, many documents for you to sign. Your attorney will review them, explain and approve them for you signature.

After approximately one-two hours and once the deed is recorded, you will be declared the proud owner of your new home!