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_Timeline Guide for Purchasing | ||
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Typical Time Frame
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Here are the steps you will take to find and own the home of your dreams. | ||
| 1 to 2 days | 1. Seek pre-approval for a mortgage You must know how much you can spend before you spend it. Banks and mortgage companies typically require a down payment of 5%. |
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| 3 to 6 months | 2. Find your home Depending on what you are looking for, the length of your search will vary and a broker can save you time and money by focusing on your needs. |
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| 2 days to 3 weeks | 3. Negotiate on your selected property Everything is negotiable, so inquire about assessments, fixtures, air conditioners, rugs, floors, curtains, washer/dryer, etc. Condominiums are delivered in 'broom clean' condition. |
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| within 10 days of accepted offer | 4. Have a home inspection The buyer, at their own expense, may have the property inspected. |
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| within two weeks of accepted offer | 5. Review documents The buyer's attorney does 'due diligence', reading condominium documents and budget of the building. |
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| within two weeks of accepted offer | 6. Sign a Purchase and Sale Agreement (contract) Generally, in a sales transaction, a Boston real estate attorney represents each buyer and seller. The seller's attorney draws up the P&S for the buyer's attorney. The buyers sign the P&S and forward the contract with a 10% deposit; the sellers execute the contract. The quicker the P&S can be signed, the better. A P&S is binding only after both parties sign it. |
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| 6 weeks | 7. Apply for a mortgage Receive Commitment Letter from Lender Mortgage applications cannot be processed without an executed Purchase & Sale Agreement. If the condominium or single family house is being financed, then a commitment letter from the Lender is required. |
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| 1 to 2 months | 8. Closing Now that you have satisfied all the contingencies, you are now ready to close. The typical time frame from the time a condominium/house is found to the time of the closing is usually 1 to 2 months. |
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