A Typical Timeline to Buying a Home in Massachusetts with Estimated Costs

by | Oct 12, 2016 | Closing Attorney


— Real estate closing attorney in Massachusetts guiding those buying a house or selling their home. Our lawyers answer questions on : purchase sale agreement, closing costs, title company, title insurance, refinance mortgage, estate planning, probate court and commercial real estate, as we serve all of Greater Boston, Massachusetts including the South Shore, Metrowest and elsewhere in Eastern Mass.

A Typical Timeline to Buying a Home with Estimated Costs, Prices and Fees.

Week One

  1. Meet with a Mortgage Professional to get “Pre-Approved”. No Cost
  2. Meet with a Real Estate Agent who specializes in Buyer Representation. No Cost
  3. Research and interview Real Estate Attorneys.  No Cost.
  4. Fill out a Property Wish List. No Cost
  5. Begin the actual home search. No Cost

Week Two

  1. Schedule property showings with your agent. No Cost
  2. Once you have found “the one”, submit an offer. The standard is a $1000 Deposit
  3. The Seller typically has 24-48 Hours to Response and negotiate the exact details, such as Closing Date. Closing Date is typically +/- 45 days from accepted offer. No Cost
  4. Once the offer is accepted, celebrate! No Cost
  5. Hire a Home Inspector and schedule the inspection. +/-$450
  6. Hire a Real Estate Attorney. +/-$600, payable at the closing

Week Three

  1. Attend the home inspection. No Cost
  2. Your agent can negotiate further if there were deficiencies found in the inspection. You also have the right to withdraw and get your deposit back if issues are too big. No Cost
  3. Submit your offer to your Mortgage Professional. Confirm the Mortgage Commitment Date is feasible. No Cost
  4. Review the draft of the Purchase and Sale Agreement (P&S) with attorney. No Cost

Week Four

  1. Sign the P&S. +/- 10% Deposit is due. This Deposit is refundable if you cannot get a Mortgage Commitment by the date specified in the P&S.
  2. Submit the P&S to the Lender for an Appraisal. +/- $450
  3. Work with the Lender on final documentation. No Cost

Weeks Five-Seven

  1. Schedule your Move. TBD
  2. Contact Utility Companies to arrange service for your Move-In. No Cost
  3. Obtain a Homeowner’s Insurance Policy. +/- $1000
  4. Schedule the exact time and place of the closing with your Attorney’s office. No Cost
  5. Schedule a final walk-though of the home. No Cost

Week Eight

  1. Review the Consumer Disclosure and/or  Settlement Statement with your Mortgage Professional. No Cost
  2. Obtain a Bank Check for any funds due from you at closing. TBD
  3. Attend the closing and sign the loan paperwork. No Cost
  4. Get your keys and MOVE IN. Priceless!

 

About the author: The above Real Estate information on A Typical Timeline to Buying a Home in Massachusetts with Estimated Costs was provided by Timothy Sherman, an active attorney in the real estate law field. Tim can be reached via email at [email protected] or by phone at 781-664-4936.  Attorney Sherman has helped people close on their homes in many Massachusetts cities and towns for the last 10+ Years.

Thinking of buying, selling  or refinancing your home? I have a passion for Real Estate and love to share my legal expertise!

I handle closings throughout the South Shore and Greater Boston Area such as: Boston, Braintree, Canton, Cohasset, Dartmouth, Dedham, Duxbury, Fairhaven, Hanover, Hingham, Marshfield, Milton, Nantucket, Newton, Norwell, Plymouth, Quincy, Walpole, Wellesley, Westwood, Weymouth and Wrentham.


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