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 Home Buying Help 
Step by Step Guide to the Buying Process


Step-by-Step Buying: The Buying Process

Initial meeting
Make an appointment with a Realtor for an initial purchase consultation. Detail your housing wants and needs. The associate will also discuss your time frame, suggest the best financing options and answer your questions. a Realtor\'s coordinated approach will save you time and effort.

Searching for a home
You will search with the help of the MLS system, this Web site, open houses and, of course, the resources of  your Realtor. Most people visit three to 10 homes before deciding on one.

Making an offer
Your Realtor will help you prepare a written offer on a Realtor-approved offer form. The offer must include an earnest money deposit of $500. All negotiations for price and terms will be handled through your Realtor.

Accepted offer
After an offer has been accepted, a series of events will take place, generally within 10 days.

Home inspection
You have 10 days to have a home inspection. The home inspection is done at the buyer’s expense and you may choose from a number of qualified professionals. The inspector will check the general condition of the property as well as for lead paint, radon, pest infestation, etc. This inspection is an opportunity for you to discover everything about the condition of the property. If you are not satisfied with the inspection results, you can either try to renegotiate or withdraw from the transaction with all deposits returned in full. MORE

Purchase and Sale agreement
The final purchase document is generally prepared by a Realtor and reviewed by the buyer’s and seller’s attorneys. The papers are usually signed within 10 days after the offer is accepted and accompanied with an additional earnest money deposit.

The buyer must obtain a firm commitment from a lending institution within a negotiated time frame. Your Realtor can suggest reputable lending institutions and help coordinate this effort.

The bank or mortgage company you choose will send an appraiser to determine the value of the property from the lender’s point of view. This valuation is for financing purposes only. This is not a home inspection. MORE

Closing attorney
Your lending institution will hire a closing attorney to coordinate the closing, check the title to the property and process all paperwork. In many instances the closing attorney will also review your purchase agreement and answer general questions as part of the fee.

Final walk through
You can conduct a final tour of the property prior to close. The purpose of this is to make sure that all personal possessions have been removed and the property is in the same condition as when you last saw it.

Closing and recording
A closing date is negotiated during the offer stage. This date is when papers are passed and the deed recorded. Usually, this date is also the seller’s moving day and when all personal possessions should be removed from the property. The closing will take place at either the closing attorney’s office, the Realtor’s office or at the Registry of Deeds. A closing takes about 1.5 hours and you will need personal identification, an insurance binder and any additional earnest money. You will have an opportunity to review all paperwork and ask questions. Finally, you will receive the keys to your new home.

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