SERVICING THE SALE
OFFER TO PURCHASE
All offers to purchase will be in writing, accompanied by a
deposit check and presented to you, the seller, by Muriel and Susan. We will
review with you the terms of the offer and on your behalf, we will negotiate
with the Buyers agent in regard to price, terms and closing date. A good faith
deposit of $1,000 is typical at this time. This is a legal and binding document
and you may elect to have your Attorney review it prior to signing.
HOME INSPECTION
As your representatives, we will be present at the home
inspection to answer the inspector's questions to the best of our ability based
on information you have provided.
The typical time frame for an inspection is within 5
business days of an accepted offer, with a response from the buyer within 7 business days. The
inspections requested by the buyer are at his expense. The typical inspections
include structural, mechanical and electrical inspections. In addition, lead
paint, radon, asbestos and pest inspections may be ordered. Lead paint
inspections can not be denied according to Massachusetts Law. It is not
uncommon for a renegotiation to take place based on defects found by the Home
Inspector. We will guide you through
this process and provide experts who can validate the costs and importance of
these repairs.
PURCHASE and SALE
AGREEMENT
Once you have an agreed upon offer and the inspection
has been completed and negotiated, it is recommended the you engage an Attorney
to draw up the Purchase and Sale Agreement. Your Attorney and the buyers Attorney
will generate a Purchase and Sale
document for the Buyers and Sellers to sign, usually 10 business days from the accepted offer. At this time an additional
escrow deposit is made by the Buyer, generally between 5% and 10% of the
purchase price. All deposits are held in an escrow account by Coldwell Banker
Residential Brokerage.
APPRAISAL and MORTGAGE CONTINGENCY
Offers often include a mortgage contingency and/or an
appraisal contingency. Within a designated time period indicated in the Offer
to Purchase an appraiser is sent to evaluate the value of your home. We will
accompany the appraiser and provide pertinent information on the property and a
list of recent sales of other properties to substantiate the selling price of
your home. The appraiser will present to the bank an independent opinion of the
value of the property.
FIRE DEPARTMENT INSPECTION
We will arrange for the fire department inspection of the
smoke detectors and the carbon monoxide detectors.This is required by the State of Massachusetts. The seller
is responsible for providing these detectors and having them properly installed
and located.
The fee charged for the Certificate of Compliance by the
fire department is the responsibility of the seller, and generally ranges from
$35.00 to $ 75.00 depending on the Town. This certificate is presented at the
closing.
FINAL WATER READING
One week prior to closing a final water meter reading is
done either by your agents, the seller or a representative of the water
department. The final water bill statement is provided for the closing. The
payment of this bill may differ depending on the community.
THE CLOSING
Prior to the closing, the buyer will visit the property for
a final walk thru to determine that the house is vacant and in good order.
The time and place for the closing is arranged by the
Attorneys involved. The sellers, the buyers and the Attorneys agree to the time
and the place of the closing, all of whom generally attend. There are some
occasional exceptions. It is customary for both the Seller's Agent and the
Buyer's Agent to be present at the closing. During this meeting several
documents are signed related to the transfer of the property by both the sellers
and the buyers. Once the deed is recorded
at the Registry of Deeds, the keys are transferred, your proceeds will be
released to you and the Broker's Commission is paid.
