1. The contract needs to be sent to your Real Estate Attorney for legal review
One of the first things you should do after your offer is accepted is to engage a Real Estate Attorney. This legal professional specializes in real estate transactions and will help protect your interests throughout the process. Your Real Estate Attorney will review the contract to ensure all terms and conditions are favorable and legally sound. They will also identify any potential issues or red flags that you should be aware of. It's important to promptly send the contract to your attorney so they have ample time to review it and provide you with their expert advice.
2. The contract needs to be shared with your mortgage lender
If you're financing your home purchase with a mortgage, it's crucial to inform your mortgage lender about the accepted offer. They will need a copy of the contract to proceed with the loan process. Your lender will review the contract to ensure it meets their requirements and verify that the property is suitable for financing. Sharing the contract with your mortgage lender promptly will help keep the loan process on track and avoid any delays.
3. Schedule a home inspection (if your offer included the home inspection contingency)
While the contract is being reviewed by your attorney and lender, it's a good idea to schedule a professional home inspection. A home inspection provides you with a comprehensive assessment of the property's condition. An experienced inspector will thoroughly examine the home's structural integrity, electrical systems, plumbing, HVAC, and other crucial components. They will provide you with a detailed report outlining any potential issues or areas of concern. This step is important because it allows you to make an informed decision about the property and negotiate repairs or credits with the seller, if necessary.
4. Make sure the Earnest Money Deposit is delivered within one business day of an accepted offer
After your offer is accepted, you typically need to submit an Earnest Money Deposit (EMD) to demonstrate your seriousness and commitment to the transaction. The EMD is usually a specific percentage of the purchase price and acts as a sign of good faith. The method of delivering the EMD may vary, but some real estate transactions now offer the option of using Deposit Link, a secure online platform for electronic payments. Alternatively, you may need to drop off a physical check within one business day of the acceptance. Ensure you follow the specific instructions provided by your real estate agent or attorney to fulfill this requirement.
5. Schedule all upcoming important dates on your calendar
To stay organized and on top of the various milestones in the home buying process, it's essential to schedule important dates on your calendar. These dates include your home inspection, home inspection contingency date, your Purchase and Sale signing and down payment date, your mortgage contingency date, and your closing date. By noting these dates and planning accordingly, you can ensure that you meet all the necessary deadlines and obligations.
By completing these next steps promptly, you'll be well on your way to a successful home purchase in Massachusetts. Leading up to your closing date, we'll continue to provide you with additional helpful information and guide you through the rest of the home buying process. Stay tuned for valuable tips and insights to make your journey as a first-time homebuyer a smooth and rewarding experience!