• Typical Home Buying Timeline
• A. Getting Started
• B. Into the Thick of Things
• C. The Home Stretch


• Relocation
  • Making the move
  • Kids
  • Pets
  • Packing and moving
  • Renting
    • Finding an apartment
    • Types of tennancy
    • Rent increases
    • Before you sign
  
  
• Home Buyer's Toolkit
• 1. Choose a REALTOR® that will meet your needs
• 2.Financing the Purchase of a Home
• 3.Looking For A Home
• 4. Inspections
• 5. Closing the Deal

Typical Home Buying TiImeline
Click here to download the Home Buying Timeline | Spanish

This information is designed to introduce you to the home purchase process and the roles of the people you will meet during your experience with us. You'll see the ways our experienced professionals will help you make the informed and practical decisions needed to meet or exceed your home buying goals

We have divided the process into three key components; A. Getting Started, B. Into the Thick of Things and C. The Home Stretch. We hope this overview will give you a sense of what to expect as you move through your own timeline.

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A. Getting Started

Choosing your agent and real estate company

Many buyers start out by attending a few open houses before making contact with a Realtor*. An open house is not only a chance for a realtor to show a property to the public; it is also an excellent way for the agent to meet potential buyers and sellers. However, you should never feel pressured to accept just anyone.

When selecting an agent, be sure that the agent listens to you and asks questions clearly directed toward fully understanding your needs and concerns. Your agent should impress you as a dedicated and skilled professional. As a solid partner in the process of finding your new home, your agent should be happy to answer your questions about agency relationships and buyer representation.

Not all agents or brokers are Realtors. Realtors are members of their local, State and National Associations of Realtors. They are committed professionals that agree to conduct their practice under the National Association of Realtors code of ethics.

Real estate sales agents and brokers are independent contractors, not employees.

Be sure that your agent explains the standard forms and gives you an AGENCY DISCLOSURE form to sign. This is an acknowledgement that describes who works for whom. It's required by State Law.

Importance of having a loan pre-approval

It is important to be prepared and well educated before you get too deep in the marketplace. All too often an unprepared buyer finds the home of his or her dreams only to lose it due to competition or misinformation. Securing pre-approval for a mortgage is a simple process where you give permission for a credit check and the lender gives you a letter that states your ability to afford a particular property. All pre-approvals are subject to an independent appraisal. This process will help you determine what you can afford or want to pay for your new home.

Shopping For Your Home

Once you connect with the right Realtor and have your pre-approval in hand, it's time to get serious about finding your new home. This process can take some time depending on how comfortable you are with the market. Some buyers find the right home very quickly where others need more time to learn market values. Regardless of your price range, buying real estate always requires compromise. Some buyers put a premium on square footage while others may insist on being within an easy walk of the T. Couples should work on a priority list together. Our job is to assist you in defining the alternatives and outlining the options along the way.

* Realtor® is a registered trademark of the National Association of Realtors

Tips for starting the search:

•  It is not uncommon to start a home search with two or three top choice towns in mind. It usually does not take long to zero in on the preferred location.

•  Establish a list of the items most important to you and your significant other and share it with your Realtor.

•  Go on line to boston.com and other web sites. Sign up for automatic email listing updates in your price range to stay up to date.

•  Select some homes you might be interested in touring, and explore those neighborhoods by car or on foot. Be sure to visit at night as well.

•  Take notes about the properties in which you see potential.

•  Remember you are not just buying a new home; you are buying a new lifestyle.

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B. Into the Thick of Things

Comparing Value

Compare similar properties sold within the last six months to a year to what is available in the current active market. Ask yourself;

•  How much do you love the house?

•  How will you feel if you do NOT get this house?

•  Are you willing to pay more than everyone else to get this house?

Making An Offer To Purchase Real Estate

•  See the standard form in the forms section.

•  When you find the house you want, the purchase process begins with a written offer to purchase

•  All written offers must be presented to the Seller.

•  A word of caution: Verbal offers are not valid in Massachusetts .

•  Time is of the essence. Once a deadline passes the offer is technically no longer valid.

•  When the Buyer and Seller sign the offer and a deposit check is attached, there is a bona fide contract in place.

Selecting an Attorney & Home Inspector

Realtors know the market and the process, not the law. You need an Attorney when buying a home:

•  For legal advice and to assist with any problem areas that may arise during the process.

•  To help negotiate on your behalf if issues occur after the offer or the home inspection.

•  To draft and /or revise the Purchase and Sale Agreement to protect your interests.

•  To prepare you for the financial accounting portion of the purchase and answer such questions as "How much money do I need to bring to the closing?" and "Do the real mortgage closing costs reflect the estimates that were given to us by the bank at the start of the process?"

•  To attend the closing, if you decide he/she is needed.

Tips about working with your attorney:

•  Be sure to discuss fees in the first meeting so that your bill is not a surprise!

•  Some attorneys charge a flat fee when they are representing both you and the lender, but you may prefer an attorney who bills hourly for services rendered. If your transaction is uncomplicated, your bill may be lower if you are billed hourly rather than charged a flat fee.

•  Confirm that your lawyer is a local real estate expert (especially if you are purchasing a condo or new construction).

The Home Inspection & Due Diligence

You should hire an expert to conduct a home inspection AFTER the offer has been signed, but BEFORE you sign the Purchase and Sale Agreement. This period of time is called the "Due Diligence Period" where you fulfill promises and conditions made in your offer to purchase.

How to find a home inspector:

•  Ask friends who they have used for their inspections.

•  Get referrals from your lawyer or agent (only a Buyer's agent can refer Inspectors).

•  Check Yellow pages or go on line. Be sure to contact several people and compare prices.

Signing The Purchase & Sales Agreement

A Purchase and Sales Agreement is a detailed contract for the purchase of property. Typically there is a negotiation process between the Seller's attorney and the Buyer's attorney to draft a document acceptable to both parties. It often contains a four-page standard document with various riders added by the attorneys.

What is typically adjusted or added to the original offer terms?

•  Establishing who will hold the deposit

•  Enumerating any repairs to be completed by the seller

•  Specifications & plans if new construction is being planned

•  Establishing what the access arrangement to the house will be prior to the closing

•  Notices between the parties prior to the closing

•  Preparations and adjustments for the closing

•  Inclusion of any modified terms since the accepted offer to purchase real estate

•  Language desired by either attorney to better protect his or her clients

The Signing Process :

Typically the completed P&S is sent to the buyer's Realtor for signing. Typically four copies are made so that each side will have two fully executed original copies. The buyers will also write a check for the additional deposit amount matching the total to be held in escrow as outlined in the document. After the buyer(s) sign the four copies of the P&S they are delivered to the seller's agent who will typically deposit the funds and have all four copies signed by the seller(s). Two copies are returned to the buyer's agent for distribution.

Submitting Full Loan Application & Loan Processing

Once the P&S has been signed it is time to submit your loan application. You have probably already decided on a type of loan program and even notified the loan officer that you have a home under agreement. Your pre-approval says that the lender has approved you for a loan; however, the pre-approval is subject to an independent appraisal of the property.

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The Home Stretch

Mortgage Commitment

The mortgage commitment is the final hurdle to buying your home. The mortgage commitment date is the only contingency from the original offer that is continued into the P&S agreement. This date marks a point of no return for the funds you have in escrow toward the purchase of the property. Therefore it is imperative that you obtain a full mortgage commitment by that date. Otherwise you must either have an extension of performance signed to extend the date or withdraw from the transaction and work to get your deposit back. The mortgage commitment date is your last chance to withdraw provided that financing as outlined in the offer is not obtained.

Moving Preparations

You will need to set up service to your new home including; cable, phone, gas and or electric, change of address, etc. Your agent is a good resource for contact information.

Final Walk through

This is your last chance to check the condition of the property before the purchase. The final inspection is usually arranged through the agents. If the condition of the property is significantly different or if promises have not been kept, you should speak with your lawyer to plan your next course of action.

If you do not do a final walk through and a problem with the house is discovered AFTER the closing, you will have no legal recourse. You will be stuck with the problem.

The Closing

This is a meeting to complete the transfer of the property from the Seller to the Buyer.

All parties meet either at the Registry of Deeds for the county in which the property is located, or at the office of the Buyer's bank's attorney, or at the real estate office.

Attending the closing will be: Buyers or buyer's power of attorney, Sellers or Seller's power of attorney, The bank's attorney, who prepared the closing documents, The Buyer's attorney (if you choose to have him/her there), The Seller's attorney (if the seller chooses to have him/her there), Realtors may or may not attend depending on circumstances and scheduling

During the meeting, the Seller will present the deed of transfer to the Buyer and execute several documents affirming that the closing is taking place as planned by all parties.

The Buyer will sign many pieces of paper, including the two most important documents:

THE PROMISSORY NOTE, which obligates the Buyer to pay back to the bank the loan amount over a term of years with a stated amount of interest; and THE MORTGAGE, which attaches the Buyer's promise to repay the debt onto the house, so that if the bank does not receive its money the bank may foreclose on the property. This means that if the Buyer does not pay the mortgage debt each month the bank may take and sell the house to repay the Buyer's unpaid debt.

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Relocation Services

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Making the Move

Moving to a new city or state involves making numerous decisions. Choosing an area that is right for you may take time that you don’t have. Various factors come into play in selecting a town in which to settle: schools, commute, community, atmosphere, prices, etc. RE/MAX Destiny will help you minimize the amount of time it will take your family to make the final decision. Purchasing a new home may be delayed if you have a home you need to sell. Given the factors of the market in your old community, this might take longer than you anticipated. RE/MAX Destiny can assist with marketing your current home, and a RE/MAX Destiny sales associate will try to assist you with securing temporary living quarters.

Temporary rentals are usually a minimum of three months for a furnished unit. It is rare that apartment complexes will offer a month to month for executive temporary living accommodations. Single family rentals are difficult to locate unless they are in a resort community along the coast.

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Kids

Moving with children and pets involves extra time and attention. Children move better when well-informed and when feeling that they are part of the decision-making process. If at all possible, bring them along during the preliminary house search, and take them to see some of what the new community has to offer. If you have already decided on a new town or neighborhood, drive past their new school and other places they are likely to go, such as shopping areas, parks, etc. If including them in a trip is impossible, take photos home and show them to the kids when you return. This will familiarize them with the area and reduce the “new town” mystique.

Young children will move more easily if you are calm and positive about the transition. Establishing a normal schedule for the move and for immediately after will assist them in acclimating to their new surroundings.

Older children and teens have more difficulty moving, since they have friendships and activities that they are leaving behind. Allowing them to be active in the moving process will help them feel included and know that their concerns are important. Encourage them to join groups and sports in your new area that they were involved with previously. This will help them make new friends more quickly in activities they enjoy. Facilitate old friendships by offering phone time for long distance calls and encourage your children to write and send pictures to those they left behind. Moving during the school year is better for many children than you might think. If students relocate during the year, they immediately have their time filled with activities and ready access to new people. Summer means that many families are on vacation, and it may be more difficult to make new acquaintances. When school starts again, there may be no introduction of the new student.

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Pets

When thinking about moving the family pet, there are a few things to remember. Smaller pets, such as fish, turtles, and hamsters may be difficult to move, depending on the time of year and moving conditions. If moving by car, the hamsters, birds, and mice can travel in their own cages, covered so they won’t become nervous. If you are moving in the winter, keep them warm with a blanket, and if you are moving in the summer, don’t put your pet in a closed car. Consult your veterinarian about how to prepare them for moving. At that time it might be a good idea to have any shots they may need updated.

Cats and dogs will travel well, if properly prepared. It is important to remember, however, that if you plan to rent, most landlords will not allow pets, so it may become necessary to leave your pet with a family member or friend until you are able to purchase a home. When you arrive, it may be a good idea to keep your dogs and cats confined until they are used to the new home and area. Make sure they have the proper licenses. Also, many communities in Massachusetts have a leash law, so be sure to check in your area.

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Packing and Moving

If this is your first substantial move, there are a few points to remember:

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Renting

If you must rent before you purchase a home, RE/MAX Destiny can direct you to the right person in the area in which you are interested. A few areas near Boston have furnished units in a complex geared for corporate relocation. Fewer single-family homes are available in any community. University areas have many units accessible, particularly in the late summer.

Finding an Apartment

Finders Fee: A fee for the purpose of finding an apartment (finder’s fee, registration fee, or commission) may be collected by a licensed real estate broker or salesperson only. The fee’s purpose, the amount and the date due should be disclosed to the prospective tenant prior to any transaction. The amount of the fee is a contractual agreement between they licensed broker or salesperson and the prospective tenant. There is no set amount; however, it is often one month’s rent. Sometimes the landlord will pay some or the entire fee. Be sure to clarify this with your sales agent.

Right Against Unlawful Discrimination: Under federal law, it is unlawful to refuse rental of any apartment because of race or color. Under state law, it is also unlawful to refuse rental of any apartment because of dependence upon public or rental assistance. The Massachusetts Fair Housing Law also prohibits discrimination against any person because of religion, national origin, age, ancestry, military background or service, sex, marital status, blindness, deafness, or the need of a guide dog. It is also generally unlawful to refuse to rent to adults with children, but there are exceptions to this rule.

This is only a summary of your rights; there may be other rules and exceptions. For more information, contact the Massachusetts Commission Against Discrimination and/or the Fair Housing Office in the community in which you’re interested.

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Types of Tenancy

A Tenant with a Lease is one who signs a lease to rent a particular apartment for a specific time period. A lease, or rental contract, between the landlord (lessor) and the tenant (lessee), is a written document which legally binds both parties. The tenant is obligated to pay a stated rent at a given interval, usually monthly, in return for a safe and habitable apartment.

Tenant at Will. The agreement for Tenancy-at-will may be either written or verbal. Either the landlord or tenant may terminate the arrangement by giving written notice 30 days or one full rental period in advance, whichever is longer. No reason is required to terminate.

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Rent Increases

If an apartment is either rent controlled or publicly subsidized, the landlord cannot increase the rent without receiving prior approval of the local Rent Control Board or the proper housing authority, respectively. Rent for a Tenant with a lease can be increased only when the lease term expires. Rent for a Tenant-at-Will can be raised only when both parties agree to the increase. However, if you do not agree to it, the landlord may have you evicted.

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BEFORE YOU SIGN

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Home Buyer's Tool Kit

Buying a home is one of life's most exciting experiences - and one of the most challenging. Initially, you and your significant other should write and compare lists of your housing 'needs' and 'wants'. In addition, you should identify communities that fit the criteria for where you want to live. Remember you are buying more than a home. The choices you make will define your lifestyle as well. Be sure to consider access to public transportation, shopping and health care facilities, the importance of quality schools and other community services, such as recreational or cultural venues that might be important to your family. Once you identify the area (s) in which you will be searching for your new home, it is advisable to find a REALTOR® who is familiar with those areas.

1: Choose a REALTOR® that will meet your needs

The purchase of a home is the largest investment most of us will make in a lifetime. Today, however, disclosure laws, environmental regulations and a proliferation of financing options also make it the most complex investment most people will ever negotiate. A REALTOR® will be the most familiar with the housing market and best prepared to answer your questions while providing guidance in a detailed way.

T he Commonwealth of Massachusetts has enacted some of the strictest environmental laws in the nation; and myriad legal stipulations regarding zoning, fair housing, property disclosure, consumer protection, and building codes require buyers to be more knowledgeable than ever before. Today's buyers need the professional assistance and advice that only a REALTOR® can provide.

Significantly, you should be aware that not all real estate brokers and agents are REALTORS®. Only those licensed real estate professionals who have joined the National Association of REALTORS® and are members of their respective state and local REALTOR® associations may use the registered trademark term 'REALTOR®'. REALTORS® must adhere to a strict national code of ethics . They currently account for the most active 25 percent of the more than 65,000 brokers and agents licensed to practice real estate in the Commonwealth.

REALTORS® also are committed to higher standards of education and business practice, and many REALTORS® have earned professional designations or have become certified in specialty areas of real estate brokerage. For example, agents who hold the Accredited Buyer Representative (ABR) Designation and (CRS) Certified Residential Specialist designations have received intensive training as buyer agents and residential specialists respectively.

When it comes to training RE/MAX Realtors have the most professionally educated agents.Period!

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2: Financing the Purchase of a Home

Buyers should complete the mortgage pre-qualification process as soon as possible to learn how expensive a home they may purchase.

Typically, the amount you will be able to afford for housing costs (principal, interest, taxes, and insurance) per moth is equal to about 28% of your gross monthly income. In addition, when estimating your actual purchasing power, most mortgage lenders will require that your gross monthly income exceed your total monthly debt payment by approximately 36%. These ratios are the guidelines used by many banks and mortgage companies, but not all. Your REALTOR® can help you find a lender that may have higher qualifying ratios.

Most sellers want to know that a buyer has been pre-qualified, since failure to obtain the necessary financing is a great disappointment to both parties. In a hot real estate market with limited inventory, you may want to go even further and receive pre-approval for a mortgage from a lender. In a competitive market where multiple offers may occur on a single property, a pre-approved letter from a lender may make you a more attractive buyer to the current property owner.

b. Mortgages and loans

There are a wide range of mortgages and loans available in today's world of sophisticated financing. Buyers may ask their local REALTOR® to provide information about the various insured mortgage programs available such as Fannie Mae, Freddie Mac, private and commercial loans. In addition, Fannie Mae and Freddie Mac have information available directly from their respective web sites at www.fanniemae.com a nd www.freddiemac.com

There also is a wide range of loan types. For example, adjustable rates, fixed rates, graduated payment adjustable rates, interest only, growing equity mortgages, balloon loans, assumable mortgages, bridge loans, buy-down loans, FHA/VA loans etc.

c. Consumer Protection Laws in Financing

Truth in Lending Laws protect the consumer in the Commonwealth and requires that lenders do not discriminate in providing loans and other financing.

The Real Estate Settlement Procedures Act (RESPA) was enacted in 1974 to provide consumers with disclosure about closing costs and to prohibit unearned fees. This law prevents real estate agents from unlawfully earning income for such referrals.

For example, it is required that an agent make full disclosure of Controlled Business Arrangements (CBA), in which a person has an affiliate relationship or ownership interest of over one percent in another business which provides settlement services, and directly or indirectly refers business to that provider.

d. Tax breaks for buyers

There are significant tax advantages to home ownership . Most significantly interest payments on mortgages and property taxes are, in most cases, tax deductible. In addition, some home equity loans also are tax deductible and many people use their home equity loans to consolidate their debt, thereby making all the debt interest tax deductible. To get more information on the tax benefits of being a homeowner, ask your accountant or tax preparer or view the IRS website.

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3: Looking For A Home

4: The Transaction - See The Home Buying Timeline

a. Making an offer to purchase

Once you have found the house you want to buy, there are a number of procedures that must be followed to secure a binding legal agreement. The first step most buyers take is making an offer to purchase. Your real estate agent may assist you in this process by transmitting your offer to the seller.

The offer to purchase also may contain stipulations to the sale, as well as the buyer's financial offer. For example, the offer to purchase may be contingent upon the seller finding suitable housing within a given period of time; or it may be contingent upon the buyer's ability to secure financing.

Massachusetts law requires that the listing agent present all offers to the seller forthwith, and when the listing is exclusive, offers are presented to the seller through the exclusive listing agent.

It is not uncommon for an offer to purchase to be followed by a counter offer by the seller, and can even be countered again by the buyer. Depending upon how it is written, an offer to purchase can be viewed as a legal contract that binds both the seller and buyer.

There are many additional questions regarding the offer to purchase, Check with your REALTOR® to make sure all such questions are answered, and that offers to purchase are made within the requirements of the law.

b. Purchase and sale agreements

The offer to purchase outlines the initial agreement between the buyer and seller regarding the purchase price and any provisions to be included in the subsequent purchase and sale agreement. Depending upon the intentions of the buyer and seller and the language contained in the agreement, acceptance of an offer may be sufficient to create a binding contract between the parties.

The purchase and sale agreement contains a list of inspections, services and fees agreed upon by both buyer and seller. There may be as many as 30 or more clauses in a purchase and sale agreement, so buyers should be intimately aware of their responsibilities prior to signing. Buyers should consult an attorney who is familiar with real estate law.

Although brokers are not attorneys, they may complete a standard offer to purchase form and are aware of its content and importance in the home buying process. In most cases, the purchase and sale agreement is the final written and binding agreement for all terms and conditions of the transaction.

c. The up-front money

Buyers may be expected to put down a deposit, sometimes called earnest money, at the time of the purchase and sale agreement to secure the property. This money will be credited to the buyer at closing.

Buyers are typically expected to pay for any and all inspections performed on the building prior to closing. If, however, the seller agrees to pay for such inspections, such an agreement should be spelled out in the purchase and sale agreement. The cost of these and other inspections varies, but buyers should be clear about what inspections they will require, and what the cumulative costs will be. (see Section IV. Inspections Required & Recommended).

Aside from inspections, buyers will need to calculate the amount of down payment money needed to secure financing, and tax escrow expenses. Tax escrow in Massachusetts varies depending upon the month of closing. The following is a chart of what buyers can expect to put into escrow. For specific property tax rates, check with your REALTOR®.

For the purpose of demonstration, the following list has been prepared based upon a purchase price of $200,000, with a 20 percent down payment ($40,000), and the remainder of the purchase price to be financed. (Please remember that down payment figures may range from 5-25 percent, depending upon the source of financing.) Other charges also may vary, but this chart should demonstrate what buyers can expect. Check with your lender for the exact expenses you can expect at your closing.

Points are the pre-paid interest charged by many lenders and often vary from 0-4 points depending on the loan type selected by the buyer.

Some other important notes regarding financing costs: PMI premium - private mortgage insurance may be required if you finance more than 80 percent of the purchase price. Personal attorney is at the buyer's option and may cost between $500-$750. Buyers also will be expected to pay for any fuel oil remaining in the tank at time of closing. The above estimate of costs will vary and is only intended as an outline.

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Inspections

Inspections can include, but are not limited to, a building (home) inspection, well water inspection, pest inspection, radon and lead paint inspections, as well as a UREA formaldehyde foam insulation inspection. Additionally, the Commonwealth of Massachusetts now requires all homes with septic systems or cesspools to undergo a Title 5 inspection to insure compliance with local health ordinances.

a. Building inspections, though not required, are commonly used by buyers in order to get an unbiased professional review of the condition of the property. Home inspections give you, the buyer, detailed information on potential problems and a means to evaluate the physical condition, structure and mechanical systems of the house.

In some cases, the cost of the home inspection, which is often between $200-$500, can be applied as part of your down payment, as with a HUD insured mortgage.

Buyers should consider making a successful home inspection a contingency of their purchase and sale agreement in the event serious structural problems cause them to rethink their commitment.

b. Lead Paint. If you are purchasing a home built before 1978, the seller or REALTOR® will give you a state-approved Lead Paint notification form that explains this issue in more detail. You have the right to test the property for lead paint if you want. Massachusetts law requires that all homes where children under the age of six live must be lead-safe.
c. Radon is a naturally occurring ground gas. Short-term tests include charcoal canisters, alpha track detectors, electrician chambers, continuous monitors and charcoal liquid scintillation. In most cases, an elevated radon level can be corrected simply and economically. Buyers who are interested in conducting a radon test should read the directions carefully and make sure they are followed.

d. Termites and pests also can be detected during the inspection process. This inspection can cost approximately $150, but may be well worth the money, particularly for older homes and/or if termite damage is detected at the home inspection. Termites and pests can be exterminated and prevented from returning.

e. Title 5 is the common name for a Massachusetts environmental code governing septic and cesspool use. Inspections are mandatory before any home serviced by a septic system can be sold or enlarged. Title 5 does not apply to homes connected to public water and sewer.

An inspection is required within 24 months prior to a sale or transfer. If weather prevents an inspection within this time period, one must occur as soon as weather permits, but not later than six months after the sale or transfer. In most instances, systems that fail inspection must be repaired within two years. In addition, applications to install new systems require a soil evaluation test performed by an evaluator approved by the Massachusetts Department of Environmental protection (DEP).

The owner of the property is responsible for compliance with Title 5. The price of inspection is not regulated. On average one can expect to pay $300-$500 for a Title 5 inspection. However, the seller and the buyer may decide who will pay for the costs of the repair or upgrade, which can be negotiated as part of the sales agreement. Some mortgage lenders may require any repair or upgrade to be completed before closing or that the funds for the cost of the repair be placed in escrow before closing.

Financial assistance is available to aid property owners faced with Title 5 upgrades and repairs. Ask your REALTOR® what assistance programs, if any, are available in your area. Additionally, in 1997, the Massachusetts Legislature authorized an income tax credit to ease the financial burden placed on homeowners. Eligible property owners can qualify for a tax credit of up to $6,000, or 40 percent of the cost of a septic system upgrade, whichever is less, over a five-year period. The credit applies to primary residences only.

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5. Closing the Deal

The process of closing the sale can take between 30-60 days (or longer), a length of time necessary for a number of critical legal requirements to be met, including clearing the title, recording the deed, approving loan applications, allowing the lender to make a property appraisal and to have the plot plan surveyed.

A closing date will be set, at which time all the parties to the transaction must have completed their requirements to consummate the sale. The bank's attorney is responsible for conducting the closing, and will calculate and compute a number of financial requirements including at least some of the following:

1) Bank attorney's fees . C heck with your lender to find out what these will be
2) Recording fees for new deed and mortgage (approximately $60)
3) Appraisal fee, which is approximately $250, and which is required by Massachusetts state law
4) Credit report (approximately $50 each)
5) Private Mortgage Insurance (required for purchases with less than 20% down payment)
6) Title search (often included in bank's attorney fees), and title insurance (approximately $1.50 per $1,000 of the mortgage amount)
7) Survey/plot plan (approximately $150)
8) Municipal Lien Certificate (approximately $25)
9) Real estate tax adjustments and interim interest (depending upon the number of days/months left in the year)

Finally, the buyer should bring a number of items to the closing.

The buyer must present an insurance binder at the closing, covering the property for one full year. The buyer should bring a certified check or bank check payable to him/herself for the closing costs and purchase price, less the amount of deposits and mortgage amount. The bank's attorney will give you an exact figure.

The buyer also should bring a checkbook in case there are any last minute adjustments, such as for fuel.

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