Buying A Home
Massachusetts is one of the most desirable and competitive real estate markets in the world, and we understand that making the decision to buy a home here can be a particularly challenging experience. From understanding the difference between condos, single and multi-family units, to planning for closing costs, there is a lot to learn. That is why we have created this Buyers Guide - to set you on the right course to owning your perfect home.
How to Buy a Home
1. Connect
Reach out to your TPG Agent, a licensed real-estate professional. They will work as your advocate and trusted advisor to help guide your search.
2. Get Pre-Approved
Before beginning your search, get pre-approved for a mortgage loan. Your TPG Agent can connect you to a proven mortgage broker. Based on your income and credit history, the mortgage broker will determine how much the bank will lend you to help set the price range for your search.
3. Visit Properties
Your TPG Agent will guide and instruct you during viewings and open houses spanning a range of areas and property types. Now is the time to consider your ideal home's accessibility and amenities.
4. Make an Offer
Once you have seen a home you like, you submit an offer, which outlines the price, terms and timing of the purchase. Your TPG Agent will provide advice on pricing, and will guide you through the competitive process typical in this market.
5. Schedule a Home Inspection
Your TPG Agent can refer you to a reliable network of Home Inspectors.
6. Review Building Financials and Regulations
Discuss the Purchase and Sales Agreement (P&S) with your attorney. Your attorney will protect your interests, answer questions and interpret many documents. You want to select an attorney who is familiar with local real estate transactions. Your TPG Agent has vetted a reliable network of professionals.
7. Sign Purchase & Sale and Pay Deposit
You're on your way to owning your new home!
9. Closing Scheduled by Attorneys
During the closing you will sign documents that will legally change ownership of the home.
8. Complete Loan Application
The bank with organize the appraisal, search the title and finalize the paperwork so your loan is "cleared to close".
11. Closing
Congratulations, you are now a home owner!
Key Real Estate Terms
Appraisal
Assessment of the property's market value, typically done for the purpose of obtaining a mortgage.
Common Charge
A monthly maintenance fee paid by condo owners. Property taxes are not included in monthly condominium fees.
Contract Deposit
A percentage of the agreed upon purchase price paid by the buyer at the time of signing the purchase and sale agreement.
Debt to Income Ratio
The percentage of an individual's monthly gross income relative to the amount of debt owed.
Escrow Deposit
Deposit of funds into a federally insured account, to be transferred upon completion of the deal.
Offer Accepted
The point in time when a seller accepts all of the terms of a buyer's offer for a property.
Pre-Approval
Potential buyers provide a complete financial picture to mortgage brokers, who provide preliminary approval of the buyer's loan.
Title Search
A background check on the property to ensure there are no outstanding debts or claims upon the property.
Under Agreement (In Contract)
Refers to the time between the signing of the purchase and sale agreement by the buyer and seller, and the closing.