Steps to Purchasing Real Estate in Provincetown

Day 1

Make an offer for real estate with a deposit payable to the listing real estate office of at least $1,000. In most cases, the deposit paid will be refunded 100% if an agreement cannot be reached.

Days 2-3

Negotiate and come to an agreement on price and any additional major terms.

Day 4

Hire an Attorney to represent you, the buyer (title companies are not used here in Massachusetts). Most Attorneys’ will require a $500 retainer. However, please discuss with Attorney for payment details.

Days 5-13

Hire a home inspector and complete a home inspection/pest inspection. If there are any major concerns regarding the home inspection report, this is the time to discuss with Real Estate Agent and/or Attorney. Contact mortgage lenders to discuss rates, terms, and various programs offered by various mortgage companies. Also this is the time to apply for the mortgage

Day 14

IF there are any major concerns of the home inspection, negotiate with the seller the concerns of the home inspection.

Day 15

Have either seller’s attorney or buyer’s attorney draw-up a P & S (Purchase & Sale agreement), based on offer and any additional terms negotiated due to home inspection. This P & S will be reviewed by both Attorney’s of the buyer and seller. This signed P & S will be the final legal contract to purchase real estate, and will contain any and all financial and non-financial agreement(s).

Days 16 & 17

P & S to be signed by both buyer and seller. Once the P & S is signed, any additional deposit(s) mentioned in the offer (usually 10% of total purchase price) must accompany the signed P & S.

Days 18-59

Your Attorney will complete any and all title work and prepare all closing paperwork required for a successful closing- including the “closing package” from your mortgage company. The seller must have the septic inspection completed. Most mortgage companies require that the septic system to “pass” in order to obtain a mortgage. The seller must also have working smoke detectors in various areas of the house or condo to satisfy local laws (will be reviewed and tested by local Fire Dept.)

Day 60

Closing to take place at an Attorney’s office or Barnstable Registry of Deeds (again, no title companies are used here in Massachusetts). Congratulations!! You now own your special piece of Provincetown!!

The above mentioned comments and timeframe is only a general guide. Every real estate purchase is unique and terms, conditions, and time frames may vary greatly.

Last updated: June 14, 2007