Post-Mutual: An Overview

You've made your offer, and the seller has accepted -- you've reached mutual acceptance. But what comes next, and what do you have to do to close the deal on your home? Here's how it works, in the broad strokes:

• Mutual acceptance: In Massachusetts, mutual acceptance is the point at which the buyer and seller agree on the price and terms of a deal, as described in the buyer's written and executed offer. Once both parties sign the offer, they're officially at mutual acceptance.
  
  
• Earnest money: Once the buyer and seller reach mutual acceptance, the buyer's next step is usually to deposit a $1000 earnest money check. This check will be held by the listing agent or the seller's attorney.
  
  
• Seller disclosure: In many states, the buyer may get a disclosure from the seller that lists any known problems with the property. In Massachusetts, the seller is not required by law to provide a disclosure. However, some real estate agencies will ask their sellers to provide one, as part of their company policy.
  
  
• Purchase & Sale: Once your mortgage is lined up and the inspection is completed, you and the seller will be ready to sign the purchase & sale agreement, which will act as a binding contract for your home purchase. Your attorney and the seller's attorney will send the contract back and forth, making changes until all parties are satisfied. When you sign the purchase & sale agreement, you'll also need to make another deposit with the seller's agent or attorney, worth 5% of the home's purchase price.
  
  
• Title: After you and the seller sign the purchase & sale agreement, your attorney will order a review of the ownership history of the home. They'll check the home's title for liens, encroachments, and easements. Learn more about titles, title reports, and title insurance.
  
  
• Inspection: In the days immediately following mutual acceptance, the buyer should schedule a professional inspection of the home. A home inspector will carefully examine the home for electrical, plumbing, safety, and structural issues. Read more about home inspections, and see common issues with our interactive home.
  
  
• Financing: If you haven't already found a lender and received pre-approval for a loan, now is the time to get cracking. You'll need to have a mortgage commitment from your lender within 20-25 days of signing the purchase & sale agreement. Learn more about getting a mortgage.
  
  
• Closing: All the documents are signed, the sale has been recorded with the county government, and the seller has access to the money from the sale. Congratulations! You closed the deal. You'll get the keys from the seller on your closing date, and the home will be officially yours.