Understanding Contract Timelines in Massachusetts Real Estate

Understanding Contract Timelines in Massachusetts Real Estate

Timing is everything. In Massachusetts, we follow a two-step contract process: the Offer to Purchase followed by the Purchase and Sale (P&S) Agreement.

The Standard Timeline

• Day 1: Offer Accepted.
• Day 7-10: Home Inspection completed.
• Day 10-14: P&S Agreement signed and the second deposit (usually 5%) is paid.
• Day 30-45: Mortgage commitment date.
• Day 60: Closing day.

Why Deadlines are 'Time of the Essence'

In our legal system, missing a deadline by even an hour can result in a default. This means you could lose your earnest money deposit. Your agent and attorney must work in lockstep to track these dates.