- by Lamacchia Realty
ACCEPTING AN OFFER ON YOUR HOME: THE NEXT STEPS
Congratulations! You’ve hired a trusted REALTOR®, prepared your home for sale, put in on the market, navigated open houses and showings, and you’ve finally reached the day you’ve been waiting for – accepting an offer on your home!
This home selling milestone is certainly exciting, but it also comes with its own set of complexities that may leave you feeling a bit anxious about the days leading up to closing. What comes next? While your REALTOR® will be there to guide you every step of the way, this blog breaks down the steps following accepting an offer in Massachusetts, New Hampshire, Connecticut, Rhode Island, Maine, and South Florida.
Click through the buttons below to see the state specific steps follwing an accepted offer:
STEPS AFTER ACCEPTING AN OFFER IN MASSACHUSETTS
- Negotiate The Offer or P&S – Once your offer is accepted, the next step is negotiating the finer details—either of the initial offer or the Purchase and Sale Agreement. This is where your agent will help ensure the terms, timelines, and contingencies are agreed upon before both parties sign.
- Home Inspection – The buyer typically schedules a home inspection within 10 days of the accepted offer. This gives them the chance to uncover any potential issues with the home and decide whether to move forward, negotiate repairs, or back out of the sale. For Massachusetts sellers, make sure you are up-to-date on the newest Home Inspection Law.
- Purchase and Sale agreement – Next, all parties will sign the Purchase and Sale Agreement, a more detailed contract of the transaction. Your real estate attorney will work with the buyer’s attorney to finalize terms and protect your interests
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Mortgage Contingency – A mortgage contingency is to protect the buyer in the event that they are unable to obtain financing. This contingency is usually 30 days after the offer is signed and accepted. It is important for the home buyers to make sure their pre-approval letter is thoroughly reviewed and that a full credit check and verification of income is performed by their lender of choice.
- Pack your Things and Schedule Movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Final Certificates and/or Bills – Massachusetts law requires a fire department inspection to certify that your smoke and carbon monoxide detectors are up to code. Contact your local fire department to schedule this before closing. You’ll also need to schedule a final water reading through your local water department and contact your electric provider for a final meter reading. Finally, if your home uses oil or propane, arrange for a final tank reading. The buyer typically reimburses you for any remaining fuel at closing.
- Utility Change – As closing approaches, notify all utility companies of your move-out date. This allows the buyer to transfer services into their name without interruption.
- Final Walk-Thru – The final home walkthrough is to give the buyer one last chance to review the house before closing. It allows them to confirm that everything is in the expected condition and that any agreed-upon repairs have been completed.
- Closing Day – The closing itself is not what it used to be or even what you expect. Most closings are done in pieces where the Sellers sign documents the morning of or night before, while the Buyers sign documents separately, and then everything gets filed at the Registry of Deeds. The days of exchanging keys and pleasantries around a table are a thing of the past. If you hire an experienced real estate agent, they will be able to check all the documents to make sure they are all in order and can answer any questions you may have. They can guide you through these steps to make sure the transaction goes smoothly.
STEPS AFTER ACCEPTING AN OFFER IN NEW HAMPSHIRE
- Negotiate and Accept Purchase and Sale – Once your offer is accepted, the next step is negotiating the finer details of the Purchase and Sale. This is where your agent will help ensure the terms, timelines, and contingencies are agreed upon before both parties sign.
- First earnest money deposit – Once you accept an offer, the buyer typically submits the first earnest money deposit. This shows their commitment to the transaction and is usually held in escrow until closing.
- Home inspection – Next, the buyer typically schedules a home inspection. This gives them the chance to uncover any potential issues with the home and decide whether to move forward, negotiate repairs, or back out of the sale.
- Second earnest money deposit – Often following the home inspection, the buyer will submit a second deposit as another sign of good faith. This is another milestone that moves you one step closer to closing.
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Mortgage contingency – The buyer has until the mortgage contingency deadline to secure final loan approval. If they’re unable to obtain financing, they may withdraw without penalty, so this is an important checkpoint in the sale.
- Schedule movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Water reading/final light reading – You’ll need to schedule a final water reading through your local water department and contact your electric provider for a final meter reading.
- Oil/Propane Reading – If your home uses oil or propane, arrange for a final tank reading. The buyer typically reimburses you for any remaining fuel at closing.
- Utility change – Coordinate with your utility providers to close out your accounts as of the closing date. This includes water, electricity, gas, cable, and any other services in your name.
- Final walk-thru – The buyer will complete a final walk-through, usually the day before or the day of closing. This is their opportunity to ensure the property is in the same condition as agreed upon in the contract.
- Closing Day – On closing day, you’ll sign the final paperwork and officially transfer ownership.
STEPS AFTER ACCEPTING AN OFFER IN CONNECTICUT
- Negotiate and Accept Purchase and Sale – Once your offer is accepted, the next step is negotiating the finer details of the Purchase and Sale. This is where your agent will help ensure the terms, timelines, and contingencies are agreed upon before both parties sign.
- First Earnest Money Deposit – Once you accept an offer, the buyer typically submits the first earnest money deposit to show their commitment to the transaction. In Connecticut, this is usually held in escrow by your real estate broker or attorney. This deposit becomes part of the buyer’s down payment if the deal goes through.
- Home Inspection – Next, the buyer typically schedules a home inspection within 7-10 days of the accepted offer. This gives them the chance to uncover any potential issues with the home. You may be asked to negotiate repairs or credits based on the results.
- Second Earnest Money Deposit – Often following the home inspection, the buyer will submit a second deposit as another sign of good faith. This is another milestone that moves you one step closer to closing.
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Mortgage Contingency – Most offers in Connecticut include a mortgage contingency, giving the buyer a set period (commonly 30–45 days) to secure financing. If they can’t get a loan, they can exit the contract without penalty. You must wait for written notice that the contingency has been removed or met.
- Schedule Movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Oil/Propane Reading – Before closing, you’ll need to arrange for an oil tank or propane reading, if applicable. In Connecticut, the buyer usually reimburses you at closing for any remaining fuel at the current market rate.
- Utility Change – Coordinate with your utility providers to close out your accounts as of the closing date. This includes water, electricity, gas, cable, and any other services in your name.
- Final Walk-Thru – The buyer will complete a final walk-through, usually the day before or the day of closing. This is their opportunity to ensure the property is in the same condition as agreed upon in the contract.
- Closing Day – Closing in Connecticut often takes place at the buyer’s attorney’s office. You’ll sign all final documents, hand over the deed, and receive payment for your home, minus closing costs and any mortgage payoff.
STEPS AFTER ACCEPTING AN OFFER IN RHODE ISLAND
- Negotiate and Accept Purchase and Sale – After accepting an offer, you’ll negotiate and sign the Purchase and Sale Agreement (P&S), which outlines the terms of the sale. In Rhode Island, this is typically prepared by the buyer’s or seller’s attorney.
- Home Inspection – Within 10 days of the accepted offer, the buyer typically schedules a home inspection. Be prepared for potential renegotiations based on the inspector’s findings, especially if any major issues arise, like structural problems or outdated systems.
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Mortgage Contingency- In Rhode Island, this is usually issued within 30–40 days of the purchase agreement. This letter means the buyer’s financing is officially secured. Once you receive it, you’re one step closer to closing, with reduced risk of the deal falling through due to financing issues.
- Schedule Movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Water Reading/Final Light Reading – You’ll need to arrange a final water meter reading with your local Rhode Island water authority and a final electricity reading with Rhode Island Energy (formerly National Grid). This step will ensure that you’re only billed for utilities up to the date of closing.
- Oil/Propane Reading – If your home uses oil or propane, arrange for a final tank reading. The buyer typically reimburses you for any remaining fuel at closing.
- Final Walk-Thru – The buyer will complete a final walk-through, usually the day before or the day of closing. This is their opportunity to ensure the property is in the same condition as agreed upon in the contract.
- Closing Day – Closing day in Rhode Island usually involves both parties meeting at the buyer’s attorney’s office. You’ll sign the deed, hand over the keys, and receive your payment—completing your role in the sale of your home.
STEPS AFTER ACCEPTING AN OFFER IN MAINE
- Negotiate and Accept Purchase and Sale – Once your offer is accepted, the next step is negotiating the finer details of the Purchase and Sale. This is where your agent will help ensure the terms, timelines, and contingencies are agreed upon before both parties sign.
- Initiate Title Company or Hire a Real Estate Attorney – In Maine, it’s typically common to hire a real estate attorney to handle the closing process rather than a title company. Once you accept an offer, your attorney will start by conducting a title search to ensure your property is free of liens or claims and prepare all necessary legal documents for closing.
- Earnest Money Deposit – Once you accept an offer, the buyer typically submits the first earnest money deposit. This shows their commitment to the transaction and is usually held in escrow until closing.
- Home Inspection – Expect the buyer to schedule a home inspection within the first week or two after the offer is accepted. While this step is mostly for the buyer’s benefit, you may be asked to negotiate repairs or credits depending on the findings.
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Schedule Movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Final Utility Readings For Proration – You’ll need to contact your utility providers for final meter readings, usually within a day or two of closing. These figures are used to prorate charges between you and the buyer, ensuring each party pays their fair share.
- Utility Change – After your final readings, you’ll arrange for the transfer or cancellation of your accounts. In Maine, utilities like CMP (Central Maine Power) or local water districts may require a few days’ notice to process the change.
- Final Walk-Thru – Once the buyer’s financing is approved and all contingencies are satisfied, you’ll move toward closing. At the closing table—often at your attorney’s office in Maine—you’ll sign the deed and other documents, hand over the keys, and officially transfer ownership.
- Mortgage Contingency and Closing Day – Once the buyer’s financing is approved and all contingencies are satisfied, you’ll move toward closing. At the closing table—often at your attorney’s office in Maine—you’ll sign the deed and other documents, hand over the keys, and officially transfer ownership.
STEPS AFTER ACCEPTING AN OFFER IN SOUTH FLORIDA
- Negotiate and Accept Purchase and Sale – Once your offer is accepted, the next step is negotiating the finer details of the Purchase and Sale. This is where your agent will help ensure the terms, timelines, and contingencies are agreed upon before both parties sign.
- Contract – Once the Purchase and Sale is signed, you’ll sign a Florida “As Is” or standard residential contract. This document outlines all terms of the sale including contingencies, deadlines, and any disclosures required by Florida law.
- First Earnest Money Deposit – The buyer typically delivers their first earnest money deposit—often 1-2% of the purchase price—within three days of the contract’s effective date. This deposit is held in escrow and shows the buyer’s good faith.
- Home Inspection & HOA Document Review Period (If Applicable) – During the home inspection period – usually 10-15 days—the buyer may conduct home, termite, and other inspections. If your property is part of a homeowners’ association, Florida law also allows the buyer three business days to review and possibly cancel the contract after receiving the HOA disclosure documents.
- Second Earnest Money Deposit – If outlined in the contract, a second earnest money deposit is due once the inspection period ends. This additional deposit further secures the buyer’s commitment to the transaction.
- Appraisal – If the buyer is financing the home, their lender will require an appraisal to confirm the property’s value. This step ensures the home is worth the agreed-upon price before the loan is approved. This person will come to the home to view both the inside and outside and compare it to other homes that have recently sold or gone pending. An appraiser will also take into consideration anything that came up at the home inspection that is not being addressed, such as structural damage or a leaking roof.
- Mortgage Contingency – The buyer has until the mortgage contingency deadline to secure final loan approval. In Florida, this is typically up to 30 days after the accepted offer. If they’re unable to obtain financing, they may withdraw without penalty, so this is an important checkpoint in the sale.
- Schedule Movers – Once the deal is on track, it’s time to schedule your move. Book your movers early to secure your preferred date, especially if you’re closing during a busy season. Tackle this part early to ensure you have a smooth moving day.
- Utility Change – Notify your utility providers of your move-out date and transfer or cancel any services. Florida sellers typically stop service on closing day to ensure a smooth transition for the buyer.
- Final Walk-Thru – The buyer will complete a final walk-through, usually the day before or the day of closing. This is their opportunity to ensure the property is in the same condition as agreed upon in the contract.
- Closing Day- On closing day, you’ll sign the final paperwork and officially transfer ownership.
Close with Confidence by Working with Lamacchia Realty!
Selling your home is a significant life achievement, and accepting an offer is a major milestone worth celebrating. While the path to closing can feel overwhelming, remember that you’re not alone—your trusted REALTOR® will be your guide to help you navigate every step of the way. By understanding what to expect in the days ahead, you can approach the final chapter of your home-selling journey with confidence. By working with Lamacchia Realty, you’ll always be informed, prepared for anything, and on your way to a successful home sale!
