Home Buyer's Guide
The Offer to Purchase Process
Please note that Nantucket has a Land Bank tax that is payable upon transfer of title. The Buyer pays 2% of the sales price to the Nantucket Island Land Bank at closing. These monies are used to purchase vacant land; it is a direct result of this transfer tax that Nantucket now has over 50% of its open land held in conservation and open for public use. First-time home buyers are entitled to the "M" exemption for up to $400,000 of the purchase price. Under the "M" exemption, if a first time home buyer does not remain in their home for a period of five years, the forgiven Land Bank Tax will be due with accrued interest.
Offer To Purchase Mechanics: The Offer to Purchase will contain your initial offering price, terms and conditions. This will be submitted to the Sellers, and in most cases a negotiation process will follow. It is best to have developed a negotiation plan with your Buyer’s agent prior to submitting your first offer. During negotiations, your Windwalker Buyer’s agent will use experience and negotiation strategies to help you purchase the property at a price that falls within your parameters. A deposit or “earnest money” must accompany every Offer to Purchase submitted.
Offer Contingencies: As a part of most offers, a Buyer will add contingencies, ie: a provision to secure financing and an acceptable home inspection by a certain date. More sophisticated and complicated contingencies are necessary for some septic , Conservation Commission and land use issues. At Windwalker Real Estate, we are prepared to help you craft an offer that addresses all necessary contingencies that protect your interests. Once an offer is accepted, we will also supply a list of home inspectors that are licensed in MA to do structural and pest inspections.
Once an Offer to Purchase has been accepted by the Seller, it will need to be signed by all parties to the contract. At this time, your initial deposit is now placed in escrow. Your Windwalker Real Estate agent is well prepared to help facilitate all aspects of your Offer to Purchase leading up to the Purchase and Sales Agreement.