When you submit an offer for a Boston luxury condo, your offer will most likely have some contingencies, which are conditions of the sale. These contingencies exist to ultimately protect your good faith deposit in the event that you discover unacceptable condominium issues such as; structures problems, appraisal comes in too low, unable to lock in a loan and as a result can’t obtain financing.

But let’s back up. In Massachusetts to purchase a Boston condo, it’s required that you place a deposit with the Offer to Purchase contract. The amount is usually $1,000.00 as a sign of good faith. Within two weeks the lawyers will draft a Purchase & Sales Agreement. At this point, you the buyer, will need to wire or provide a cashier check equal to five, ten or twenty percent  of your purchase price. If your offer is accepted, the funds will be placed into an escrow account held by a title company, lawyer or listing broker. In the event you back out of the sale for a reason other than a specified contingency, the seller is technically entitled to retain that deposit for what is called “liquidated damages.”

The primary contingencies in the Purchase & sales Agreement (P&S) are typically that of the inspection, appraisal and loan. If you include these conditions and decide to back out due to one or more of them, the sale can be cancelled and the deposit rightfully returned.

If you’d like more information on Offers and Purchase & Sales Agreements, please contact Robert Veek at 617-420-1401

Boston Condo Statistics for Sunday, January 7th

Total Boston Condos For Sale484
Boston Condos Asking Price$1,662,194
Boston Condo Highest Listing Price:$13,500,000
Boston Condo Lowest Listing Price:$115,000

 

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Updated: January 2018

Author Profile

John Ford
John Ford
EXPERIENCE

Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs



In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.



HISTORY

For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.

AREAS COVERED

Back Bay

Beacon Hill

Charles River Park

Downtown/Midtown

North End

South End

Seaport District

South Boston

Waterfront

Brookline

Surrounding Communities of Boston
Contact
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.




John Ford
Ford Realty Inc
137 Charles Street
Boston, Ma 02114

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