Boston condos for sale: When are the down-payments due?

When buying a Boston condo for sale, there’s really no such thing as no money down. Even if you’re going with a lender or a home loan like a USDA that allows for zero money down, not having any money for out-of-pocket costs is usually not a wise idea, so Boston condo buyers will need liquid cash when buying a Boston condo for sale. Closing costs, down payment, earnest money checks, and inspection costs are usually out-of-pocket but when are all these due?

Buying a Boston condo is typically done in stages; you make an offer on a home, complete the inspection, and at closing handover a lump sum of money if that’s the loan you’re choosing. So what are these out-of-pocket costs and when are they do.

Earnest money.

This is the initial good face the deposit that you submit when making an offer on a Beacon Hill condo for sale. It’s typically its $1,000 at the Offer and 5% of the purchase price of the property at the P&S (Purchase & Sales Contract), however, it doesn’t get deposited until the seller accepts the offer. This can be in the form of a personal check, cashier’s check, or money order and will go towards the purchase price of the home at closing. Buyers will get this money credited to them as part of the buying process.

Inspection fees.

The inspector of a Boston downtown condo will typically need to be paid out-of-pocket at the time of inspection. It’s important to meet with the inspector at the property and when the inspection is complete hand over payment. This can be anywhere from $300-$800 depending on the type of inspection and location.

Closing costs.

Closing costs are the expenses related to making the loan and closing the purchase from escrow. This could include a variety of fees such as attorneys fees, title costs, surveys, transfer and courier fees, loan origination fees, document preparation fees, title insurance, and appraisals. These fees are typically between two and 5% of the purchase price and they are due when you sign your final loan documents. You can either bring a check to closing or wire the funds to escrow. Depending on the loan, these can be built into the purchase price of the home or the seller can pay these fees.

Down payment.

This is the amount of the purchase price that a buyer pays for that is not finance in a mortgage loan. Depending on the home loan, the buyer either brings nothing to the table, 3%, 3.5%, 10%, 20%, or higher depending on how much they are putting towards the property. The remainder is typically financed. Again, it depends on the type of loan to determine the down payment. These fees are due at closing as well.

So, the initial fees to purchasing a Boston midtown condo may not be that much but it closing, fees need either be structured into the payment plan or clearly marked out so the buyer knows exactly what to bring to the table.


Buying and selling can be a stressful process, but we’re here to make sure it’s worry-free. In addition to our years of local experience and expertise, we also offer a variety of specialized tools, the latest sales data for condos in all Boston downtown/midtown neighborhoods, and a form to request a complimentary market analysis for your Boston condo for sale

If you need more information, don’t hesitate to call our team today. List your property with the Ford Realty Inc., team, and find your Boston downtown real estate success today.

Author Profile

John Ford
John Ford

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.


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.


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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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