Buying in Cambridge and wondering how long it really takes from “yes” on your offer to keys in hand? You have a lot to coordinate in a short window, especially in a competitive market. In this guide, you’ll see the typical Massachusetts Purchase and Sale (P&S) timeline, key deadlines, and how condos differ from single-family homes in Cambridge. You’ll also get practical tips to avoid delays and keep your closing on track. Let’s dive in.
Massachusetts P&S sequence
The steps below outline the standard flow from offer to closing in Massachusetts. Your exact dates come from your signed P&S and lender timeline.
Who does what
- Buyer and buyer’s agent: schedule inspections, coordinate lender documents, track contingency dates.
- Seller and seller’s agent: provide access for inspections and deliver required documents, including condo packets if applicable.
- Seller’s attorney: often drafts the P&S and holds the deposit in a trust account per the agreement.
- Buyer’s attorney: reviews the P&S, handles title and closing logistics.
- Lender: orders the appraisal, underwrites the loan, and issues the mortgage commitment.
- Title company or attorney: completes the title search, clears issues, and prepares closing paperwork.
Typical timeline in Cambridge
In Massachusetts, most transactions close 30 to 60 days after the P&S, with many Cambridge deals targeting 30 to 45 days. Shorter closings are possible if you are fully mortgage-ready and inspections and appraisal move quickly.
Key benchmarks
- Offer to P&S signing: same day to 3 business days; in Cambridge, 24 to 48 hours is common to stay competitive.
- Inspection window: typically 7 to 14 days after P&S for houses, sometimes 5 to 10 days for condos.
- Appraisal: usually 7 to 14 days after the lender orders it.
- Mortgage commitment: about 30 to 45 days from full application, depending on lender and complexity.
- Title work: generally 7 to 21 days after P&S, longer if issues arise.
- Closing: commonly 30 to 60 days from P&S; 30 to 45 days is typical in Cambridge.
Sample 45-day timeline
- Day 0: Offer accepted, P&S signed, deposit delivered to escrow per the agreement.
- Days 1–3: Schedule home inspection and any specialty inspections.
- Days 3–10: Complete inspections and negotiate repairs or credits if needed.
- Days 3–7: Submit full mortgage application and required documents.
- Days 7–21: Appraisal ordered and returned; lender continues underwriting.
- Days 7–21: If a condo, receive and review condo documents.
- Days 21–45: Mortgage commitment issued, title cleared, closing scheduled.
- Days 30–60: Closing occurs within the agreed window.
Deposits, contingencies, and your risk
Earnest money deposit
Your deposit shows good faith and is applied to the purchase price at closing. Funds usually go to the seller’s attorney trust account or a brokerage escrow stated in the P&S. Deposit sizes vary by market conditions. In many areas, buyers put up roughly 1 to 5 percent of the price, and Cambridge’s competitive conditions often push deposits higher within that range.
When funds become non-refundable
The P&S controls refundability. Deposits often become non-refundable when you waive or miss contingencies. Make sure your P&S states exact time periods, what counts as satisfaction or waiver, and how notices must be delivered.
Common contingencies to know
- Inspection: lets you inspect, request repairs or credits, or cancel within the inspection period.
- Financing: protects you if your lender does not issue a commitment by the deadline; many timelines run 30 to 45 days.
- Appraisal: addresses a low appraisal outcome with options to renegotiate or cancel depending on terms.
- Condo documents: allows review of budgets, bylaws, insurance, minutes, and assessments; lenders often require these.
- Title: covers your right to object to title defects and sets cure timelines.
Cambridge specifics: condos vs single-family
Cambridge is competitive and condo-heavy, which can influence timing and documentation.
Condo steps that affect timing
- Resale packet: expect to receive bylaws, budgets, minutes, master insurance, financials, and assessment details. Turnaround is commonly 7 to 21 days after request.
- Lender review: some lenders confirm project eligibility, including owner-occupancy and litigation. This can add 1 to 3 weeks.
- Practical tip: ask early about condo packet fees and delivery timelines and build these into your P&S dates.
Single-family considerations
- Older homes: plan for detailed inspections and potential specialty checks based on age and systems.
- Municipal records: review permits and any known violations through local inspectional services.
- Sewer vs septic: most Cambridge homes are on municipal sewer, so Title V septic certifications are typically not required. If you shop outside Cambridge, septic rules may apply.
Planning tips to stay on schedule
- Get fully pre-approved before you write.
- Line up your home inspector and any specialists in advance.
- Share condo documents with your lender as soon as they arrive.
- Clarify whether deadlines run as business or calendar days in your P&S.
- Ask your lender about current appraisal turnaround times and plan for 1 to 3 weeks if volume is high.
- Keep contingency dates realistic. Too short can force you to waive protections, while too long can weaken your offer.
Common delays and how to handle them
- Low appraisal: consider a price adjustment, seller credit, or bringing extra cash if allowed by your loan and terms.
- Condo red flags: litigation, special assessments, or weak financials can derail loan approval for the unit or the project.
- Title issues: liens or unresolved interests may need time to cure, which can push closing.
- Inspection surprises: negotiate repairs or credits promptly and adjust timelines if needed.
- Lender document gaps: respond quickly and provide complete files to reduce last-minute requests.
What happens at closing
Once your lender issues a commitment and title is clear, closing documents are prepared. You bring or wire final funds, sign loan and title paperwork, and the deed is recorded. After recording, you receive the keys and the property is officially yours.
Next steps
Buying in Cambridge moves fast, but a solid plan keeps you in control. If you want a step-by-step timeline tailored to your property type and lender, our team can help you set the right dates, align your contingencies, and connect you with trusted local pros. Reach out to The Boston Home Team to get started.
FAQs
What is a Purchase and Sale Agreement in Massachusetts?
- The P&S is the detailed contract that follows an accepted offer and sets price, deposits, contingencies, and the timeline from inspection to closing.
How long does a Cambridge home purchase take?
- Many Cambridge closings target 30 to 45 days after the P&S, with a wider range of 30 to 60 days depending on lender, appraisal, condo docs, and title.
How much earnest money should I expect to put down?
- Deposit norms vary; many buyers provide roughly 1 to 5 percent of the price, with competitive areas like Cambridge often on the higher end of that range.
Do condos add time to financing in Cambridge?
- Yes. Condo packets and lender project reviews commonly add 1 to 3 weeks, so request documents early and share them with your lender right away.
When does my deposit become non-refundable in Massachusetts?
- Typically when you waive or miss contingencies laid out in the P&S; make sure your agreement spells out deadlines and notice requirements.
Is a Title V septic inspection required in Cambridge?
- Most Cambridge homes are on municipal sewer, so Title V septic certification usually does not apply; confirm sewer connection for each property.
