Buying a Nantucket Home

Buying a Nantucket Home

Understanding the Nantucket Real Estate Market

Great Point Properties’ real estate agents all call Nantucket home. Our agents are long-time residents who actively participate in the community, from enjoying the island's recreational activities to supporting local non-profits and government initiatives. This deep-rooted connection to Nantucket provides us with invaluable insights to guide you through every step of the buying process. We guarantee you make informed decisions along the way. Here's your step-by-step guide to the buying process on Nantucket:

Step 1: Find An Agent

Step 2: Browse Our Inventory

Step 3: Subscribe to New Nantucket Listings

Step 4: Learn About Our Agency Terms


In the Commonwealth of Massachusetts, all Real Estate agents are required to disclose to Buyers and Sellers their agency affiliation through the Massachusetts Agency Disclosure forms. Great Point Properties offers both Buyer’s Agency and Seller’s Agency.

When you list your home with Great Point Properties, we will act as the Seller’s Agent representing your property and interests. When we represent you in your search for the perfect property, we will act as Buyer’s Agents.


There are occasions when we represent both Buyer and Seller. This is referred to as Dual Agency. In this situation, it is our obligation to work to provide all the information that we can to both parties so that they may make informed decisions. We will not be able to provide guidance on any negotiations. However, we are able to provide a Buyer or Seller the information that they may need to proceed from a position of knowledge of the Nantucket Real Estate market.

Step 5: Learn About The Market/Our Process

  • Talk with Your Agent

  • Sign up for Our Newsletter

  • Review Market Data

  • Explore Nantucket Neighborhoods (link to neighborhood guide)

Step 6: The Budget

First, determine your budget, considering the necessary down payment and the amount you are able to spend monthly. Consider monthly expenditures such as your mortgage, common charges, and real estate taxes, utilities, property managers, landscaping, etc.

It makes sense to establish a relationship with a lender and seek pre-approval to help expedite the purchase process. At Great Point Properties, we have a number of trusted connections with local lenders and are happy to make introductions.

Step 7: Look at Properties


The Nantucket home market traditionally has houses and condominiums available for sale starting from around $1,000,000 and ranging upwards of $30,000,000. We have every product, from multi-family condominiums to beach cottages, historic homes, or contemporary residences. Our website,, is connected to Nantucket’s multiple listing service, LINK. You can register with Great Point Properties for access to LINK to view all that is for sale on the island by going  here and filling in your information. As licensed real estate brokers, the agents at Great Point Properties have access to all that is for sale on the island and are happy to show you any properties that might seem interesting.

Step 8: Make an Offer


The amount you decide to offer is your decision ultimately, but we advise you to use your real estate agent’s expertise to help you determine a reasonable offer for a property. Your Great Point Properties agent knows the market and island very well.

They will look at comparable real estate sales and the improvements on the property to help you establish the market value of the property you wish to purchase. Additionally, remember to factor in the 2% Land Bank fee that applies to all real estate transactions on Nantucket.


This legal document is drawn up by your agent. The offer is typically accompanied by a check or wire to the listing real estate office’s firm. This money is referred to as the Binder or Earnest Money. The offer will specify:

  • Purchase price

  • Date and time of the closing

  • Buyer’s, Seller’s, and Agent’s Obligations

  • Contingencies that you might need to have a better understanding of the property

If the Offer to Purchase is accepted, this is a legally binding document that will commit both Buyers and Sellers to the deal detailed in the offer.


Offers are often made contingent upon items that may not have an immediate answer. Contingencies can range broadly, but some of the more typical are:

  • Financing Contingency

  • Mechanical, Structural, and Pest Inspection Contingency

  • Septic Capacity Contingency

  • Buildability Contingency

  • Potable Water Test Contingency

  • Massachusetts Endangered Species Act Contingency (MESA)

These are just a few of the contingencies we see in offers. Do not let them daunt you: most properties require a reasonable due diligence period which will allow the buyer to ascertain the suitability of the property for their needs.


We recommend working with a local lawyer who will know the ins and outs of our little island. At Great Point Properties, we have great working relationships with several on-island attorneys and are happy to make an introduction.

Step 9: Property Goes to Purchase & Sale


This document is often referred to as the P&S, it will elaborate on and take the place of the Offer to Purchase when executed. The P&S is typically drawn up by the seller’s attorney within 14 to 21 days of acceptance of the Offer to Purchase.

Upon execution of the P&S, the buyer typically writes a check for the balance of 10% of the purchase price, less the amount already paid via the binder check. The deposit will be held in escrow which is an interest-bearing account held by the seller’s agent or attorney.


Property transfers on Nantucket are assessed a fee of 2% of the purchase price at the time of transfer. This money is then used by the Land Bank to purchase properties that are considered beneficial to the public and that are, more often than not, vacant land. To view a map of the conservation land on Nantucket see here. First-time homebuyers are exempt from the first $1,000,000 of their purchase. The Land Bank will place a lien on the property of buyers who take the first-time homeowner exemption. This lien is recorded on the deed of the property at the Nantucket Registry of Deeds stating that there is a debt on the property and that the 5-year occupancy obligation must be satisfied. If the buyer stays in their home for a period of five years, the lien is removed; if the property is sold within 5 years, then the buyer must pay the fee plus accrued interest.


  • Utilities – The seller should arrange to have all utilities taken out of their name or terminated on the day of closing. Set up new accounts or transfer existing ones to ensure uninterrupted service.

  • Property Manager – Retain a Property Manager/Caretaker. Closings often happen in the off-season, and arriving in Spring to burst outdoor shower pipes is no fun.

  • Walkthrough – On closing day, the buyer or their Great Point Properties agent will do a property walkthrough to ensure it is in good order as per the P&S details.

  • Insurance – You will also want to line up homeowner’s insurance.

  • Flood Insurance – Determine if your property is in a Floodplain. If it is, the seller’s flood insurance policy may be assignable and cheaper than a new one. If there is no flood insurance, it’s available through FEMA. Discuss concerns with your real estate agent and insurance broker.

Step 10: Closing


Assuming all contingencies are met or have acceptable results, the property can proceed to closing. Many people have an image of buyers and sellers sitting around a table hammering out the final parts of the deal., However, Nantucket is an island, and more often than not the buyers and sellers will never meet and never attend a closing.

A vast majority of deals are done via wire, FedEx, and the Buyer’s attorney and Seller’s attorney meet in their office to exchange documents. So while you may want to attend the closing, most likely you will not have any reason to be there other than to come and enjoy your new Nantucket property.

With Great Point Properties, you benefit from our expertise and deep understanding of Nantucket's market. Our agents provide an informed buying process to help you find your Nantucket. We pride ourselves on our honesty, pragmatic approach, and commitment to exceptional service.

Whether you’re a first-time homebuyer or a seasoned investor, our inclusive knowledge of the Nantucket real estate market positions us to offer unparalleled guidance. Trust Great Point Properties to guide your real estate journey with confidence. Start your adventure today with a team that truly understands and loves Nantucket.