Who prepares the purchase and sale agreement in Massachusetts?
1. The seller’s agent or attorney will draft the Purchase and Sale Agreement (P&S). This is the more binding legal document that is the official contract to purchase the home.
What is a purchase and sale agreement Massachusetts?
The purchase and sale agreement is the contract between the buyer and seller of real estate. It sets out the obligations of each party from the time the property is taken off the market to the closing. A standard form agreement is used in most residential real estate transactions in Massachusetts .
Is an offer to purchase legally binding in Massachusetts?
Many buyers and sellers consider the Offer to Purchase as a rough draft for the Purchase and Sale Agreement. Massachusetts Law however, considers a signed offer a binding contract. Since a signed offer is a binding contract a Purchase and Sale Agreement is not required to purchase a home.
What is included in a purchase and sale agreement?
Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale .
Do I need a lawyer for a purchase agreement?
A “for sale by owner” deal can save you money on real estate commissions, but you still need someone to prepare the purchase agreement , deed, and other documents. A lawyer can get your paperwork in order, ensure the title is good, and help you with the fine points of negotiating the transaction.
Does the buyer or seller prepare the purchase agreement?
Who Prepares The Real Estate Purchase Agreement ? Typically, the buyer’s agent writes up the purchase agreement . However, unless they are legally licensed to practice law, real estate agents generally can’t create their own legal contracts .
How long is a sale and purchase agreement valid for?
What happens after you sign a purchase and sale agreement?
Once the purchase agreement is signed and the earnest money is deposited, the buyer has the legal right to purchase the property should all agreed upon conditions be satisfied.
Who signs a purchase and sale agreement first?
Seller- The Buyer will sign the P&S first . Once the Buyer has signed the P&S, the listing agent will send the P&S to the Seller for electronic signature. The listing agent also will let the Seller know when in receipt of the Buyer’s deposit check. The listing agent will circulate the fully executed P&S.
How long does a home seller have to accept or reject an offer?
around 48 to 72 hours
Can seller back out of a purchase agreement?
Just like buyers, sellers can get cold feet. But unlike buyers, sellers can ‘t back out and forfeit their earnest deposit money (usually 1-3 percent of the offer price). If you decide to cancel a deal when the home is already under contract , you can be either legally forced to close anyway or sued for financial damages.
Is an offer to purchase a binding contract?
An Offer to Purchase Real Estate (the ” Offer “) is a document that sets out the basic proposed terms and conditions between the Buyer and the Seller in a real estate transaction. Once the Offer is signed by the Buyer and the Seller, and the contained contingencies are met, it then becomes a legally binding agreement .
What contingencies are included in a purchase agreement?
Below is an explanation of what these contingencies are and how they work so that you can go into your transaction feeling informed. Inspection Contingencies . In the home buying process, inspections are for your benefit, as the buyer. Financing Contingency . Appraisal Contingency . Title Contingency . Home Sale Contingency .
Does a purchase agreement need to be notarized?
Generally, contracts don’t need to be notarized , as the signed contract itself is legally binding. However, if a potential legal dispute arises between the parties, having the contract notarized can be very beneficial. Having a notary will provide proof of the parties entering into the contract .
How long do you have to sign a purchase agreement?
10 to 14 days