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 happens after you sign a purchase and sale agreement?
After you sign a Purchase and Sales Agreement You are entitled to get your deposits back if you cannot get a loan by this date. The buyer’s job is to stay in touch with your lender. If the loan paperwork is not done on time, your agent or attorney will request an extension–before the deadline.
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?
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.
What should be 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 .
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.
How long does a home seller have to accept or reject an offer?
around 48 to 72 hours
Is an offer to purchase legally binding?
A signed offer to purchase is a legally binding document, and the terms and conditions in it have to be fulfilled. In a home sale process, once a buyer has found a home they like and can afford, they submit an offer to purchase to the seller, outlining the price they are willing to pay for the property.
Who pays for the purchase and sale agreement?
Who pays the fees to draw up an agreement to purchase a FSBO? The cost of drawing up a purchase contract is typically included in the real estate seller’s commission fee, paid at closing from escrow as part of closing costs.
Can a seller accept another offer while under contract?
A: Offers from other buyers can be accepted by the seller even if the property is under contract . The seller may or may not be able to break the first buyer’s contract and successfully sell to the higher bidder. It’s their property to keep or sell and they can virtually accept or reject offers at will.