Mass Purchase And Sale Agreement Form

There is an indication of caution via the Massachusetts Standard Purchase and Sale Contract Form. We like to say it`s far from “standard.” The standard form offers several hidden benefits to a seller. Therefore, buyers should review the agreement with an experienced lawyer and identify the incorporated defects. For example, where a buyer is late before closing, the standard form document does not provide for a ceiling for damage; An experienced lawyer will know how to limit the damage to the deposit. The same applies when a buyer loses its price freeze, if the conclusion is delayed; An experienced lawyer would use language to protect the buyer in this situation. The Massachusetts Purchase and Sale Agreement, commonly referred to as the P&S, is the primary document defining the terms of the real estate contract between the buyer and seller. Massachusetts is a precautionary or “reserve” buyer, which means that the buyer assumes responsibility for undisclosed property damage or defects. In addition, the seller is not required to disclose details of the general condition of the residence. However, the seller is required to have its septic system tested before the sale and must inform the buyer of the presence of lead-based paint when the property was built before 1978. (§ 15.301, § 197A) a. The responsibility of the seller to provide the certificate of smoke and carbon monoxide detectors approved in accordance with the legislation in force at the time of conclusion of the seller`s declaration of ownership – Although this is not required by state legislation, the seller of real estate may provide the buyer with a statement of the condition of the property at the time of sale. 2. For example, if the buyer buys a condo, the rider should have the seller assured that the association is not considering special evaluations, that there is no ongoing recourse against the association, and that the budget is correct.

Other issues are seller repairs, septic system/V-Compliance title, radon gas, UFFI insulation, lead paint and buyers` access to the property while it is under contract…