Massachusetts Condominium Purchase Agreement

State:
Multi-State
Control #:
US-00455
Format:
Word; 
Rich Text
Instant download

Description

Seller agrees to sell and the buyer agrees to buy a condominium unit under the terms and conditions of the contract. Other provisions of the agreement include: closing costs, deposits, insurance and proration.
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FAQ

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.

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.

A purchase and sale agreement, also known as a purchase and sale contract, P&S agreement, or PSA, is a legally-binding document that establishes the terms and conditions related to a real estate transaction. It defines what requirements the buyer must meet as well as purchase price, limitations, and contingencies.

Who Creates the Purchase and Sale Agreement? A real estate agent typically creates a purchase and sale agreement. However, in some cases, depending on local real estate laws, an attorney might be the one who makes the deal. Regardless of who creates the agreement, you can always negotiate terms and conditions.

In Massachusetts, a signed standard offer to purchase real estate is a binding and enforceable contract to sell real estateeven if the offer to purchase form is subject to the signing of the purchase and sale agreement.

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.

There are always consequences for breaking a contract. For a seller, the consequences are far greater than for a buyer if you try to back out of a sale. The buyer can, in fact, sue for performance. The buyer, however, is typically held to the liability of no more than their escrow deposit.

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.

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Massachusetts Condominium Purchase Agreement