A form is for a counterposal to a contract for the sale and purchase of real estate.
Massachusetts Counterproposal to Contract for the Sale and Purchase of Real Estate
State:
Multi-State
Control #:
US-00472E
Format:
Word;
Rich Text
Instant download
Description
How to fill out Counterproposal To Contract For The Sale And Purchase Of Real Estate?
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FAQ
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.
Who prepares the contract of sale? The document is prepared either by a qualified conveyancer or solicitor. When a home is sold privately, it is typically the real estate agent who drafts the contract, and the total price of the property, as well as the initial deposit, so that the buyer can make an offer.
Either the seller or the buyer can prepare a purchase agreement. Like any contract, it can be a standard document that one party uses in the normal course of business or it can be the end result of back-and-forth negotiations.
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.
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. It is a cookie cutter type standard document.
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.
The seller has received a higher offer after they signed a contract. Legally, a seller cannot back out of a contract because they have received a better offer after executing a contract. This becomes really tricky for a seller when they receive a backup offer they know is higher than the agreed-upon contract.
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.
Again the answer is of course. A buyer can back out of a real estate transaction before or at closing. Technically they can back out all the way up to money being disbursed. In Massachusetts a sale is not complete and monies and keys are not distributed until the deed is recorded.
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.
