An instrument modifying or rescinding a contract should identify the contract with certainty. The parts of the contract to be changed should be clearly expressed, and the change itself clearly set forth. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
The Massachusetts Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate is an important legal document used in real estate transactions within the state of Massachusetts. This addendum serves as an extension or modification to the original contract, adding specific clauses and terms that are unique to the state's real estate laws. It is crucial for both buyers and sellers to understand and include this addendum to ensure a smooth and legally compliant transaction. There are several types of Massachusetts Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate, each designed to address specific aspects of the transaction: 1. Financing Addendum: This type of addendum provides detailed information about the buyer's financing arrangements, including loan contingency provisions and requirements for the successful completion of financing. 2. Contingencies Addendum: This addendum outlines the various contingencies that may affect the sale, such as home inspection, appraisal, or attorney review contingencies. It specifies the timelines and conditions under which these contingencies can be invoked. 3. Seller's Disclosure Addendum: This addendum requires the seller to disclose any known defects or issues with the property. It aims to protect the buyer by ensuring transparency and full disclosure of any material facts that may impact their decision. 4. Lead Paint Addendum: If the property was built before 1978, this addendum is mandatory. It discloses the presence of lead-based paint or hazards, providing the buyer with information to make an informed decision. 5. Septic System Addendum: When the property has a septic system, this addendum ensures that proper inspections and certifications are conducted before the sale. It clarifies the responsibilities of both parties regarding septic system maintenance and any needed repairs. 6. Homeowner's Association (HOA) Addendum: If the property is part of a homeowner's association, this addendum defines the obligations and rights of the buyer and seller regarding HOA fees, rules, and restrictions. These are some common types of Massachusetts Addendum to Contract for the Price, Sale, and Purchase of Residential Real Estate. However, it is essential to consult with a qualified real estate attorney or agent to ensure the inclusion of any additional relevant addenda based on the uniqueness of the property or specific circumstances of the transaction.
