A person licensed to arrange the buying and selling of real estate for a fee. A real estate broker acts as an intermediary between the parties selling and buying the real estate. Real estate brokers can also be called real estate salespersons, and the people who assist them (who are generally not required to be licensed) are generally called real estate agents.
The Massachusetts Contract of Sale of Commercial Property with No Broker Involved is a legally binding document that outlines the terms and conditions of the sale of a commercial property in Massachusetts, without the involvement of a broker. This contract is essential for conducting smooth real estate transactions and provides protection for both the buyer and the seller. The contract typically includes key details such as the names and addresses of the buyer and seller, a detailed description of the property being sold, its location, and any legal restrictions or easements associated with it. It also specifies the purchase price, the payment method, and any contingencies related to financing or property inspections. In addition to these essential elements, the Massachusetts Contract of Sale of Commercial Property with No Broker Involved may include additional clauses depending on the specific circumstances. Some common variations of this contract include: 1. All Cash Sale Agreement: This contract type is used when the buyer agrees to pay the entire purchase price in cash, eliminating the need for mortgage financing. 2. Seller Financing Agreement: In this type of contract, the seller agrees to finance a portion or the entire purchase price. The terms of the loan, including interest rate, repayment schedule, and any collateral, will be outlined in the agreement. 3. Lease with Option to Purchase Agreement: This contract allows the buyer to lease the commercial property for a specified period, with an option to buy it at a predetermined price within a specified timeframe. This type of agreement provides flexibility for the buyer while allowing the seller to maintain ownership in the interim. 4. Installment Sale Agreement: In this contract, the purchase price is paid in installments over a set period. It may include terms regarding down payments, interest rates, and late fees. It is crucial for both buyers and sellers to carefully review and negotiate the terms and conditions of the Massachusetts Contract of Sale of Commercial Property with No Broker Involved before signing. Seeking legal consultation is highly recommended ensuring all relevant state and local laws are adhered to and each party's interests are protected.
