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Massachusetts Purchase or Sale of Real Property - Land or Lot - Questionnaire

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Multi-State
Control #:
US-Q1036
Format:
Word; 
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Description

This form addresses important considerations that may effect the legal rights and obligations of the parties in a lot or land sale matter. This questionnaire enables those seeking legal help to effectively identify and prepare their issues and problems. Thorough advance preparation enhances the attorney’s case evaluation and can significantly reduce costs associated with case preparation.



This questionnaire may also be used by an attorney as an important information gathering and issue identification tool when forming an attorney-client relationship with a new client. This form helps ensure thorough case preparation and effective evaluation of a new client’s needs. It may be used by an attorney or new client to save on attorney fees related to initial interviews.


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FAQ

Massachusetts is a caveat emptor state or a buyer beware state. Buyers have to ask the right questions and inspect the property they want to purchase. Legally, sellers in Massachusetts don't have much information to reveal to sellers. However, two things do need to get disclosed.

Massachusetts is one of few states that still follows a legal rule known as caveat emptor, or "buyer beware." This basically mean there is not a lot you are legally required to disclose to the buyer when selling your property.

Here are eight common real estate seller disclosures to be aware of, whether you're on the buyer's side or the seller's side.Death in the Home.Neighborhood Nuisances.Hazards.Homeowners' Association Information.Repairs.Water Damage.Missing Items.Other Possible Disclosures.

By contrast, Massachusetts does not require sellers to provide a disclosure form or statement to potential buyers. If you work with a real estate broker or agent, he or she may ask you to complete a statement that will include a provision that indemnifies the broker or agent for any misstatements or errors on the form.

In general, a disclosure document is supposed to provide details about a property's condition that might negatively affect its value. Sellers who willfully conceal information can be sued and potentially convicted of a crime. Selling a property "As Is" will usually not exempt a seller from disclosures.

Massachusetts law requires only that home sellers disclose the existence of lead paint (see the Massachusetts Lead Paint Statute) and the presence of a septic system (see Title 5 of the Massachusetts Environmental Code).

Massachusetts is one of few states that still follows a legal rule known as caveat emptor, or "buyer beware." This basically mean there is not a lot you are legally required to disclose to the buyer when selling your property.

In Massachusetts you are not legally obligated to fill out the Seller's Statement of Property Condition, but everyone should. The information you provide in the seller's statement gives buyers an understanding of your home, both the good and the bad, as well as the opportunity to investigate what concerns them.

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.

Often, an attempted waiver of the TDS by the buyer or the seller, such as the use of an as is clause in the purchase agreement, makes an agent's standard due diligence and disclosures seem unnecessary. However, the buyer cannot waive the seller's delivery of the statutorily-mandated TDS.

More info

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Massachusetts Purchase or Sale of Real Property - Land or Lot - Questionnaire