If you`re looking to buy real estate in Massachusetts, it`s important to understand the legal document that governs the purchase process – the Massachusetts Real Estate Purchase Contract.
This contract outlines all the details of the transaction, including the property being sold, the purchase price, and any contingencies or stipulations that need to be met before the sale can be completed.
Here are some key elements that you should know about the Massachusetts Real Estate Purchase Contract:
Property Description: The contract will have a detailed description of the property being sold, including its address, legal description, and any other relevant details.
Purchase Price: The contract will also state the agreed-upon purchase price for the property. This is typically negotiated between the buyer and the seller, and may include contingencies (such as a home inspection) that could impact the final price.
Contingencies: Contingencies are conditions that must be met in order for the sale to be completed. Common contingencies include home inspections, financing, and the sale of the buyer`s current property. If any of these conditions are not met, the contract may be terminated.
Closing Date: The contract will also specify the date that the sale is expected to close. This date can be negotiated between the buyer and the seller, and may be dependent on the completion of certain tasks (such as repairs or upgrades to the property).
Earnest Money Deposit: The buyer typically makes an earnest money deposit as part of the contract. This is a sum of money that shows the buyer`s good faith in completing the purchase. If the contract is successfully completed, the earnest money deposit is applied to the purchase price. If the contract is terminated, the earnest money may be forfeited to the seller.
Closing Costs: The contract will also outline the various costs associated with closing the sale. These may include fees for the title search, appraisal, and other services. The contract should specify who is responsible for paying these costs.
The Massachusetts Real Estate Purchase Contract is a legally binding document that is designed to protect both the buyer and the seller in a real estate transaction. It`s important to carefully review and understand all of the terms of the contract before signing. If you have any questions or concerns about the contract, be sure to consult with a real estate attorney or agent.