Legal Question in Real Estate Law in Massachusetts

Hello

First time home buyer here in Massachusetts

I signed an offer to purchase with a 7 day inspection contigency

Had the inspection done 3 days later,found some issues.

Spoke with the seller (fsbo),he is willing to give 5k for repairs,I am fine with that

Is the correct way for me to go about it to write up another offer to purchase with the same terms as the original signed one and under additional terms add 5k for needed repairs?

He offered to meet up with me at Staples so we can both sign the new offer and make copies.

Please advise on how this is best done.I would rather get it dealt with now rather than have to deal with it during the P&S

If it is done this way and signed by both,is the previous offer to purchase null and void.Just wondering whereas the previous one doesn't mention the 5k.

Thanks so much for your time everyone,much appreciated


Asked on 7/17/14, 4:07 pm

1 Answer from Attorneys
Christopher Vaughn-Martel Charles River Law Partners, LLC

First of all, congratulations on finding a home for purchase and having your offer accepted.

You are probably making the largest purchase of your life, and I hope you are spending the small amount of money it takes to have legal counsel.

Make sure you getting a new offer signed or exercising your right to terminate the purchase prior to your contingency deadline. You can execute a new offer to purchase or can draw up a simple amendment to your existing offer to purchase exercising your right to cancel the deal as a result of the unsatisfactory inspection and offering a new purchase price of $x.

Your next step is going to be to negotiate a purchase and sale agreement. I would retain counsel for this next part, as the purchase and sale will be the formal document that controls the rest of the transaction between the two of you.

Good luck!

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Answered on 7/18/14, 6:43 am


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