Legal Question in Real Estate Law in Massachusetts
Real Estate purchase and sales agreement
I am interesting in purchasing a condo what is my first step, should I fill out an Offer form. I am being told by one party that I should use the Purchase and Sales agreement as my offer, but the realtor suggests that we fill out an offer form first and if accepted by both parties then move on to the P & S agreement. What are the advantages and disadvantages of doing this either way. What is the normal procedure?
Confused in Buzzards Bay
3 Answers from Attorneys
Use the Purchase and Sale agreement which, if properly drafted by your attorney, will include all the protections and contingencies you, as a buyer, need. An offer form, once accepted by the seller, could be considered by a court as a binding contract not requiring a more comprehensive purchase and sale agreement which you, as a buyer, would want to have. Forget what is normally done, and opt for what protects you. Listen to those who have only your best interest in mind. Good Luck!
The first step is to make an offer. Once an offer is made and accepted, then the parties usually engage in the process of preparing and negotiating the terms of a purchase and sale agreement. Before ironing out the details in a P&S, which can take days and sometimes weeks, you want to make sure both sides have agreed to engage in the process under the same terms.
An attorney should be retained to represent you during the purchase process, and will typically represent buyers for a reasonable flat fee. We represent clients in eastern Massachusetts and the Cape. Feel free to contact our offices and make your home buying experience more comfortable and secure!
The usual manner that property is purchased in MA is first you submit an offer and then you negotiate and sign a P&S. You should retain an attorney to prepare the P&S and it would not be a bad idea for him to review the offer.
Good Luck.