The Massachusetts residential real estate purchase agreement (“Contract for Sale and Purchase of Real Estate”) is a contract which commits a buyer to an offer to purchase real estate, according to specific terms agreed by the buyer and seller. Negotiated specifics include the purchase price, financing method, closing date, and more.
Massachusetts does not require real estate sellers to disclose material defects in a property. A few states, including Massachusetts, hold to a “caveat emptor” (“may the buyer beware”) rule, where the buyer has full responsibility to investigate and resolve any issues with the property. However, most transactions will still use a standardized property disclosure form for the buyer’s peace of mind and to head off any potential for legal problems with the sale.
Caveat emptor means even if the buyer doesn’t perform full due diligence, they don’t have the legal option to reverse a real estate transaction. For example, if the seller says the condition of the roof is fine to the best of their knowledge, and the buyer doesn’t perform a roof inspection, the buyer won’t be able to reverse the purchase if the roof later turns out to have structural issues.
The seller still must be honest in answering the buyer’s questions. Caveat emptor does not allow a seller to fraudulently conceal issues with a property.
How Do You Write a Real Estate Contract in Massachusetts? To write a real estate contract in Massachusetts, you will need to identify and document the terms and conditions of the sale. The contract should also include the names of each party and the legal property address. You can download a customizable template or write your own. Read more » How Can You Get Out of a Real Estate Contract in Massachusetts? You can get out of a real estate contract in Massachusetts during several stages of the buying process. First, the offer must be accepted to make it binding. If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. Read more » What Is the Effective Date of a Real Estate Contract in Massachusetts? In Massachusetts, the effective date of a real estate contract is the date the buyer and seller agree to the terms of the contract and have it executed. All contract obligations are binding and enforceable on the effective date. Read more » Can a Seller Cancel a Real Estate Contract in Massachusetts? In Massachusetts, a seller can get out of a real estate contract if the buyer’s contingencies are not met—these include financial, appraisal, inspection, insurance, or home sale contingencies agreed to in the contract. Sellers might have additional exit opportunities with unique situations also such as an estate sale. Read more » How do I fill out a real estate contract in Massachusetts? To fill out a real estate contract in Massachusetts, you will want to specify the purchase amount, earnest money, inspection procedures, and financing terms. The seller will then be able to accept the offer or amend the proposal by responding with a counteroffer. Read more »
