• clause 5—time for performance; delivery of deed: the date for the closing is provided. a buyer always needs to have this extension in the back of the buyer’s mind and plan accordingly if there is a delay in the real estate closing. • clause 13—adjustments: because the closing may be mid-month, an adjustment will have to be made for taxes, some utility costs and most importantly, the value of any fuel oil left in the home fuel tank. • clause 20 warranties and representations: unless something to the contrary is included in the p&s, this clause states you are not relying on anything the seller and their agent told you.
• clause 8—time for performance; delivery of deed: the date for the closing is provided. a buyer always needs to have this extension in the back of the buyer’s mind and plan accordingly if there is a delay in the real estate closing. • clause 25—warranties and representations: unless something to the contrary is included in the p&s, this clause states you are not relying on anything the seller and their agent told you. it is an “out” clause for the buyer to get the deposit back if the buyer is unable to secure a commitment from their lender for the mortgage.
2. your real estate will review the p&s with you and make a few edits and add some of my own language to protect you. 3. if anything comes about at the home inspection, your real estate agent will negotiate with the sellers and any agreement reached will be included in the p&s. the total deposit will be held by the seller’s real estate brokerage and will be applied toward the purchase price of the home at closing. should you default on the contract and not close, this deposit would be kept by the seller. it is an “out” clause for you to get the deposit back if you are unable to secure a commitment from your lender for the mortgage. in order to exercise this clause, you must first apply for the mortgage by the specified date in this clause. typically, if the commitment is not yet available by the date, the date can be extended by mutual agreement. the key is to get your loan officer everything they need so you won’t need to exercise this clause.
6. the appraisal will be conducted between p&s and closing to ensure the home is valued by the lender at the sales price. this is your chance to make sure the home is in the same condition as promised in the p&s and that it is clean, the appliances still work, etc etc. at this point, you will have the final amount needed that you will need to bring to closing. that amount will either need to be wired to my office or presented in the form of a certified check. typically, the buyer and seller meet at the same time and place, but that is not required. 10. you will receive the keys to the property at the closing. about the author: the above real estate information on massachusetts settlement agent was provided by timothy sherman, an active attorney in the real estate law field. tim can be reached via email at [email protected] or by phone at 781-664-4936. attorney sherman has helped people close on their homes in many massachusetts cities and towns for the last 13+ years. i have a passion for real estate and love to share my legal expertise!
a massachusetts purchase agreement is a legal document that secures a transaction for real estate between a buyer and a seller. the p&s is the binding, legal contract that controls a residential real estate purchases in massachusetts. there are two main p&s forms used in massachusetts. 1. the seller’s agent or attorney will draft the purchase and sale agreement (p&s). 2. your real estate will review the p&s with you and make a, massachusetts purchase and sale agreement pdf, purchase and sale agreement template, purchase and sale agreement template, what happens after purchase and sale agreement, commercial purchase and sale agreement massachusetts.
it lays out the framework for a conveyance (a real estate transfer) in massachusetts. the agreement spells out that the seller conveys the deed to the buyer in this course provides a comprehensive overview of all of the customary clauses that may typically be included in the purchase and sale agreement (“p & s”) standard residential purchase and sale agreement [#503] the “seller,” agrees to sell and 2008 massachusetts association of realtors®. page 1 of 7, massachusetts real estate forms, massachusetts contract to purchase real estate 501, who writes the purchase and sale agreement, is an offer to purchase legally binding in massachusetts.
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