Third, the purchase and sale contract defines the seller`s responsibilities. These include maintaining the insurance and maintenance of the land until closing, obtaining a smoke and carbon monoxide certificate at closing, paying the brokerage commission, obtaining a certificate 6 (d) for a condominium and requiring taxes to be paid by the seller until closing (by adjusting the HUD account statement). The agreement also provides that the seller`s representative (either the broker or the lawyer) holds the buyer`s down payment on a fiduciary account. Title 5 Addendum (310 CMR 15.301) – Sellers must submit a report to potential buyers confirming that the septic system of the property has been verified within 2 years of the sale. (For more information, see Title 5 in Massachusetts.) Residential purchase and sale contracts in Massachusetts are contracts designed to legally formalize the sale of residential real estate. In the document, the potential buyer will present his offer and the terms of purchase of the property. The buyer sets a date on which his offer is closed, at which point the seller can submit a counter-offer. In addition, the buyer may require that the property be controlled by a third party. Once the two parties reach an agreement, they will sign the form to conclude the agreement.
The sale and sale contract is the contract between the buyer and the seller of real estate. It defines each party`s obligations from the date of use of the market to the closing. A standard form agreement is used for most residential real estate transactions in Massachusetts. Both the buyer and the seller must negotiate the terms of the contract in order to protect their respective interests. one. The seller`s responsibility to provide the approved certificate of smoke and carbon monoxide detectors in accordance with the applicable law under Massachusetts law, the owner of a residential property built before 1978 must remove lead if a child under the age of six lives on the site. The buyer has the right to check the property for the presence of lead, but the seller does not need to remove it. The purchase and sale agreement may include a provision that takes into account the buyer`s right to verify the presence of lead and possible corrective action for the purchase and removal fee, including the right to terminate when the moving costs exceed a certain amount. The lawyers for the Pulgini-Norton real estate transaction represent Boston`s buyers and sellers at every stage of the buying and selling process.
We can verify and explain the terms of the purchase and sale agreement to help you understand your rights and obligations. We can negotiate skillfully and develop provisions to ensure that your interests are protected. We support customers in Cambridge, Lowell and Hyde Park, among other Massachusetts communities. For a consultation, call us at 781-843-2200 or contact us via our online form. The course manager should provide samples of a real standard Lead-Based Paint Disclosure (42 U.S. Code ` 4852d) contract contract – documents relating to the presence of lead-based colour risks must be provided to the future owner when an agreement is reached.