Purchase Agreement / Real Estate Contract
Purchase and Sale Agreement
Our office is pleased to offer a complimentary review of the P&S for Buyers when we are going to be handling the closing for the Lender.
A review of the P&S for Sellers is included in our Seller Representation Attorney Fee.
Massachusetts Purchase and Sale Review FAQ
Who signs the P&S first?
The tradition and custom in Eastern Massachusetts is for the Buyer to sign it first. Legally speaking, this may not matter as it is not a valid contract until both parties sign.
Do we meet with our Real Estate Lawyer to sign it?
You certainly can, but it is not necessary. A good attorney will have reviewed the contract, proposed edits, and arrived at a final version with you in advance of you signing it. Thus, you could sign it without needing your attorney present.
Can we sign the P&S electronically?
Electronic and Digital signatures are allowed on Purchase and Sale Agreements. And it is very convenient! An Offer to Purchase can also be Docusigned. The only catch is that each signer needs their own distinct email address. The law known as Massachusetts Uniform Electronic Transactions Act in 2004 established this practice and it is becoming more common and will be standard practice in the near future.
Does the Buyer’s deposit check at P&S need to be certified funds?
The Purchase and Sale Agreement deposit does not need to a certified check or wire unless specifically noted in the Offer to Purchase
Can the Buyer get out of the contract once the P&S is signed?
More than likely, the Buyer has a Mortgage Financing Contingency in the offer. If so and the Buyer is unable to obtain a commitment from a lender to finance the property with a mortgage, then the Buyer would be able to exercise their right to withdraw from the contract pursuant to those terms and thus be entitled to a full refund of the deposit money.
Tags: purchase agreement / real estate contract / buy sell agreement / purchase and sale agreement