SPRINGFIELD, Mass. (Mass Appeal) – What do buyers need to be concerned with when signing a residential purchase agreement? Attorney David Shrair from the Law Offices of Cooley Shrair in Springfield shared more.
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Buyer’s Concerns: Signing a Residential Purchase Agreement
What do buyers need to be concerned with when signing a residential purchase agreement?
Massachusetts law known as the statute of frauds requires that when dealing with a contract involving real estate all of the pertinent terms must be in writing in order to bind the buyer and seller. It is therefore critical that the agreement contain everything that the buyer believes he or she is offering
So-what are some specific items to watch out for?
The most important item is to be sure that the purchase price and deposit are correct.
In addition the following items need to be determined:
The time necessary to do an inspection must be adequate
If there is any personal property to be included then It must be set forth
The mortgage contingency, if required, must give the buyer enough time to apply and receive a response
If the seller is making any representations such as a dry basement or roof then it must be included
The default clause needs to provide that the deposit Will be the seller’s sole remedy if the buyer fails to close due to no fault of the seller
What additional items should a buyer consider?
The buyer should make sure that he or she has an Attorney review the document and not rely on the brokers who prepared the agreement
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