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what does a purchase and sale agreement in massachusetts mean hi im jeff chubb with exp realty and i brought demetri kirsten or kirschner fuchsian hill along today in order to talk about this purchase and sale agreement specifically in massachusetts and and what really does it mean so to that point what is a purchase and sale agreement so a purchase and sale agreement or a p s right as we call it is a um legal document which binds both the buyer and the seller to a particular real estate transaction okay its a negotiable document in massachusetts and its negotiated by attorneys perfect and i think its important to remember that theres really a two-step process in the state of massachusetts so your initial offer we call that to offer to purchase right and i kind of equate that to asking the girl out on the date were going to go on the date were going to do some due diligence on one another thats like the okay you know home inspection pulling permits things of that right and then

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What to say when you put an offer in on a house?

Explain why you offered the amount you did, how you factored in other houses nearby, and their sold prices. If you offer a low amount, consider explaining the reason why. Perhaps the house needs serious repair work that will affect its value.

Is an offer to purchase legally binding in Massachusetts?

In Massachusetts, a signed standard offer to purchase real estate is a binding and enforceable contract to sell real estate\u2013even if the offer to purchase form is subject to the signing of the purchase and sale agreement.

Can you pull out of an offer to purchase?

The buyer can cancel an offer to purchase, but doing so will be extremely costly. The buyer may lose their deposit. The seller may claim damages. The buyer will be liable for the agent's commission.

What is a purchase and sale agreement Massachusetts?

The purchase and sale agreement is the contract between the buyer and seller of real estate. It sets out the obligations of each party from the time the property is taken off the market to the closing. A standard form agreement is used in most residential real estate transactions in Massachusetts.

Can a seller back out of an accepted offer in Massachusetts?

The seller has received a higher offer after they signed a contract. Legally, a seller cannot back out of a contract because they have received a better offer after executing a contract.

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How legally binding is an offer to purchase?

When selling a property in New South Wales at what point is the sale legally binding? Once a vendor reaches an agreement with a purchaser they have what is known as \u201coffer and acceptance.\u201d At this point neither party is legally bound and both parties are free to walk away from the deal without penalty.

How do I make an offer on a house in MA?

Preparing the Offer Your name and the name of the seller. The property's address. Any special provisions regarding fixtures, appliances, etc. The purchase price being offered (including the deposit put down to bind the offer and the deposit to be paid upon the execution of the Purchase and Sale Agreement)

Can a seller back out of an accepted offer BC?

Can a seller cancel their agreement by refusing to close? The answer is no. The buyer can sue the seller if this happens.

Who prepares the sale and purchase agreement?

To obtain a sale and purchase agreement you'll need to contact your lawyer or conveyancer or a licenced real estate professional. You can also purchase printed and digital sale and purchase agreement forms online.

Can a seller back out of an accepted offer in Canada?

In short, yes, a seller can cancel/back out of an accepted offer in Canada. But the seller can't just do that without any reason. There must be a valid & explainable reason behind cancelling the order.

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Got questions?

What to say when you put an offer in on a house?

Is an offer to purchase legally binding in Massachusetts?

Can you pull out of an offer to purchase?

What is a purchase and sale agreement Massachusetts?

Can a seller back out of an accepted offer in Massachusetts?

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How legally binding is an offer to purchase?

How do I make an offer on a house in MA?

Can a seller back out of an accepted offer BC?

Who prepares the sale and purchase agreement?

Can a seller back out of an accepted offer in Canada?

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