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Who prepares the purchase and sale agreement in Massachusetts?

The seller's agent or attorney will draft the Purchase and Sale Agreement (P&S). This is the more binding legal document that is the official contract to purchase the home. It is a \u201ccookie cutter\u201d type standard document. 2.

What are 3 key attributes of a multi-family residential property?

A multi-family residential property typically has 3 key attributes: location, quality of the buildings, and a positive cash flow. The real estate term for a multi-family residential property is \u201cmulti-unit.\u201d In this instance \u201cmulti\u201d means more than one and \u201cunit\u201d refers to properties that have 5 or more housing units.

Who signs the P&S first in Massachusetts?

Seller- The Buyer will sign the P&S first. Once the Buyer has signed the P&S, the listing agent will send the P&S to the Seller for electronic signature. The listing agent also will let the Seller know when in receipt of the Buyer's deposit check.

What is a multifamily deal?

A multifamily property houses multiple families. Any residential property with more than one housing unit, each with its own kitchen and bathroom, is considered a multifamily property. This is in contrast to single-family homes, which are properties that house one family.

Can a buyer back out of a purchase agreement in Massachusetts?

If the seller rejects the offer, the buyer can make a counter-offer or leave the deal. If the seller agrees to the offer and has not signed it yet, it can be rescinded. According to Massachusetts law, buyers may also cancel their purchase for a full refund until midnight of the third business day after the sale.

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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.

What is the purpose of a purchase and sale agreement?

A purchase and sale agreement, also called a sales and purchase agreement or a purchase and sales contract, is a legally binding document that parties in a transaction use to stipulate the terms and conditions that will guide the sale and transfer of goods or property.

What is multi-family ownership?

A multifamily home is any residential property containing more than one housing unit. A duplex, townhome or apartment complex is a good example of a multifamily home. If a property owner chooses to live in one of their multifamily units, it's considered an owner-occupied property.

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Who prepares the purchase and sale agreement in Massachusetts?

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What is a purchase and sale agreement Massachusetts?

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Get the up-to-date multi family purchase and sale agreement 2024 now

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How to change Multi family purchase and sale agreement online

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Got questions?

Who prepares the purchase and sale agreement in Massachusetts?

What are 3 key attributes of a multi-family residential property?

Who signs the P&S first in Massachusetts?

What is a multifamily deal?

Can a buyer back out of a purchase agreement in Massachusetts?

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What is a purchase and sale agreement Massachusetts?

What is the purpose of a purchase and sale agreement?

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