The Massachusetts Purchase and Sale Agreement form is used when purchasing and selling residential real estate for an agreed amount. Once both parties sign the agreement, it is a final sale and transfer of ownership is complete.
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When does a purchase agreement become legally binding in MA?
In Massachusetts, an offer to purchase is not automatically binding until there is mutual acceptance and delivery of the signed agreement.
Law Alert ⚖️
- Massachusetts General Laws (MGL) Chapter 183 (malegislature.gov): This law covers the rules for transferring property.
- Statute of Frauds (MGL Chapter 259, § 1): This law says that real estate contracts must be written down to be legally valid. You can’t make a legal real estate deal just by talking about it.
- Consumer Protection Laws (Chapter 93A): This law protects people from unfair or deceptive practices in real estate transactions. It prevents things like lying or hiding important information about the property.
- Disclosures and Inspections (RE01R06: Seller Agency): Massachusetts law requires sellers to provide a Property Disclosure Statement, which tells the buyer about any known issues with the property. The buyer can also get inspections to check the property’s condition before finalizing the sale.
- Title and Closing Procedures (Title 33, Chapter 1): Before the sale is final, the buyer must make sure the property has a “clean title” (meaning no legal problems or debts attached to it). The deed is then recorded in the local registry of deeds to make the sale official.
Massachusetts Purchase and Sale Agreement Sample
https://simpleforms.com/wp-content/uploads/2024/05/Massachusetts-Residential-Real-Estate-Purchase-Agreement-1.pdf