Anytime you enter a contract, you should protect your interests by having a lawyer prepare the agreement or, at the very least, look it over before you sign. This ensures you get the best possible deal and won’t become waylaid by loopholes down the road. Using a one-size-fits-all standardized purchase and sale agreement form is not the most effective way to protect your interest in a given real estate transaction.
This is especially important when you’re dealing with a purchase as large and important as a home. Before signing a purchase and sale agreement for residential real estate in Massachusetts you should have an experienced real estate lawyer review the document as soon as possible to safeguard your interests and prevent delays in the transaction.
The real estate lawyers at Calabrese Law Associates are well versed in preparing purchase and sale agreements for the firm’s residential real estate clients. All documentation prepared by our Boston-based firm complies with applicable Massachusetts law, federal law, and protects our clients’ interest to the fullest extent permitted by law. Our lawyers specialize in real state law matters and will guide you through your real estate transaction from start to finish.
The Real Estate Purchase Process
In Massachusetts, the customary practice is for a buyer to submit an offer to purchase real estate. Once the offer is accepted and the initial deposit is received, the buyer usually has a right to inspect the premises within a limited period of time. The offer also sets a deadline for the next step of the process – the purchase and sale agreement.
At the purchase and sale agreement stage, the seller and buyer negotiate the terms that will govern their relationship from that point to the closing table. The purchase and sale agreement should include all necessary terms to protect your interest at the buyer – especially a mortgage contingency clause if you plan to finance your purchase.
How Our Lawyers Can Assist With Your Real Estate Transactions
The firm’s lawyers will simplify the long and often arduous process by helping you to avoid problems that arise during the home sales process. We can help you resolve issues such as:
- A realtor using a standardized form to set the terms for the sale, only to find there are special circumstances that necessitate an individualized purchase and sale agreement prepared by our office. In Massachusetts, a realtor cannot write these addendums.
- A seller becomes liable for payment of a brokerage commission, even if a purchase falls through.
- Asbestos or termites are found on the property, but the buyer still wants to go through with the sale.
- A sale is blocked or otherwise wrongfully terminated, and the buyer wants to recover their down payment, or force a sale of the property to them.
- An addition to the existing property has been made in the past without the required building permits and zoning approval.
Being caught off guard by a legal problem can quickly derail your real estate purchase. By working with the experienced real estate lawyer at Calabrese Law Associates early in the process, however, you ensure there will not be any unwanted surprises, and your purchase agreement will be drafted to your specifications. You will feel more secure with the deal and confident that your rights are being protected when you know our firm has reviewed and/or prepared your real estate transaction paperwork.
When you need legal representation and/or advice on residential real estate transactions, contact Calabrese Law Associates. We can help save you time, money, and help ensure that your real estate transaction closes on your terms — whether you’re buying or selling.