Reviewing Your Purchase & Sale Agreement

The purchase of a new home is an exciting and stressful time for buyers. The buying of a new home may not only be the most significant and largest purchase most people will make, but it also involves the law of real property, which is unique and presents special problems. The legal issues that arise differ with each home purchase and, therefore, retaining the right attorney to protect your individual interests is crucial.

As the median sales price of a Massachusetts home approaches $300,000, it is crucial that buyers have the Purchase & Sale Agreement (“P&S”) reviewed by an attorney. The P&S is a legal document that creates binding obligations between the seller and buyer. There are countless issues to be addressed in the P&S: the closing date, condition of the property, arranging for inspection, what personal property is included in the sale and potential title issues, to mention just a few.

Just as every home is unique, so is each real estate transaction. The use of a standard P&S form may not fully address the buyer’s desires or protect their interests. For example, the minor difference in a P&S stating the seller “may” complete a repair, rather than “shall” can prevent unnecessary stress at the closing table. Would you purchase a home without an inspection? Of course not, and you should not sign a P&S without consulting an attorney either.

If you are buying or selling your home, please contact us for a consultation.

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