The Massachusetts Real Estate form is a standardized document used in real estate transactions, specifically for the purchase and sale of property. This form outlines the agreements between the seller and buyer, detailing essential information such as parties involved, property description, purchase price, and conditions of sale. To ensure a smooth transaction, it is crucial to fill out this form accurately; click the button below to get started.
The Massachusetts Real Estate Purchase and Sale Agreement is a crucial document in the home buying process, outlining the terms and conditions agreed upon by both the seller and the buyer. This form begins with the identification of the parties involved, specifying their names and mailing addresses. It then details the property being sold, including its description, any buildings or improvements on the premises, and the fixtures that are included in the sale. The agreement emphasizes the importance of a clear title deed, ensuring that the buyer receives a marketable title free from encumbrances, except for specific exceptions such as existing zoning laws or easements. The purchase price is clearly stated, along with the payment terms, including any deposits made. Additionally, the form addresses the timeline for the delivery of the deed and the conditions under which possession of the property will be granted. Provisions for insurance, adjustments for taxes, and the responsibilities of the broker are also included, ensuring that both parties understand their obligations. Finally, the agreement highlights important legal considerations, such as compliance with lead paint laws and the requirement for smoke detectors, making it essential for both buyers and sellers to review the terms carefully.
From the Office of:
STANDARD FORM
PURCHASE AND SALE AGREEMENT
This ________________________ day of _____________________, 20_________
1. PARTIES
AND MAILING
ADDRESSES
hereinafter called the SELLER, agrees to SELL and
(fill in)
hereinafter called the BUYER or PURCHASER, agrees to BUY, upon the terms hereinafter set forth, the following described premises:
2.DESCRIPTION (fill in and include title reference)
3.BUILDINGS,
STRUCTURES,
IMPROVEMENTS, FIXTURES
(fill in or delete)
4.TITLE DEED (fill in)
*Include here by specific reference any restric- tions, easements, rights and obligations in party walls not included in (b), leases, municipal and other liens, other encumbrances, and make provision to protect SELLER against BUYER’s breach of SELLER’s covenants in leases, where necessary.
5.PLANS
6.REGISTERED TITLE
7.PURCHASE PRICE (fill in); space is allowed to write out the amounts
if desired
Included in the sale as a part of said premises are the buildings, structures, and improvements now thereon, and the fixtures belonging to the SELLER and used in connection therewith including, if any, all wall-to-wall carpeting, drapery rods, automatic garage door openers, venetian blinds, window shades, screens, screen doors, storm windows and doors, awnings, shutters, furnaces, heaters, heating equipment, stoves, ranges, oil and gas burners and fixtures appurtenant thereto, hot water heaters, plumbing and bathroom fixtures, garbage disposers, electric and other lighting fixtures, mantels, outside television antennas, fences, gates, trees, shrubs, plants and, ONLY IF BUILT IN, refrigerators, air conditioning equipment, ventilators, dishwashers, washing machines and dryers; and
but excluding
Said premises are to be conveyed by a good and sufficient quitclaim deed running to the BUYER, or to the
nominee designated by the BUYER by written notice to the SELLER at least sevendays before the deed is to be delivered as herein provided, and said deed shall convey a good and clear record and marketable title thereto, free from encumbrances, except
(a)Provisions of existing building and zoning laws;
(b)Existing rights and obligations in party walls which are not the subject of written agreement;
(c)Such taxes for the then current year as are not due and payable on the date of the delivery of such deed;
(d)Any liens for municipal betterments assessed after the date of this agreement;
(e)Easements, restrictions and reservations of record, if any, so long as the same do not prohibit or materially interfere with the current use of said premises;
*(f)
If said deed refers to a plan necessary to be recorded therewith the SELLER shall deliver such plan with the deed in form adequate for recording or registration.
In addition to the foregoing, if the title to said premises is registered, said deed shall be in form sufficient to entitle the BUYER to a Certificate of Title of said premises, and the SELLER shall deliver with said deed all instruments, if any, necessary to enable the BUYER to obtain such Certificate of Title.
The agreed purchase price for said premises is
dollars, of which
$
have been paid as a deposit this day and
are to be paid at the time of delivery of the deed in cash, or by certified,
cashier’s, treasurer’s or bank check(s).
$______________________________
TOTAL
COPYRIGHT © 1979, 1984, 1986, 1987, 1988, 1991,
Rev. 1999
GREATER BOSTON REAL ESTATE BOARD
Form ID: RA151
All rights reserved. This form may not be copied or reproduced in whole or in part in any manner whatsoever without the prior express written consent of the Greater Boston Real Estate Board.
This form was created by RE/Max Old South using e-FORMS. e-FORMS is copyright protected and may not be used by any other party
8.
TIME FOR
Such deed is to be delivered at
o’clock
M. on the
day of
PERFORMANCE;
20
, at the
DELIVERY OF
DEED (fill in)
Registry of Deeds, unless otherwise agreed upon in writing.
It is agreed that time is of the essence of this
agreement.
9.
POSSESSION and
Full possession of said premises free of all tenants and occupants, except as herein provided, is to be
CONDITION of
delivered at the time of the delivery of the deed, said premises to be then (a) in the same condition as they
PREMISE
now are, reasonable use and wear thereof excepted, and (b) not in violation of said building and zoning
(attach a list of
laws, and (c) in compliance with the provisions of any instrument referred to in clause 4 hereof. The BUYER
exceptions, if any)
shall be entitled personally to enter said premises prior to the delivery of the deed in order to determine
whether the condition thereof complies with the terms of this clause.
10.
EXTENSION TO
If the SELLER shall be unable to give title or to make conveyance, or to deliver possession of the premises,
PERFECT TITLE
all as herein stipulated, or if at the time of the delivery of the deed the premises do not conform with the
OR MAKE
provisions hereof, then any payments made under this agreement shall be forthwith refunded and all other
PREMISES
obligations of the parties hereto shall cease and this agreement shall be void without recourse to the parties
CONFORM
hereto, unless the SELLER elects to
use reasonable efforts to remove any defects in title, or to deliver
(Change period of
possession as provided herein, or to make the said premises conform to the provisions hereof, as the case
time if desired).
may be, in which event the SELLER shall give written notice thereof to the BUYER at or before the time for
performance hereunder, and thereupon the time for performance hereof shall be extended for a period of
thirty
days.
11.
FAILURE TO
If at the expiration of the extended time the SELLER shall have failed so to remove any defects in title,
deliver possession, or make the premises conform, as the case may be, all as herein agreed, or if at any
time during the period of this agreement or any extension thereof, the holder of a mortgage on said premises
PERMISES
shall refuse to permit the insurance proceeds, if any, to be used for such purposes, then any payments
CONFORM, etc.
made under this agreement shall be forthwith refunded and all other obligations of the parties hereto shall
cease and this agreement shall be void without recourse to the parties hereto.
12.
BUYER’s
The BUYER shall have the election, at either the original or any extended time for performance, to accept
ELECTION TO
such title as the SELLER can deliver to the said premises in their then condition and to pay therefore the
ACCEPT TITLE
purchase price without deduction, in which case the SELLER shall convey such title, except that in the event
of such conveyance in accord with the provisions of this clause, if the said premises shall have been
damaged by fire or casualty insured against, then the SELLER shall, unless the SELLER has previously
restored the premises to their former condition, either
(a)pay over or assign to the BUYER, on delivery of the deed, all amounts recovered or recoverable on account of such insurance, less any amounts reasonably expended by the SELLER for any partial restoration, or
(b)if a holder of a mortgage on said premises shall not permit the insurance proceeds or a part thereof to be used to restore the said premises to their former condition or to be so paid over or assigned, give to the BUYER a credit against the purchase price, on delivery of the deed, equal to said amounts so recovered or recoverable and retained by the holder of the said mortgage less any amounts reasonably expended by the SELLER for any partial restoration.
13.
ACCEPTANCE
The acceptance of a deed by the BUYER or his nominee as the case may be, shall be deemed to be a full
OF DEED
performance and discharge of every agreement and obligation herein contained or expressed, except such
as are, by the terms hereof, to be performed after the delivery of said deed.
14.
USE OF
To enable the SELLER to make conveyance as herein provided, the SELLER may, at the time of delivery of
MONEY TO
the deed, use the purchase money or any portion thereof to clear the title of any or all encumbrances or
CLEAR TITLE
interests, provided that all instruments so procured are recorded simultaneously with the delivery of said
deed.
15.
INSURANCE
Until the delivery of the deed, the SELLER shall maintain insurance on said premises as follows:
*Insert amount
Type of Insurance
Amount of Coverage
(list additional
types of insurance
(a) Fire and Extended Coverage
*$
and amounts as
(b)
agreed)
COPYRIGHT © 1979, 1984, 1986, 1987, 1988, 1991 GREATER BOSTON REAL ESTATE BOARD All rights reserved.
16.ADJUSTMENTS (list operating ex- penses, if any, or attach schedule)
17.ADJUSTMENT OF UNASSESSED AND
ABATED TAXES
Collected rents, mortgage interest, water and sewer use charges, operating expenses (if any) according to the schedule attached hereto or set forth below, and taxes for the then current fiscal year, shall be apportioned and fuel value shall be adjusted, as of the day of performance of this agreement and the net amount thereof shall be added to or deducted from, as the case may be, the purchase price payable by the BUYER at the time of delivery of the deed. Uncollected rents for the current rental period shall be apportioned if and when collected by either party.
If the amount of said taxes is not known at the time of the delivery of the deed, they shall be apportioned on the basis of the taxes assessed for the preceding fiscal year, with a reapportionment as soon as the new tax rate and valuation can be ascertained; and, if the taxes which are to be apportioned shall thereafter be reduced by abatement, the amount of such abatement, less the reasonable cost of obtaining the same, shall be apportioned between the parties, provided that neither party shall be obligated to institute or prosecute proceedings for an abatement unless herein otherwise agreed.
18.BROKER’s FEE (fill in fee with dollar amount or percentage; also name of Brokerage firm(s))
A Broker’s fee for professional services of is due from the SELLER to
the Broker(s) herein, but if the SELLER pursuant to the terms of clause 21 hereof retains the deposits made hereunder by the BUYER, said Broker(s) shall be entitled to receive from the SELLER an amount equal to one-half the amount so retained or an amount equal to the Broker’s fee for professional services according to this contract, whichever is the lesser.
19.
BROKER(S)
The Broker(s) named herein
WARRANTY
warrant(s) that the Broker(s) is (are) duly licensed as such by the Commonwealth of Massachusetts.
(fill in name)
20.
DEPOSIT
All deposits made hereunder shall be held in escrow by
as escrow agent subject to the terms of this agreement and shall be duly accounted for at the time for
performance of this agreement. In the event of any disagreement between the parties, the escrow agent
may retain all deposits made under this agreement pending instructions mutually given in writing by the
SELLER and the BUYER.
21.BUYER’s
DEFAULT; DAMAGES
22.RELEASE BY HUSBAND OR WIFE
23.BROKER AS PARTY
24.LIABILITY OF TRUSTEE, SHAREHOLDER, BENEFICIARY, etc.
25.WARRANTIES AND REPRESENTATIONS
(fill in); if none, state “none”; if any listed, indicate by whom each war- ranty or represen- tation was made
If the BUYER shall fail to fulfill the BUYER’s agreements herein, all deposits made hereunder by the BUYER shall be retained by the SELLER as liquidated damages unless within thirty days after the time for performance of this agreement or any extension hereof, the SELLER otherwise notifies the BUYER in writing.
The SELLER’s spouse hereby agrees to join in said deed and to release and convey all statutory and other rights and interests in said premises.
The Broker(s) named herein join(s) in this agreement and become(s) a party hereto, insofar as any provisions of this agreement expressly apply to the Broker(s), and to any amendments or modifications of such provisions to which the Broker(s) agree(s) in writing.
If the SELLER or BUYER executes this agreement in a representative or fiduciary capacity, only the principal or the estate represented shall be bound, and neither the SELLER or BUYER so executing, nor any shareholder or beneficiary of any trust, shall be personally liable for any obligation, express or implied, hereunder.
The BUYER acknowledges that the BUYER has not been influenced to enter into this transaction nor has he relied upon any warranties or representations not set forth or incorporated in this agreement or previously made in writing, except for the following additional warranties and representations, if any, made by either the SELLER or the Broker(s):
26.
MORTGAGE
In order to help finance the acquisition of said premises, the BUYER shall apply for a conventional bank or
CONTINGENCY
other institutional mortgage loan of $
at prevailing rates, terms and
CLAUSE
conditions. If despite the BUYER’s diligent efforts a commitment for such loan cannot be obtained on or
(omit if not
before
, 20
the BUYER may terminate this agreement by written
provided for
notice to the SELLER and/or the Broker(s), as agent(s) for the SELLER, prior to the expiration of such time,
in Offer to
whereupon any payments made under this agreement shall be forthwith refunded and all other obligations
Purchase)
of the parties hereto shall cease and this agreement shall be void without recourse to the parties hereto. In
no event will the BUYER be deemed to have used diligent efforts to obtain such commitment unless the
BUYER submits a complete mortgage loan application conforming to the foregoing provisions on or before
.
27.
CONSTRUCTION
This instrument, executed in multiple counterparts, is to be construed as a Massachusetts contract, is to
OF AGREEMENT
take effect as a sealed instrument, sets forth the entire contract between the parties, is binding upon and
enures to the benefit of the parties hereto and their respective heirs, devisees, executors, administrators,
successors and assigns, and may be cancelled, modified or amended only by a written instrument
executed by both the SELLER and the BUYER. If two or more persons are named herein as BUYER their
obligations hereunder shall be joint and several. The captions and marginal notes are used only as a
matter of convenience and are not to be considered a part of this agreement or to be used in determining
the intent of the parties to it.
28.
LEAD PAINT LAW
The parties acknowledge that, under Massachusetts law, whenever a child or children under six years of
age resides in any residential premises in which any paint, plaster or other accessible material contains
dangerous levels of lead, the owner of said premises must remove or cover said paint, plaster or other
material so as to make it inaccessible to children under six years of age.
29.SMOKE DETECTORS The SELLER shall, at the time of the delivery of the deed, deliver a certificate from the fire department of the city or town in which said premises are located stating that said premises have been equipped with approved smoke detectors in conformity with applicable law.
30. ADDITIONAL
The initialed riders, if any, attached hereto, are incorporated herein by reference.
PROVISIONS
FOR RESIDENTIAL PROPERTY CONSTRUCTED PRIOR TO 1978, BUYER MUST ALSO HAVE SIGNED
LEAD PAINT “PROPERTY TRANSFER NOTIFICATION CERTIFICATION”
NOTICE: This is a legal document that creates binding obligations. If not understood, consult an attorney.
________________________________________________
SELLER
BUYER
Taxpayer ID/Social Security No. ______________________
SELLER (or Spouse)
Completing the Massachusetts Real Estate form requires careful attention to detail. This document outlines the agreement between the buyer and seller regarding the sale of a property. Each section must be filled out accurately to ensure that both parties understand their rights and obligations. Below are the steps to guide you through the process of filling out the form.
The Massachusetts Real Estate Purchase and Sale Agreement is a legal document that outlines the terms and conditions of a real estate transaction between a seller and a buyer. This form serves as a binding contract that details the property being sold, the purchase price, and various responsibilities of both parties.
The agreement typically involves two main parties: the seller, who is selling the property, and the buyer, who is purchasing it. Each party must provide their mailing addresses for communication purposes. Additionally, if there are brokers involved, their details should also be included.
The form requires specific information, including:
If the seller is unable to deliver a clear title or possession of the property as agreed, the buyer may receive a full refund of any payments made. The agreement may also become void unless the seller takes reasonable steps to correct any issues with the title.
The deed is typically delivered at a specified time and location, as outlined in the agreement. It is essential to note that time is of the essence, meaning that all parties must adhere to the timelines set forth in the contract.
Upon delivery of the deed, the buyer is entitled to full possession of the property, free from tenants or occupants unless otherwise stated. The property should be in the same condition as agreed upon, taking into account reasonable wear and tear.
If the property is damaged by fire or other insured events before the deed is delivered, the buyer has options. The seller may either restore the property to its original condition or provide the buyer with a credit against the purchase price based on insurance proceeds.
Brokers involved in the transaction must be licensed in Massachusetts. The agreement may outline the broker's fee, which is typically paid by the seller. If the seller retains the buyer's deposits, the broker may receive a portion of those funds as compensation.
Yes, the agreement includes provisions to ensure compliance with Massachusetts laws regarding lead paint and smoke detectors. Sellers must provide a certificate confirming that the property has the required smoke detectors installed and that any lead paint hazards have been addressed, especially in homes built before 1978.
If you have any questions or concerns about the Massachusetts Real Estate Purchase and Sale Agreement, it is advisable to consult with a qualified attorney or real estate professional. They can provide guidance and ensure that you fully understand your rights and obligations under the agreement.
Incomplete Information: Failing to fill in all required fields can lead to significant delays. Ensure that all parties’ names, addresses, and other essential details are complete.
Incorrect Purchase Price: Listing the wrong purchase price can create confusion and disputes later. Double-check that the amount matches what was agreed upon.
Neglecting to Specify Conditions: Not outlining specific conditions regarding the property’s state or included fixtures can lead to misunderstandings. Clearly state what is included in the sale.
Ignoring Deadlines: Missing deadlines for performance or delivery of the deed can jeopardize the agreement. Be mindful of all dates and ensure compliance.
When engaging in real estate transactions in Massachusetts, several forms and documents are commonly used alongside the Massachusetts Real Estate form. Each of these documents plays a crucial role in ensuring a smooth transaction and protecting the interests of all parties involved.
These documents collectively help facilitate a successful real estate transaction in Massachusetts. They ensure that both buyers and sellers are protected and informed throughout the process, contributing to a smoother experience for all parties involved.
The Massachusetts Real Estate form shares similarities with the Purchase Agreement used in many states. Both documents outline the terms of a property sale, including the identities of the buyer and seller, the property description, and the purchase price. They also address contingencies, such as financing and inspections, which protect both parties. This common structure helps ensure clarity and mutual understanding in real estate transactions across different jurisdictions.
Another document similar to the Massachusetts Real Estate form is the Lease Agreement. While a Purchase Agreement pertains to the sale of property, a Lease Agreement governs the rental of a property. Both documents specify the parties involved, the property description, and the terms of the agreement. They also include provisions for default and remedies, ensuring that both landlords and tenants have clear guidelines to follow during the lease term.
The Option to Purchase Agreement is another related document. This agreement gives a potential buyer the right to purchase a property at a specified price within a certain timeframe. Like the Massachusetts Real Estate form, it includes details about the property and the terms of sale. However, it differs in that it does not require an immediate transaction, allowing the buyer time to decide without committing to a purchase right away.
The Seller's Disclosure Statement also bears similarities to the Massachusetts Real Estate form. This document requires the seller to disclose known issues with the property, such as structural problems or environmental hazards. Both documents emphasize transparency and protect the buyer from unforeseen issues after the sale. This disclosure helps buyers make informed decisions and fosters trust between the parties.
The Real Estate Purchase and Sale Agreement (RPSA) is another document that aligns closely with the Massachusetts Real Estate form. The RPSA serves as a comprehensive contract detailing the sale of real estate, including contingencies, closing dates, and responsibilities of each party. The structure and purpose of both documents are similar, as they aim to facilitate a smooth transaction while outlining the rights and obligations of the buyer and seller.
The Closing Disclosure is also comparable to the Massachusetts Real Estate form in that it provides detailed information about the final terms of the loan and the costs associated with the purchase. While it is primarily a financial document, it complements the purchase agreement by ensuring that the buyer is fully aware of the financial implications of the transaction, including closing costs and any adjustments.
Lastly, the Title Insurance Policy is another document that relates to the Massachusetts Real Estate form. This policy protects the buyer from potential defects in the title that were not disclosed during the sale. Both documents aim to ensure that the buyer receives a clear title to the property, thereby safeguarding their investment. Title insurance provides peace of mind, ensuring that any issues with ownership do not arise after the transaction is complete.
When filling out the Massachusetts Real Estate form, attention to detail is crucial. Here is a list of things you should and shouldn't do:
This form is designed for anyone involved in a real estate transaction, whether you're a first-time buyer or a seasoned investor. It's straightforward and meant to be user-friendly.
While the form contains standard clauses, many sections can be modified to suit the specific needs of both the buyer and seller. Flexibility is key in negotiations.
The agreement typically states that the property should be in the same condition as when the buyer first saw it, allowing for reasonable wear and tear. Major repairs may not be required unless explicitly stated.
Buyers usually provide a deposit and then pay the remaining balance at closing. Financing options like mortgages are common and widely used.
The form includes specific clauses that require sellers to comply with safety regulations, such as ensuring smoke detectors are installed and addressing lead paint concerns for homes built before 1978.
Changes can be made to the agreement, but both parties must agree to any modifications in writing. Communication and transparency are crucial for a successful transaction.
When engaging with the Massachusetts Real Estate form, it is essential to understand several key components to ensure a smooth transaction. Below are important takeaways for both buyers and sellers.
Each of these points contributes to a clearer understanding of the agreement and helps to protect the interests of both parties involved in the transaction.