When it comes to selling in Massachusetts, there are two contracts that both buyers and sellers need to 
be familiar with. They are the "Offer to Purchase" and the "Purchase & Sale Agreement". Massachusetts is a two-step state with the "Offer" as the first binding contract between buyer and seller followed by the "Purchase & Sale" approximately 10 days later after all inspections are completed by the buyer. This 2nd document actually supercedes the first--legally the Purchase & Sale will be the only document used once it is fully signed.
Offer to Purchase
By law, real estate agents are required to present all offers to a seller. Once a seller receives an offer to purchase, he or she may counter offer, by accepting the offer with additional stipulations, including but not limited to a renegotiation in price. Buyers and sellers should be careful when making offers and counteroffers to ensure that they understand all the terms and conditions in the offer and any contingencies included therein. Common contingencies in an offer to purchase can include home inspection, financing approval and lead paint inspection.
Purchase and Sale Agreement
The seller's agent will assist in finalizing the terms of the sale between buyer and seller in the form of a written purchase and sale agreement. This agreement once signed is a binding contract to which the seller and buyer will be obligated.
If you are thinking of selling your home and need more information, give me a call at 508-369-5131 or email franklinmahomes@comcast.net
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