The Massachusetts Real Estate Form, formally known as the Standard Form Purchase and Sale Agreement, serves as a critical document in the purchase and sale of real estate in Massachusetts. It outlines the terms and conditions agreed upon by both the buyer and the seller, covering aspects such as the description of the premises, purchase price, title deed specifications, and more. This comprehensive agreement ensures that both parties have a clear understanding of their obligations and the specifics of the transaction. For those looking to buy or sell property in Massachusetts, understanding and properly filling out this form is a crucial step.
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Engaging in real estate transactions in Massachusetts involves a detailed process outlined by the Standard Form Purchase and Sale Agreement, a crucial document prepared and advised by the Greater Boston Real Estate Board. Crafted to ensure a smooth transition of property ownership, this comprehensive form outlines the responsibilities and agreements between the seller and buyer. It encapsulates critical elements such as identifying the parties involved, providing a thorough description of the property, mentioning any included buildings, improvements, and fixtures, and detailing the mechanics of the title deed. Furthermore, it specifies the purchase price and payment terms, sets forth the timeline for the delivery of the deed, and delineates conditions concerning possession and the state of the premises at the time of sale. The agreement also highlights contingency clauses, adjustments for operational expenses, and broker fees, ensuring both parties have a clear understanding of their commitments. Provisions for mortgage contingencies, along with a clause on the remedies and course of action upon failure to perfect title or conform to promises, are also included, safeguarding the interests of both buyer and seller. This document not only serves as a legally binding agreement but also meticulously guides through the various stages of a real estate purchase, making it an indispensable tool for anyone looking to buy or sell property in Massachusetts.
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)
Filling out a Massachusetts Real Estate form is a crucial step in the process of buying or selling property. This document lays out the terms and conditions of the sale, including descriptions of the property, the purchase price, and any other conditions agreed upon by the buyer and seller. Careful attention to detail and accuracy in filling out this form is essential to ensure that all parties' interests are protected and that the transaction can proceed smoothly. Below are the steps needed to accurately complete the Massachusetts Real Estate form.
Once the form is filled out completely and accurately, review it to ensure all information is correct and representative of the agreement terms. After review, proceed with submitting the form to the necessary parties or governing bodies as required. This will solidify the purchase and sale agreement and move forward the process of transferring the property.
What is a Purchase and Sale Agreement in Massachusetts?
A Purchase and Sale Agreement in Massachusetts is a legal document that outlines the terms and conditions under which a piece of real estate will be sold. This document includes information such as the identities of the buyer and seller, a description of the property, the sale price, and any conditions or contingencies that must be met before the sale can be finalized. It serves as a binding contract once both parties sign it, detailing every aspect of the transaction from the initial agreement to the transfer of ownership.
What items are included in the sale of the property as per this agreement?
Included in the sale of the property are any buildings, structures, and improvements on the land, as well as fixtures belonging to the seller and used in connection with the property. This typically covers wall-to-wall carpeting, drapery rods, automatic garage door openers, blinds, shades, screens, storm windows and doors, awnings, shutters, furnaces, heaters, heating equipment, stoves, ranges, oil and gas burners and fixtures, hot water heaters, plumbing and bathroom fixtures, garbage disposers, lighting fixtures, mantels, antennas, fences, gates, trees, shrubs, plants, and built-in appliances such as refrigerators, air conditioners, dishwashers, washing machines, and dryers.
What does "good and clear record and marketable title" mean in this context?
"Good and clear record and marketable title" refers to the condition of the property’s title. It means the seller promises to convey to the buyer ownership of the property that is free from any legal issues or encumbrances (like unpaid mortgages, liens, or other claims) that could affect the buyer's use of the property or its value. The title must be acceptable to a reasonable buyer, underwritten for title insurance, and free from defects or disputes that would prevent or make it difficult to transfer the property. The exceptions listed, such as zoning laws and easements, are typical and generally don’t impact the marketability of the title.
Can the buyer inspect the property before finalizing the purchase?
Yes, the buyer is entitled to personally enter the premises before the deed is delivered to ensure that the condition of the property complies with the terms set forth in the agreement. This provision allows the buyer to verify that the property is in the same condition as when the agreement was signed, taking into account reasonable wear and tear, and that it has not violated any building and zoning laws or other specified conditions.
What happens if the seller cannot deliver good title or the property does not conform to the agreement’s terms?
If the seller cannot provide a good title, deliver possession, or if the property does not meet the agreement’s terms at the time of deed delivery, the buyer's payments under the agreement are to be refunded, and all obligations under the agreement cease. The agreement will be void without recourse to either party, meaning neither side can sue the other. However, the seller may elect to rectify any issues within an extended period, usually thirty days, to make the sale go through.
What is the smoke detector law mentioned in the agreement?
The smoke detector law, as referenced in the agreement, requires the seller to ensure that the property is equipped with approved smoke detectors in accordance with Massachusetts law. The seller must provide a certificate from the local fire department confirming compliance. This requirement aims to enhance the safety of the occupants by ensuring that properties have functioning smoke detectors installed, which is a common condition for the sale of residential properties.
Filling out a Massachusetts Real Estate form can be a daunting task, and mistakes can lead to delays, additional costs, or even legal complications. Here are nine common mistakes to avoid when completing this important document:
Avoiding these pitfalls requires careful attention to detail, thorough review, and potentially the guidance of a professional. Ensuring accuracy and completeness in the Massachusetts Real Estate form is critical for a smooth and legally compliant property transaction.
Engaging in a real estate transaction involves more than just filling out the Standard Form Purchase and Sale Agreement. Whether you're buying or selling property in Massachusetts, several other documents and forms often accompany the real estate sales agreement to ensure a smooth and legally sound transaction. From confirming the property's legal status to ensuring financial arrangements are in order, these documents play crucial roles throughout the buying or selling process.
In addition to these documents, other specific forms may be necessary based on local regulations and the particulars of the transaction. Buyers and sellers are often advised to work with real estate professionals, including agents and attorneys, who are familiar with the necessary documentation and can guide them through the process. Understanding the role of each document in the transaction not only aids in compliance with legal requirements but can also help protect the interests of all parties involved.
The Massachusetts Real Estate form, known officially as the Standard Form Purchase and Sale Agreement, exhibits similarities with documents used in other real estate transactions across the United States. Two notable documents sharing common features with the Massachusetts agreement are the Residential Purchase Agreement found in states like California and the Real Estate Purchase Contract widely used in Ohio. Each of these documents, while tailored to meet local laws and regulatory requirements, shares a fundamental objective: to outline the terms and conditions under which real estate transactions are conducted, ensuring that both buyers and sellers are protected and aware of their rights and obligations.
The Residential Purchase Agreement commonly used in California, for instance, also details the parties involved, the description of the property, purchase price, and conditions related to the sale, akin to the Massachusetts form. However, the California document often includes specific disclosures related to environmental hazards, earthquake safety, and other state-specific concerns. This emphasis on disclosures reflects California's rigorous real estate laws and highlights a key similarity: the aim to provide clear, comprehensive information to all parties involved in the transaction.
The Real Estate Purchase Contract utilized in Ohio shares structural parallels with the Massachusetts agreement, notably in sections delineating the property's legal description, sale price, and the conveyance of title. Ohio's contract, like Massachusetts', may include terms regarding inspection rights, property condition at the time of sale, and stipulations for title clearance. Nonetheless, Ohio's version uniquely addresses state-specific elements such as radon gas disclosures and lead paint advisories, illustrating how regional regulations shape the content of these agreements while maintaining the core objective of safeguarding the transaction's integrity.
Although each document is customized to align with state legislation, the underlying framework remains focused on outlining the transaction in detail, specifying the responsibilities of each party, and protecting the legal interests of both buyers and sellers. By examining these similarities and differences, it becomes evident how standardized real estate forms, despite variances to accommodate local law, follow a universal template designed to ensure transparent, fair, and orderly property transactions.
When filling out the Massachusetts Real Estate form, it's important to keep in mind several do's and don'ts to ensure the process goes smoothly and your interests are adequately protected. Here is a guide:
Accuracy, thoroughness, and clarity in completing the Massachusetts Real Estate form are paramount to protecting the rights and interests of both the buyer and seller. Ensuring all information is correct and that both parties understand the terms of the agreement will help to prevent legal issues down the road.
When considering the purchase or sale of property in Massachusetts, individuals often encounter the Standard Form Purchase and Sale Agreement. However, misconceptions about this document can lead to confusion and misunderstandings. Here are ten common misconceptions and clarifications regarding this form:
Understanding and addressing these misconceptions early in the process can help ensure a smoother real estate transaction. Both buyers and sellers are advised to engage with experienced professionals who can provide guidance and support throughout the process.
When completing and using the Massachusetts Real Estate form, there are several critical details and requirements to keep in mind to ensure a smooth transaction.
Understanding these key points can greatly assist buyers and sellers in navigating the complexities of real estate transactions in Massachusetts, ensuring legal compliance and safeguarding both parties' interests.
Massachusetts Form 3 - It serves as a reminder of the legal obligations of non-custodial parents and the state's role in enforcing these obligations.
Massachusetts Hiring Laws - Form 127 is designed to maintain transparency and accuracy in workers' compensation in Massachusetts.
Massachusetts 2G - Beneficiaries of Pooled Income Funds or Charitable Trusts use Form 2G for declaring taxable income received.