Understanding A Newton Massachusetts Sales Contract

Finding the right MA home is an exciting time, so once you have decided the right home, make sure that you protect yourself when writing the sales contract. This is where making the wrong entries can cost you money, or the home.

It may sound silly to say, but when you are writing a contract make sure that it is the current edition of the form. On the bottom there should be a date of last edition. Not having an up-to-date form will leave out new changes to the guidelines that you need to be aware of.

These contracts are long, complicated and full of legal talk, so take time to read everything. Never let anyone rush you into signing something unless you have thoroughly gone over every word. If there is something that you want to address that isn't listed, when you make the counteroffer is the time to address it. Once the contract is accepted, it will be too late to bring it up.

The contract is going to have a lot of specific dates in it. For example, inspection cutoff and contingency cutoff, financing contingency cutoff, loan application, loan approval, etc. Sellers will want these dates to be as soon as possible. But as a buyer you want them to be as long as possible. All of these dates can be negotiated so give yourself plenty of time to get everything taken care of.

When looking over the MA contract make sure everything has been filled out. There should be no blanks anywhere. Some contracts spell out who will be doing certain repairs, the condition of certain components of the home or a clause concerning the inspection contingency. Read these areas carefully.

Once the contract has been accepted, write all of your specified dates down. These are very important! If you miss a cutoff it could be disastrous for you. Make sure you keep within the time limits to protect yourself. If something comes up that may interfere with a deadline contact your agent immediately.

You can do some of the preliminary work ahead of time to start the process. Having essential documentation to your lender means they can get started on your loan package and just wait for an address to plug everything into their system. Also, having already chosen an inspector will have them on standby.

For more information on the contents of the MA real estate contract, contact local real estate expert Susie Hsu & Kevin Walsh at 617-332-3420.

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Article's Author

Susie Hsu
William Raveis Real Estate
Newton Center, MA

Contact Susie Hsu