Who Prepares the Purchase and Sale Agreement in Massachusetts
When you`re looking to purchase or sell a property in Massachusetts, one of the most important documents involved in the transaction is the purchase and sale agreement. This agreement outlines the terms and conditions of the sale, as well as the responsibilities of both parties involved in the transaction. However, many people are often unsure of who is responsible for preparing this document. In this article, we`ll explore who typically prepares the purchase and sale agreement in Massachusetts.
In Massachusetts, it is customary for the seller`s attorney to prepare the purchase and sale agreement. While the buyer`s attorney may also review and suggest changes to the document, it is generally the seller`s attorney who takes the lead in creating the agreement. This is because the agreement is designed to protect the seller`s interests, so it makes sense for their attorney to take the lead in drafting it.
That being said, buyers in Massachusetts do have some protections in place. The state requires that purchase and sale agreements include certain provisions to protect the buyer`s interests. For example, the agreement must include a provision that allows the buyer to conduct a home inspection and request repairs or a credit for any necessary repairs.
In addition, the agreement must include a provision that allows the buyer to cancel the transaction if they are unable to secure financing for the property. This protects the buyer from being forced to purchase a property that they cannot afford.
It`s important to note that while the seller`s attorney typically prepares the purchase and sale agreement, it is still a legally binding document that both parties must agree to and sign. As such, it`s important that buyers and sellers have their own legal representation to review the document and ensure that their interests are protected.
In conclusion, the seller`s attorney is typically responsible for preparing the purchase and sale agreement in Massachusetts. However, buyers do have certain protections in place, and it`s important for both parties to have legal representation to review and ensure that the agreement is fair and protects their interests.
- Posted by adriel
- On October 6, 2021
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