Contractual Offers in Massachusetts
A contract placing an offer on real estate is the first step of the process of buying and selling. Whether you are a potential buyer looking to draft an offer or a seller who needs to accept or decline an offer, you should have a legal advocate in your corner who will work to protect your best interests. Shapiro Law Group, PC, has experienced contract attorneys who know the contract laws in Massachusetts and can draft and review a contract for an offer to buy real estate. An offer is typically thought of as a cut-and-dry contract, yet it can be very detailed and is legally binding in Massachusetts. While any party can waive the right to an attorney, the fact that it is a legal contract means an attorney should review an offer before it is signed by either party.
TYPES OF CONTRACT OFFERS
Some of the basic components of a standard contract offer include:
- Purchase price
- Amount of any deposit
- Timeline for buying, including closing date
- Amount of financing
- Inspection rights
When an offer is drafted, it is not unusual for both sides to negotiate back and forth. The buyer may make an offer lower than asking price and a seller will naturally want to counter with a higher amount. Having a skilled real estate attorney navigate the negotiation process can help both parties reach a purchase price that they feel comfortable accepting. A timeline can also be a point of contention as a seller may want a quick closing and a buyer may want to stretch out the timeline to arrange for an inspection. A buyer may also want to lengthen the timeline as they may be currently in the process of selling a home. The details of financing may need to be explained to both parties. Mortgage financing contingency clauses may need to be negotiated to protect the buyers deposit and protect the seller from taking the property off the market too soon.
DRAFTING A CONTRACT OFFER
A contract making an offer on a property can be complex and unique to the parties involved. With comprehensive and sound legal advice, an offer can be the first step towards a successful real estate transaction. Shapiro Law Group, PC, can guide you through the process of an offer and be there every step of the way to meet all of your real estate contract needs. At Shapiro Law Group, PC, are ready to help you. Contact us to set up your initial consultation. (617) 203-8895.