Real Estate Offer Laws in Massachusetts
The drafting of or acceptance of an offer should never be done without the guidance and assistance of a skilled and knowledgeable real estate attorney. Shapiro Law Group, PC, can be the only resource you need to negotiate and move forward with an offer and the rest of the buying and selling process. In Massachusetts, an offer must be in writing to be valid. The offer should contain certain information and specific points to be negotiated and agreed upon. Our firm has the experience needed to draft and negotiate an offer with your best interests in mind. We also work to make sure our clients fully understand the process and are always comfortable with the terms and outcome.
THE OFFER PROCESS
Some of the specific components of an offer include:
- Purchase price and deposit—This is a deposit to hold the property and proves a legitimate and serious intention to buy. A buyer may typically want this to be a small amount, while the seller might push for a higher amount. The seller will want to get the property back on the market as quickly as possible if the potential buyers are not approved for financing of the purchase price. Both sides may want to negotiate the terms of the purchase price and deposit.
- Timeline—The timeline portion of an offer may also be a point of contention for both parties. A seller may want to have a closing date set for the near future in order to proceed with buying another property. A buyer will want a closing date far enough in the future as to allow for inspections and financing issues. That buyer may also need extra time to sell their current home.
- Inspection—It is advised to agree to have an inspection, however some sellers may want to stipulate no inspection of the property before sale. The details of the inspection terms and what steps may be taken to repair or address any issues found can be complex. Issues such as radon and lead testing and pests may also be addressed as part of an inspection.
- Financing—details about qualifying for financing and when the approvals will be granted are also outlined in many offers. The seller may want to know financing details quickly and a buyer may push for extended deadlines to get the necessary approvals.
MAKING AN OFFER
The standard forms and components of an offer in Massachusetts may be modified a number of times. Legal counsel can work to protect parties from agreeing to terms they aren’t clear about or terms that they aren’t comfortable with. Negotiating skills and being adept at the art of compromise are essential when offers are being drafted and finalized. Shapiro Law Group, PC, can help you navigate this initial step toward buying or selling a property. We will work to ensure your needs are heard and your rights are protected. Let us help you get the most favorable terms and outcome possible from your real estate deal starting with an offer you feel confident about signing. At Shapiro Law Group, PC, are ready to help you. Contact us to set up your initial consultation. (617) 203-8895.