Real Estate Offers
Once you find a home you would like to purchase, the next step is to submit an offer to the seller. The offer process is usually done through the brokers, using a standard form. Care, however, must be taken to ensure that the offer is comprehensive and sufficiently addresses all of your needs, by outlining all contingencies (e.g., finance, inspection, pest, etc.). In Massachusetts, offers can be binding contracts to purchase property and, therefore, you don’t need to have a purchase & sale agreement if the offer meets the necessary criteria for a contract. Along with an offer, the buyer usually places a small deposit with the seller’s broker to be held in escrow and, without proper language in the offer, this deposit could be lost if the deal falls through. Let our Cambridge real estate lawyers explain the process better by calling 781-674-2562 now.
Residential Real Estate
If you are a buyer, the offer should be carefully worded to ensure that you can back out of the sale for specified contingencies. If you are a seller, you want to ensure that the offer provides some leeway for contingencies, but you want to make it difficult for a buyer to back out.
If you are thinking about making an offer on a property, contact our Cambridge real estate lawyers today at 781-674-2562 to speak with a real estate lawyer.