The purchase agreement serves as a document that outlines all the details about the sale and purchase of a certain item. The main parties to the purchase agreement are the seller and the buyer.
The purchase agreement itself doesn’t transfer any legal rights between the parties. However, they use it to provide all the conditions regarding the property transfer. This prevents any misunderstandings or potential disputes between them.
Massachusetts Purchase and Sale Agreement Form
The main elements of the Massachusetts purchase agreement are the terms and conditions under which the seller agrees to sell and the buyer agrees to buy a certain item.
This document generally includes the following items:
Information about the seller and the buyer
Details about the property
Purchase price and details about the financing
Other terms and conditions of the property transfer
The Massachusetts purchase agreement is also known as:
Other Names for Massachusetts Purchase Agreement
Massachusetts sale and purchase agreement
Massachusetts purchase and sale agreement
Massachusetts sale and purchase contract
Massachusetts purchase and sale contract
However, it all refers to one document that provides the terms and conditions for the property transfer in Massachusetts.
Purchase Agreement Massachusetts Laws & Requirements
Massachusetts is one of the states that implement the "buyer beware" or the "caveat emptor" principle. This means that the seller is not obliged to disclose the property conditions and any damages that the property has unless they could affect the buyer’s health and safety.
However, there are a few exceptions where the seller is obliged to include a few disclosures in the purchase agreement.
Purchase Agreement Required Disclosures in Massachusetts
Here, you can find the list of disclosures that must be included in the Massachusetts purchase agreement.
Lead-Based Paint Disclosure. Every seller is obligated by 42 U.S. Code § 4852d to inform the buyer about the lead-based paint hazard on the property. This applies to all properties built before 1978 and to properties with a known lead-based paint hazard.
Septic System Report. As provided by Title 5, the seller must provide the buyer with a report confirming that the property’s septic system has been inspected in the last two years before the property sale.
Common Types of Purchase Agreements in Massachusetts
This section provides all the types of purchase agreements used in Massachusetts.
Variety of Purchase Agreement
Residential real estate purchase agreement. Used to determine the conditions for selling and purchasing a house, apartment, or other kinds of property used for residential purposes.
Commercial real estate purchase agreement. Used to sell and purchase office space, warehouses, manufacturing facilities, and other kinds of commercial properties.
Vehicle purchase agreement. Used to transfer ownership of a car, motorcycle, truck, and other kinds of motor vehicles. It’s also known as "the motor vehicle bill of sale."
Business purchase agreement. Used to provide terms for transferring the company shares between the seller and the buyer.
Land purchase agreement. Used to provide terms and conditions for the transfer of agricultural, residential, commercial, or other kinds of land in Massachusetts.
Stock purchase agreement. Used to sell stocks and shares in companies.
Purchase Agreement in Massachusetts FAQ
Yes, the Massachusetts purchase agreement is a legally binding document. It becomes legally binding the moment both the seller and the buyer sign it.
Yes, the purchase price must be included in the Massachusetts sales agreement since it is the main obligation of the buyer, and without it, the sales agreement won’t be effective.
No, you don’t have to notarize the Massachusetts purchase and sale agreement. The main reason for this lies in the fact that the purchase and sale agreement itself doesn’t transfer any legal rights between the seller and the buyer.
The seller can back out of the Massachusetts purchase agreement only if the buyer doesn’t meet the contingencies set out in the purchase agreement.