There's Nothing "Standard" About The Massachusetts Standard Real Estate Purchase and Sale Agreement

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There's Nothing Standard About The Massachusetts Standard Purchase and Sale Agreement.

By Attorney Richard D. Vetstein (rvetstein@vetsteinlawgroup.com).

Although home buyers sign a never ending pile of legal documents to purchase a home, arguably the most important document in the entire transaction is the purchase and sale agreement. In Massachusetts, the purchase and sale agreement most often used is the so-called standard form agreement supplied by the Greater Boston Real Estate Board or one modeled very closely to this form. The “standard” form purchase and sale agreement is, however, far from standard.

From a buyer’s perspective, there are two major problems with the “standard” form purchase and sale agreement:

1. It significantly favors the seller, and

2. It doesn’t adequately address such important issues as seller repairs, septic system/Title V compliance, radon gas, UFFI insulation, lead paint, mortgage rate lock expiration, certain title issues, and buyers’ access to the property while it is under agreement.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Richard Vetstein | Attorney Advertising

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