Hi and thanks for providing this forum. My wife and I are looking to purchase our first home. We almost purchased a condominium unit in Massachusetts but things didn't work out. In that process we did get a look at a "standard" form Purchase and Sale Agreement that one broker gave to us. We know nothing about this form but are wondering if the form favors the sellers since it came from the seller's broker? If so, is there another form that we could use that would level the playing field somewhat? Thanks again.
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The Editor, Mark Bernardin, is an attorney living in MA. Please send your suggestions or comments to: TheEditor@malawforum.com
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The answers and information provided on this site are for informational purposes only and are NOT substitutes for professional legal advice. Before making legal decisions, you should discuss your specific circumstances with an attorney.
Purchase and Sale Agreement forms
Yes, your instincts are right on. You can read this post that explains why I think both parties should have their attorney review the purchase and sale agreement before signing. To answer your question directly, most attorneys believe that the standard form purchase and sale agreement used in Massachusetts definitely favors sellers. As a simple example, the standard P & S agreement does not limit the amount of damages a buyer could be required to pay if he breaches the agreement. That is a huge problem, and one that is easily remedied by an experienced attorney.
Also, since you are including condominiums in your search for a new home, your attorney will likely add language to the purchase and sale agreement, sometimes called a rider, that will deal with issues specific to that type of dwelling. For example, the seller may be required to represent that there are no looming issues facing the condominium or the association, such as special assessments or pending lawsuits.
Beyond the issues related to the standard form, there is the question of whether you are actually signing a standard form. In this age of computers and high tech printers, sellers or buyers can create documents that look like standard forms but, in fact, are loaded with terms and conditions that favor the drafting party. Good luck with the house hunt.