Investor · Peabody, MA · Member since 2015 · 114 posts · 107 votes
Would anyone be willing to share the purchase contract they use when buying a property directly from the seller in Massachusetts? We were provided a couple of contracts at our real estate class but they don't reference the P&S agreement. The contracts that I've seen buying with an agent have verbiage about presenting the offer, who is the agent, etc. These don't apply in a FSBO/no agent situation.
Should this be used anyway and the agent sections just be crossed out?
Is there another contract I can download?
Does anyone skip the contract to purchase and go straight to the P&S?
Typically you would present an offer to purchase with an earnest money deposit as well as a pre-approval letter or proof of funds (if an all cash purchase).
The offer to purchase lists various contingencies such as inspection, financing etc. The inspection contingency usually allows the buyer to recoup their deposit for almost any reason. Usually this due diligence period would last 7-10 days after which the parties execute the purchase and sale agreement and give more deposit money (5% purchase price).
Many investment deals will just close at this point but retail deals typically take another 30 days for financing.
You could go straight to a purchase and sale without the offer but you would probably want to make sure you have protections for inspection etc.
Also realize that Massachusetts requires an attorney to do the closing.
To answer your question, unless it's raw land or a tear down you can just use the MAR offer to purchase and cross out the sections that do not apply. It is very much geared toward protecting the buyer. You could also go straight to the P&S but I would not suggest it.
I should also add that you should definitely have an attorney review any P&S you use at least. It's usually $6-800 for an attorney to write one up and worth every penny for the protection.
@Erica NagleI see no reason to hire an attorney to draft a P&S. In MA these docs are available online. Its a standard document but if you have specific items to add you can easily modify it. Save your money.