Massachusetts Real Estate Contract: Different Types and Key Terms to Include
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What is a Massachusetts Real Estate Contract?
A Massachusetts real estate contract is a legally binding contract executed between a buyer and a seller for the purchase and sale of real property. A real estate contract will include important terms like the purchase price, closing date, and contingencies that must be met before the sale can be completed.
Real estate contracts are typically drafted by a real estate attorney, however; real estate contract templates are available for use by realtors and parties selling property privately. The contract becomes binding once both parties have signed it.
Common Massachusetts Real Estate Contracts
The three most commonly used real estate contracts in Massachusetts are:
- Greater Boston Real Estate Board contract
- Massachusetts Association of Realtors contract
- Real Estate Bar Association Contract
Each of these approved contract templates are used by realtors who belong to the different associations. These forms include all provisions and conditions that are required for real estate contracts in Massachusetts and create a streamlined process for buying and selling property.
4 Essential Elements of a Massachusetts Real Estate Contract
Real estate contracts in Massachusetts are governed by Massachusetts contract law. Every real estate contract must include the following four essential elements:
- Voluntary agreement between parties
- Legally competent parties
- Offer, acceptance, and consideration
- Legal purpose
If a contract is missing any of these elements, it may be deemed invalid and unenforceable.
Is Massachusetts a Buyer Beware State for Real Estate?
Massachusetts is considered a "caveat emptor" state, which means "buyer beware." This means that buyers are responsible for thoroughly inspecting a property and any potential issues before purchasing it.
Sellers are not required to disclose any known defects or problems with the property unless they are asked directly. It's important for buyers to thoroughly research and inspect a property before making an offer.
Frequently Asked Questions
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Meet some of our Massachusetts Real Estate Contract Lawyers
Paul M.
Transactional attorney and corporate in house counsel for 15 years. Draft all types of contracts and employment agreements.
"Paul is prompt, professional, and knowledgable. I am happy with the prenuptial agreement I got and would be glad to work with him again."
Leonid G.
I have been practicing law since 2018. I used to be a litigator at a nationwide practice before going in-house at a fintech company. I have experience drafting NDAs, SaaS contracts, service agreements, and stock purchase agreements.
"I highly recommend working with Leonid for any of your legal needs. Leonid clearly explained the process step by step, made sure to take the time to fully understand my case, and fought hard on our behalf. Hiring Leonid to represent my business not only made the entire process a lot less stressful, but also resulted in saving us some money on our settlement. Thanks again for all the help!"
October 20, 2023
Corey H.
Veritas Global Law, PLLC ("Veritas") is a law firm specializing in Life Sciences, Private Equity, M&A, technology transactions and general corporate law. Veritas frequently represents clients seeking cost a cost efficient, on-demand, general counsel in a variety of general corporate law matters, and a range of contracts including NDAs, MSAs, Software as a Service (Saas) agreements. Veritas also represents U.S. and non-U.S. private investment fund GPs and LPs across a broad range of activities with a particular emphasis on private equity, venture capital, secondary funds, distressed funds and funds of funds. Mr. Harris received his LL.M. from the University of California, Berkeley, Boalt Hall School of Law and served as an articles editor of the Berkeley Business Law Journal and was an active member of the Berkeley Center for Law Business and the Economy. Additionally, Mr. Harris also holds a J.D. from Boston College Law School, a M.B.A. from the Boston College Carroll School of Management, a B.A. from Hampton University in Political Science with a minor in Economics and Spanish and a certificate in financial valuation from the University of Oxford, Saïd Business School.
November 7, 2023
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Experienced Commercial & Contracts Counsel.
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Alexis L.
I am an attorney in Michigan. I attended Boston College for my undergraduate degree and Suffolk University Law School for my law degree. I have been practicing law for over 20 years.
December 13, 2023
James S.
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Elaine T.
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Real Estate
Real Estate Contract
New York
Can you purchase or refinance under a land contract?
I’ve been living here for 2 years. Currently have been working with my credit union and they are having a terrible time trying to understand the legalities of my land contract first off, and secondly they just don’t seem to know what they are doing. It’s been over 8 months, 4 different loan officers and I’m once again waiting for someone else to help finish this thing out. It’s only $60,000 with a $120,000 appraisal. So, as of now I am stuck paying 2.5x monthly under this land contract than I was promised would be an easy mortgage process. So any guidance in the right direction would be very helpful. It’s a New York home. 20 yr fixed, no balloon, with a (brace yourself) 12% apr. HELP ME PLEASE! One month I’m being told to authorize a credit check for a first time homebuyer grant method of mortgaging this property. The next it’s authorizing it for a refinance. I do have earnest money deposits for over $3,000 and another $3000 paid towards principal under this land contract also.
Jane C.
I suggest you speak with a New York real estate attorney. That attorney needs to review the documents related to the transaction.
Real Estate
Real Estate Contract
Georgia
How many years does a quick claim become effective?s
Number of years for quick claim to be effect ive
Meghan T.
A quit claim deed is effective upon execution so long as the deed is dated as of the date of signature. Execution means that the deed is signed, in front of a witness and a notary. The witness and notary must also sign the deed. Finally, the deed must be recorded. This means that the deed must be submitted to the Superior Court recording office of the County in which the property sits. Please let me know if you have any questions. Thanks, Meghan K Thomas
Real Estate
Real Estate Contract
Georgia
WHAT ARE YOUR FEES TO PERFORM QUIT CLAIM DEED COMPLETE BUTTS COUNTY GEORGIA 30233
SON AND EX
Meghan T.
Hi. The cost for my practice to prepare a Quit Claim Deed is $99. The Cost for me to handle the closing is $250 plus recording fees. These costs apply for any county within the state of Georgia. Let me know if you have any more questions. Meghan K Thomas
Real Estate
Real Estate Contract
Illinois
what is better to buy land or rent for construction in US?
we are a construction company from Ukraine, we are planning to build a cottage town in the USA
T. Phillip B.
I suppose it doesn't matter if you have the lease giving you permission and the lease is long enough to justify the building expense when you won't own it. But I'd buy the land so you could eventually sell the property with the building on it.
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Location: Florida
Turnaround: Less than a week
Service: Drafting
Doc Type: Real Estate Purchase Agreement
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Bid Range: $500 - $1,050
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