Rotate Legal Massachusetts Offer To Purchase Forms For Free

When a buyer submits a written offer, it will be a binding contract if signed by the seller before the expiration time. At any time before it is accepted by the seller, the buyer may rescind their offer. If the time lapses, then the offer is no longer valid.

Who signs the P&S first? The tradition and custom in Eastern Massachusetts is for the Buyer to sign it first. Legally speaking, this may not matter as it is not a valid contract until both parties sign.

A purchase & sale agreement (P&S) is a legal document prepared and agreed to by attorneys representing both the buyer and seller in the home purchase transaction. The P&S is signed by both the buyer and seller, and will include final sale price and all terms of the purchase.

Once your offer is accepted and the purchase contract is signed, you are bound to the terms of the agreement. However, you can still back out without penalty if you paid for an option period or have either an inspection or appraisal contingency. Just be sure to back out before the contingency expires.

Purchase agreements often contain contingencies, such as a deadline for the buyer to gain financing or for a home inspection to be done. If you, as a buyer, don't meet those deadlines, the seller can cancel the purchase agreement without a penalty.

Once the offer has been accepted, it cannot be revoked. In most instances, in what is referred to as a bilateral contract, the person accepting the offer promises to abide by the terms of the offer. However, the law recognizes what is known as a ?unilateral? contract, essentially the exchange of a promise for an act.