There are several types of Cambridge, Massachusetts contracts for the sale and purchase of real estate with no broker involved in residential home sales. These agreements serve as legally binding contracts between the buyer and seller, outlining the terms and conditions of the property transaction. Here is a detailed description of the Cambridge Massachusetts Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement. 1. "Standard Residential Home Sale Agreement": The Standard Residential Home Sale Agreement is the most common contract used in Cambridge, Massachusetts, for residential home sales without involving a real estate broker. This agreement establishes the basic terms and conditions of the transaction, including the purchase price, property description, and sale timeline. 2. "As-Is Residential Home Sale Agreement": The As-Is Residential Home Sale Agreement is specifically designed for properties being sold "as-is," meaning the buyer accepts the property in its current condition without any warranties or guarantees from the seller. This type of agreement often includes additional clauses to protect both parties, addressing potential issues arising from the property's current state. 3. "Contingency Residential Home Sale Agreement": A Contingency Residential Home Sale Agreement allows the buyer or seller to include specific contingencies that must be met for the agreement to remain valid. These contingencies typically relate to certain conditions that need to be fulfilled before the sale can proceed, such as the buyer securing financing or the seller making necessary repairs. 4. "Financed Residential Home Sale Agreement": A Financed Residential Home Sale Agreement is used when the buyer intends to finance the purchase through a mortgage or any other form of financing. This agreement includes additional provisions relevant to the loan application process, potential home appraisals, and the involvement of lenders. 5. "Cash Purchase Residential Home Sale Agreement": For buyers intending to make a cash purchase without any financing involved, the Cash Purchase Residential Home Sale Agreement is utilized. This agreement may differ from other contracts, as it does not necessitate provisions related to obtaining a mortgage or mortgage contingencies. Regardless of the specific type of Cambridge Massachusetts Contract for Sale and Purchase of Real Estate with No Broker for Residential Home Sale Agreement used, it is essential for both parties to thoroughly review and understand the agreement before signing. As these contracts are legally binding, it may be wise to seek legal counsel to ensure compliance with local regulations and protect the interests of all parties involved.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.