If you are in the market to purchase a condominium in Massachusetts, it is important to understand the legal document that is at the center of the transaction: the purchase and sale agreement. This document outlines the terms and conditions of the sale and serves as a binding contract between the buyer and seller.
A condominium purchase and sale agreement is similar to a regular purchase and sale agreement, but with a few key differences. In a condominium sale, the buyer is not just purchasing a unit, but also a share in the ownership of the common areas of the building, such as the lobby, hallways, and recreational facilities.
Here are some important things to know about a Massachusetts purchase and sale agreement for a condominium:
1. The agreement should include a detailed description of the property, including the unit number and any parking or storage spaces that are included in the sale.
2. The purchase price and terms of payment should be clearly stated, including any deposits or down payments that are required.
3. The agreement should outline any contingencies or conditions that must be met for the sale to go through, such as a satisfactory home inspection or financing approval.
4. The seller must provide the buyer with a current copy of the condominium association’s budget, bylaws, and rules and regulations, as well as any other relevant documents.
5. The agreement should address the transfer of ownership and possession of the property, including the date of the closing and any prorated expenses, such as taxes or maintenance fees.
6. The buyer and seller should both have their own attorney review the agreement before signing, to ensure that their interests are protected and that the document is legally sound.
In addition to the purchase and sale agreement, a condominium buyer will also need to review and sign the condominium association’s declaration, which outlines the legal rights and obligations of the unit owners.
Overall, purchasing a condominium in Massachusetts can be a complex process, but having a well-drafted purchase and sale agreement in place can help ensure a smooth and successful transaction. If you are considering buying a condo in Massachusetts, be sure to work with experienced real estate professionals who can guide you through the process and help protect your interests.