Drafting a purchase agreement when buying a house

There are many important decisions that Massachusetts residents will have to face during their lifetimes. One of these decisions is whether or not to buy a house. Buying a house, for many, is the most significant purchase of their life. Not only do people have to consider pricing and location, there are also legal issues that can come into play.

There are a few important documents involved in real estate transactions. Perhaps the most important of all is the purchase agreement. After an informal agreement is reached, the buyer and seller of a house enter into a formal written contract for the sale. This is what is known as the purchase agreement.

The purchase agreement addresses a number of issues in real estate transactions. For instance, the ways a buyer can change the property and whether it can done lawfully can be established. Also, it can be determined what will happen if the buyer inspects the house with an engineer or architect and radon, termites, asbestos or lead-based pain is found. It can also be determined what will happen if hazardous material is found.

These are just a few of the many things that can be established with a purchase agreement. Real estate transactions can also involve much more than just purchase agreements. In order to make sure everything goes smoothly, it is often prudent to have an attorney help with the process. An attorney can advise on certain tax matters and help draft certain real estate transaction documents such as the purchase agreement. Purchase agreements, as well as many other real estate transaction documents, must be carefully worded to make sure a buyer and seller's interests are protected in the real estate transaction.

Source: FindLaw, "Questions to Ask When Buying a Home," Accessed on March 27, 2017

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