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Forms you will encounter in your real estate transaction!
MANDATORY DISCLOSURE FORM
This form is required upon initial meeting with agent and is required by Massachusetts upon your first meeting. allows for identifying the role and responsibility of the parties involved. Seller's agent is the agent who lists and markets the property and collects the fee upon sale. Buyer's agent is the agent who accompanies buyers and arranges for showings of property of interest to the buyer. Facilitators may be lawyers or other parties who represent either the seller or buyer who will facilitate the transaction to closing.
CONTRACT TO PURCHASE
After we discuss and sign the Agency Disclosure Form, you will need to know about forms associated with making an offer on a property.
Massachusetts Realtors use a standard Contract to Purchase. This form will state the amount you are offering the Seller plus the terms of the contract.
Some terms will discuss your financing as well as any closing costs you will ask the Seller to pay on your behalf.
Other terms might consist of what items will remain in the house and which ones will not. These items are usually the refrigerator, washer & drier, window treatments, light fixtures and on occasion lawn mowers and snow blowers.
The closing date is also specified so the Seller will know when he will actual sell his home to you.
This Contract to Purchase is then presented to the Seller through his/her Agent along with the Agency Disclosure and your personal check of no less than $500 to be placed in an escrow account once the offer has been accepted by the Seller.
SELLER’S DESCRIPTION OF PROPERTY
Each Seller usually fills out a multi-page form called the Seller’s Description of Property, or more commonly known as the Seller’s Statement.
This disclosure form will answer most of the questions a Buyer will have about the property, such as: How old is the roof? And does it leak?
We ask each Buyer to read this disclosure as well as sign it when making an offer of the property.
LEAD PAINT DISCLOSURE
& ENVIRONMENTAL DISCLOSURE
The Commonwealth of Massachusetts provides a multi-page document on Lead Poisoning. This form is also known as the Property Transfer Notification Form.
Properties built before 1978, and which might have lead paint, all need to be disclosed to Buyers.
Another form you will need to sign is called the Environmental Disclosure Form. Massachusetts wants all Buyers to be aware of certain health concerns. If this form isn’t part of a Seller’s Description, then you will be asked to sign it. Otherwise, it is part of a Seller’s Description.
HOME INSPECTIONS
Once you have an accepted offer on the property of your choice, you will have 10-days to set up a home inspection.
I will provide you with the names of several inspectors that are all accredited and licensed in Massachusetts to do this inspection.
The home inspection takes approximately 2 – 4 hours, depending on the size of the property, and most inspections run 2.5 hours.
All aspects of the property are inspected and you will receive a written report at the time of the inspection.
You might also consider doing a radon inspection of the property as well as other additional inspections if your home inspector suggests this.
You will pay the home inspector on the day of the inspection.
PURCHASE AND SALE AGREEMENT
Once you have had your Home Inspection the last document you will sign is called the Purchase and Sale Agreement, better known as the P&S.
This multi-page document fully describes all aspects of the transaction. I always recommend you have an attorney review this document, as once it is signed by both you and the Seller, it is a legally-binding contract.
I can provide several names of Attorneys I work with who can review your P&S for a fee.
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