Do I need to understand the terms of a purchase and sale agreement before I sign it?

You should certainly understand the important points of a purchase and sale agreement which spell out what you are buying and what you are paying.  For instance, if it is a condominium, does it have a parking space or storage space and if it is a single family home, do you know where the boundaries of the property are. 

You need to be clear on what is included and what is not.  Generally, fixtures are included, which would include light fixtures and built-in shelving and the like.  However, there can always be some doubt with respect to appliances, carpeting (whether it is wall-to-wall or not), bookshelves (are they really built in) fireplace screens and/or equipment and things of that nature that you need to make clear in the purchase and sale agreement. 

Obviously, the price and the deposit amount are important and your contingencies as a buyer.  For instance, obtaining financing, a home inspection and the like and, of course, the closing date which is always important to both the seller and the buyer. 

The purchase and sale agreements are pretty much standardized.  However, every buyer's attorney always will want to add provisions to protect the buyer.  The seller is generally content with the purchase and sale agreement that is as simple as possible because their basic obligation is to deliver the property in the same condition it was at the time the agreement was signed with an appropriate deed and then they get their money.

The purchase of a home is generally the biggest single financial transaction that most of us enter into and you would be smart to use the services of an attorney so that you know, to the greatest extent possible, what you are getting into.

If you have questions about this or any other real estate matter, please contact Tom Bennett at (617) 531-6574 or tvb@barronstad.com.