In Massachusetts, the Seller's lawyer drafts the P&S. Your lawyer would then review and send any changes. Your Realtor can review as a third set of eyes, but they do not draft any of the legal documents necessary for a real estate transaction. This may differ from state to state, but in MA, closing attorneys are necessary as they also draft the deed.
I always recommend that Buyer's look for lawyers with flat rates. This fee usually includes reviewing the offer, drafting and negotiating the P&S Agreement with Seller's counsel, tracking all relevant dates, preparing the deed and any other necessary closing instruments, reviewing the settlement statement and closing documents and attending the closing on your behalf or with you.
If you have any further questions, do not hesitate to give me a call.
Bushari Group RE
234 Clarendon St. Boston MA
In Massachusetts Real Estate agents are not allowed to practice law. Although there is a basic purchase and sales contract that the seller's Realtor may prepare, it is always recommended to consult with a Real Estate attorney to review a Purchase and Sales contract.
My Boston Condo
My question is: If every time I put an offer on a property and itâ€™s rejected â€“ the lawyer fees can built up.
Do you have any suggestions?
#2 as a practical matter.. the boilerplate forms we use are more difficult for the attys to modify so creates issues of them retyping, whiting out or handwriting changes. Any good atty will have their own forms or addenda to make the changes easier and faster ( a.k.a. less costly to the client as well! ).
What did your attorney and realtor say?
Neither would typically draw up the purchase and sales agreement. It is typically written up as a draft by the seller agent or the sellers attorney, given to the buyer and the buyers attorney for their review and clauses they would like to see to protect you.
This is a common question I get from buyers and sellers. I always recommend that an attorney draft the P&S. This is a complex legal document that spells out the entire transaction in detail. Once it's drafted, the sellers and buyers attorney will negotiate back and forth until the language is satisfactory to all parties.
Best of luck with your transaction!
Louis is correct there is no law that makes you use an attorney but why would you use anyone else to draft a legal document ? Honestly if you opt not to use one you might be your own dentist.
In MA there is no law that dictates who should write up a purchase and sales agreement and there is no law that say's a seller or buyer needs an attorney, or that you need an attorney to write up a deed.
In fact many transactions the sellers agent draws a p&s, the buyers attorney (I do recommend you get one) reviews it and makes addendums that they would like to have in the agreement. You or your attorney can review them and agree with them or discuss them and have them changed or removed. Most are boiler plate, ie: house to delivered in broom clean condition, access at reasonable times, etc.
As to the deed, I've seen sellers, draft them, sellers attorney's draft them, buyers attorney's draft them and the closing attorney for the bank draft them. The most important thing is that they are acceptable to the bank and that you can get a good clear and insurable title to the property.
There may be differences in these documents than from the customary practices that are found in Worcester County, where you are from.
This is why most of the time local Realtors choose to just let the Seller's Attorney produce their own and negotiate terms with the Buyer's Attorney. If you are the Seller, you dont have to have an attorney represent you, but most Realtors would advise it.
A Realtor who produces a P&S Agreement would really not be able to answer your questions about terms and conditions, with the danger of acting like an attorney and opening a can of worms regarding ethics and liability. In the end, as a Buyer, your attorney should be drafting and advising you at Purchase & Sale.
In Berkshire County, the standard practice is for a realtor (buyer's agent, dual agent, or seller's agent) to draw up the Purchase and Sales Agreement. There is a standard P&S template that allows realtors to fill in information. My understanding is this is different than other parts of the state. I do recommend any realtor drawing up the P&S allow for an attorney review period.
Associate Broker, Massachusetts, New York, Connecticut
Berkshire Property Agents
Great Barrington, Massachusetts 01230
Massachusetts is one of two states in the country that works on a 2 document basis. The offer (document 1) is customarily prepared by your buyer's agent. The Purchase & Sale Agreement (document 2) is customarily drafted by the seller's attorney and reviewed by your attorney to ensure you are appropriately protected and all your requests are incorporated in the contract.
Ina H. Cohen â€¢ REALTOR CRS, CBR
Keller Williams â€“ Boston Metro â€¢ 607 Boylston Street, 5th floor â€¢ Boston, MA 02116
Each Attorney is different. Some like to write up the P&S and distribute the draft to the buyers Attorney. While others ask the sellers realtor to draw up the draft and the Attorney makes changes and or additions and distributes. There is no hard rule.