This paragraph of the Massachusetts Offer to Purchase explains what happens after the Offer is accepted: the parties must sign a more detailed contract called the Purchase and Sale Agreement—often referred to as the “P&S”. The additional terms generally favor the Buyer and should be reviewed with your attorney.
In Plain English:
Once the Offer has been signed and accepted by both parties, this section sets a deadline for the Buyer and Seller to sign the formal Purchase and Sale Agreement – a much more detailed contract – typically 10 pages +/- . That agreement will:
- Include more detailed terms about the transaction
- Replace the Offer as the governing contract
- Be signed on or before a specific date and time listed in the Offer
Once the P&S is signed, the Offer to Purchase has no further effect, meaning the legal terms are now governed solely by the P&S.
Attorney's Note:
As a Massachusetts closing attorney, I always emphasize that the Purchase and Sale Agreement is the main legal contract in your transaction. It contains much more detail than the Offer, including provisions about title, inspection results, financing, and what personal property (if any) is included.
As mentioned previously, there are specific provisions that can be added to your offer and your P&S that address particular situations that require more detailed provisions such as : multifamily properties, condominiums, properties with wells, septic systems, water features, easement rights and more. Be sure to have a detailed conversation with your attorney about all of these issues to ensure they are addressed in your P&S.
​
Disclaimer: The information provided in this [video/website] is for general informational purposes only, and does not constitute legal advice. You should not rely on this information as a substitute for professional legal counsel. Consult with a qualified attorney for advice regarding your specific legal situation