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The Purchase and Sale

The Purchase and Sale

If we have reached this point successfully, the next step is to sign the purchase and sale agreement heretofore known as the P & S. This is another contract. The P & S spells out the entire time schedule and financial basis of the agreement leading to the closing and is usually signed approximately two weeks after the offer has been accepted. It indicates the time and place of the closing and essentially sets up the rules by which everyone has to play. It is advisable to have the P & S reviewed by an attorney specializing in real estate law if you choose. All the items that are to convey will be listed in this document. It spells out the fact that smoke detectors have to be inspected and approved by the city or town. Fitchburg requires all homes sold be equipped with hardwired smoke detectors. Other cities and towns only require battery-operated devices. The fire department has to come to the home to inspect and approve the detectors and issue a certificate. If the seller does not have acceptable smoke detectors in the house, it is extremely important that they be installed.  The lead paint forms must also be available. Buyers must understand that the removal of lead paint is not the responsibility of the owner. This is not an apartment. Buyers have the ultimately responsibility of testing for lead paint and removing it if it is an issue. Effective March 31, 2006 Massachusetts new law required that carbon monoxide (CO) alarms be installed in all residences that contain fossil-fuel burning equipment or incorporate enclosed parking in its structure. This new ordinance is known as Nicole's Law.

The Bank Commitment »


Acres Away Realty
14 Columbia St. • Leominster, MA 01453
Phone: 978-840-2696 • Fax: 978-840-2694
info@acresawayrealty.com
 
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