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The Purchase and Sale Agreement

The Purchase and Sale Agreement

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 so 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, including mobile homes, 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. It is equally important that the certificate is issued in a timely fashion. One cannot expect the fire department to send out an inspector at the drop of a hat. It might be days or weeks before an inspection can take place, particularly in the summer during vacation times. This document must be available at closing.  Effective March 31, 2006 Massachusetts new law requires that carbon monoxide (CO) alarms be installed in all residences that contain fossil-fuel equipment or incorporate enclosed parking it its structure.  This new ordinance is known as Nicole’s Law.

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