The Closing Process: The Offer Form
The first written Agreement which is usually signed between the Seller/Developer and the Buyer is the Offer Form (sometimes called a "Reservation Form"). While these agreements are considered somewhat preliminary, they are nonetheless binding contracts which may cause the Buyer to lose his or her deposit should the transaction not proceed as contemplated. Furthermore, the terms contained in the Offer are usually carried forward to the final agreement, called the "Purchase and Sales Agreement." These terms are customarily some of the most important aspects of the transaction, including the price, the down payments, what funds are at risk should Buyer fail to perform, the property being bought, the financing contingency and the date and time for performance (the "Closing"). Accordingly, we feel that it is important that the Buyer have it reviewed by a competent, qualified attorney before signing it and submitting to the Seller/Developer.
1170 Beacon Street Brookline MA 02446
Massachusetts Affordable Housing Attorney
Steven S. Bloom, Esq.
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Steven Bloom, Esq., is licensed to practice in the Commonwealth of Massachusetts. Steven Bloom, Esq. is also licensed to practice in the State of Rhode Island.
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