Five Things to Check Before You Sign a Purchase and Sale Agreement

In Massachusetts, the offer to purchase gets the ball rolling, but the purchase and sale agreement (P&S) is the contract that controls the deal. The standard form most brokers use is written to be fair to the deal, not tailored to you. By the time you sign the P&S, the terms are hard to change. Here is what to look at first.

1. The deadlines

The P&S is full of dates: the mortgage commitment date, the inspection period, the closing date. Missing one can cost you money or the house. Make sure every date is realistic given your lender’s timeline, and that you understand what happens if a date slips through no fault of your own.

2. The financing contingency

This is the clause that protects your deposit if your loan falls through. Confirm it is there, that the deadline matches your actual mortgage timeline, and that it does not obligate you to accept a loan on terms you cannot afford. A weak or missing financing contingency is one of the most expensive mistakes a buyer can make.

3. What is included

Appliances, light fixtures, window treatments, and systems should be spelled out. Vague language leads to disputes at the final walkthrough, when the seller has taken the refrigerator you assumed was staying. If something matters to you, get it in writing.

4. Repairs and credits

If the inspection turned up issues, the P&S should reflect any agreed repairs or closing credits in writing, with enough detail to know the work was actually done. A handshake at the kitchen table is not enforceable. Spell out who does the work, by when, and what proof you will receive.

5. The deposit and what happens if the deal breaks

Understand exactly how much you are putting down, who holds it, and the specific conditions under which you get it back. The standard form often favors the seller if a buyer walks away, so this is a clause worth reading closely before, not after, you sign.

Have it reviewed before you sign

In Massachusetts, buyers and sellers routinely have a real estate attorney review the P&S, and the cost is small next to the price of the home. A short review up front, while the terms can still be negotiated, is far cheaper than a dispute later. Bring the agreement to a lawyer before you sign it, not after.