When you submit an offer for a Boston luxury condo, your offer will most likely have some contingencies, which are conditions of the sale. These contingencies exist to ultimately protect your good faith deposit in the event that you discover unacceptable condominium issues such as; structures problems, appraisal comes in too low, unable to lock in a loan and as a result can’t obtain financing.

But let’s back up. In Massachusetts to purchase a Boston condo, it’s required that you place a deposit with the Offer to Purchase contract. The amount is usually $1,000.00 as a sign of good faith. Within two weeks the lawyers will draft a Purchase & Sales Agreement. At this point, you the buyer, will need to wire or provide a cashier check equal to five, ten or twenty percent  of your purchase price. If your offer is accepted, the funds will be placed into an escrow account held by a title company, lawyer or listing broker. In the event you back out of the sale for a reason other than a specified contingency, the seller is technically entitled to retain that deposit for what is called “liquidated damages.”

The primary contingencies in the Purchase & sales Agreement (P&S) are typically that of the inspection, appraisal and loan. If you include these conditions and decide to back out due to one or more of them, the sale can be cancelled and the deposit rightfully returned.

If you’d like more information on Offers and Purchase & Sales Agreements, please contact Robert Veek at 617-420-1401

Boston Condo Statistics for Sunday, January 7th

Total Boston Condos For Sale 484
Boston Condos Asking Price $1,662,194
Boston Condo Highest Listing Price: $13,500,000
Boston Condo Lowest Listing Price: $115,000

 

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For more information please contact one of our on-call agents at 617-595-3712.

Updated: January 2018

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