Purchase and Sale Blanks

Is closing date of TBD or an “owner of record” in the purchase and sale agreement acceptable for difficult situations? No. For a contract for the purchase and sale of real property to be valid and enforceable under the Massachusetts Statute of Frauds, (Statute of Frauds – M.G.L. c. 259) you must have a written memorandum with following minimal requirements:

  • Must be writing
  • Must identify the parties
  • Address description of property
  • Identify the Purchase price
  • Identify the Closing date
  • Must be signed by the party to be charged
  • Deposit(s) remitted as outlined in the agreement, if any

It is acceptable, with a lawyer’s guidance, to have language in the additional terms that might clarify that a closing can be accelerated (or extended) by mutual agreement if dealing with certain variables (like septic installation to name one)