Understanding the 'Offer to Purchase' vs 'P&S' in MA

Understanding the 'Offer to Purchase' vs 'P&S' in MA

In Massachusetts, buying a home is a two-step legal dance. If you're looking in Brookline or Somerville, you need to know the difference.

The Breakdown

The Offer (The 'Binder'): This is the initial 2-3 page document where you set the price and dates. It includes a small deposit (usually $1,000). The Purchase & Sale (The 'P&S'): Signed about 10-14 days later. This is the comprehensive 10+ page contract drafted by attorneys. This is when the full 5% deposit is usually due.

Why It Matters

The P&S overrides the offer. It's where all the 'fine print' about repairs and title issues lives.

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