{"id":111,"date":"2010-03-22T20:19:07","date_gmt":"2010-03-22T20:19:07","guid":{"rendered":"http:\/\/blog.topbev.com\/?p=111"},"modified":"2014-08-27T08:24:42","modified_gmt":"2014-08-27T08:24:42","slug":"when-is-an-offer-to-purchase-a-ps-the-answer-almost-always","status":"publish","type":"post","link":"https:\/\/blog.topbev.com\/?p=111","title":{"rendered":"When is an Offer to Purchase a P&S? The answer, Almost Always!"},"content":{"rendered":"

Many people that deal with real estate on a daily basis do not realize the ramifications of a signed Offer to Purchase Real Estate (the \u201cOffer\u201d). If the Offer meets the requirements of the Statute of Frauds, the parties intend to be bound and the other essential contract terms are present, presto, you have a Purchase and Sale Agreement or an enforceable contract to purchase real estate (\u201cP&S\u201d).<\/p>\n

1 The Requirements of the Statute of Frauds:<\/strong><\/p>\n

A contract for the sale of land must be in writing and signed by the parties or an authorized agent of the parties. The parties would be the buyer and seller. Make sure the record owner of the property is signing the Offer. The property must be described so that it can be identified.<\/p>\n

Compliance with the Statute of Frauds does not necessarily require a purchase price, a time to complete the transfer or the quality of title that has to be conveyed Inflatable Arches<\/a>.<\/p>\n

2. Intention to be Bound:<\/strong><\/p>\n

It is not sufficient to make the offer contingent upon the execution of a P&S. If the parties do not want to have the Offer become a P&S, they must include language that is similar to \u201cthis offer is intended only as a memorandum of the anticipated agreement and the parties do not intend to be bound but its terms.\u201d The inclusion of this language may not be enough for a court to find that the Offer was a P&S but it gives you a much stronger argument.<\/p>\n

3. Essential Contract Terms<\/strong><\/p>\n

The parties are indentified, purchase price, title condition and a closing date. In certain cases even these terms have been determined to be non-essential. Most of the Standard Offers used contain all of the essential terms and a binding agreement will be found. So if you are completing an Offer to Purchase assume it can be determined to be a P&S. If you assume this you must make sure that all of the anticipated terms of the transaction are included.<\/p>\n

Your continued conduct and actions will also determine your ability to enforce the contract. If you do not comply with all of the terms of the offer your ability to enforce the Offer as a P&S will be significantly negatively impacted.<\/p>\n

So before you execute that Offer make sure you have met with and discussed it with an attorney that will be representing your interests as a buyer or seller, we recommend that you contact us Topkins and Bevans<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Many people that deal with real estate on a daily basis do not realize the ramifications of a signed Offer to Purchase Real Estate (the \u201cOffer\u201d). If the Offer meets the requirements of the Statute of Frauds, the parties intend to be bound and the other essential contract terms are present, presto, you have a Purchase and Sale Agreement or an enforceable contract to purchase real estate (\u201cP&S\u201d).<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1],"tags":[11,35,36,5462],"class_list":["post-111","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-closings","tag-offer-to-purchase","tag-real-estate-agreements","tag-real-estate-law"],"jetpack_featured_media_url":"","jetpack-related-posts":[{"id":373,"url":"https:\/\/blog.topbev.com\/?p=373","url_meta":{"origin":111,"position":0},"title":"Purchasing Real Estate from an Estate–Get Some Legal Help Very Early in the Game!!!","date":"July 9, 2010","format":false,"excerpt":"More often than not, a purchase from an Estate in Massachusetts can offer a \"bargain price\" element to the purchaser who is involved. The heirs may be anxious to \"liquefy\" their inheritance, and do not want the inconvenience of having to maintain the real estate in question, including insurance and\u2026","rel":"","context":"In \"executors\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":138,"url":"https:\/\/blog.topbev.com\/?p=138","url_meta":{"origin":111,"position":1},"title":"Massachusetts Real Estate Transactions-A world of their own","date":"June 23, 2010","format":false,"excerpt":"I am frequently asked by out of state realtors and mortgage professionals about deals \"going into escrow\" or the work of the \"title company.\" Very few out of Massachusetts people are aware of the idiosyncrasies of Massachusetts real estate practice, which include the following: \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1. An Offer and then\u2026","rel":"","context":"Similar post","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":327,"url":"https:\/\/blog.topbev.com\/?p=327","url_meta":{"origin":111,"position":2},"title":"The Offer To Purchase–Massachusetts (and perhaps other) Realtors Should Make Extra Effort on this Important Document","date":"July 7, 2010","format":false,"excerpt":"In Massachusetts, where I practice as a real estate attorney, there is a two step process for most real estate purchases. Usually without the assistance of counsel, the parties enter into an Offer to Purchase (the \"OTP\"). There are some contingencies in the OTP, which generally center around a \"satisfactory\"\u2026","rel":"","context":"In \"offer provisions\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":389,"url":"https:\/\/blog.topbev.com\/?p=389","url_meta":{"origin":111,"position":3},"title":"Dealing with Home Inspection Results–Health, Safety and that old Stand-by “Bargaining Power”","date":"July 12, 2010","format":false,"excerpt":"In Massachusetts, we have a rather archaic practice regarding agreements for the purchase and sale of real estate. There is an Offer to Purchase (usually signed by both parties without the benefit of counsel). After the Offer is signed, there is an hiatus where the Buyer causes a home inspection\u2026","rel":"","context":"In \"buyers agent bargaining power\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":347,"url":"https:\/\/blog.topbev.com\/?p=347","url_meta":{"origin":111,"position":4},"title":"Representing Same Sex Clients–Documentation at Purchase Is Generally a Worthwhile Enterprise","date":"July 9, 2010","format":false,"excerpt":"In Massachusetts, where I practice real estate law, same sex marriage has been legally acknowledged. In a\u00a0situation where a same sex, married couple, purchases real estate, I suggest that the Grantee clause read \"a married couple, as tenants by the entirety\". Massachusetts law provides excellent protection from creditors to husbands\u2026","rel":"","context":"In \"representing same sex couple in real estate situations\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":140,"url":"https:\/\/blog.topbev.com\/?p=140","url_meta":{"origin":111,"position":5},"title":"New Restrictive Financing Guidelines are Killing our Industry-A Call to Action","date":"June 23, 2010","format":false,"excerpt":"In a recent article in the New York TIMES,\u00a0problems besetting our industry were the main focus. Examples of people who had committed to purchase as yet unbuilt homes, free standing and condominiums,\u00a0 and were now\u00a0\"trapped\" by new FNMA\/FHLMC Guidelines, which have made many financing programs much more restrictive, in terms\u2026","rel":"","context":"In \"fhlms\"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/111","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=111"}],"version-history":[{"count":3,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/111\/revisions"}],"predecessor-version":[{"id":959,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=\/wp\/v2\/posts\/111\/revisions\/959"}],"wp:attachment":[{"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=111"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=111"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.topbev.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=111"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}