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In business what is a signed offer to purchase and after…

In business what is a...
In business what is a signed offer to purchase and after signing can you back out? If not what happens if you do? This is Massachusetts and on a business
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Answered in 4 minutes by:
3/13/2018
Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,790
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
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Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

In MA a signed offer to purchase is any written document that specifies the object of the sale, the price of the sale and agreement to purchase at that price. The reason written documents are used is to bind people to the agreements they make and if you can just back out of them then these written agreements would be meaningless.

So, unless the contract states in it that there is a cancellation provision, you are bound to the contract from the time you sign the contract and if you do not honor the contract you could be sued for breach of contract and for damages, including possibly specific performance (a court order that you complete the transaction as agreed).

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Customer reply replied 5 months ago
If they add stuff after it’s signed does that void it? Or could the just go back to the original agreement and it’s binding again?

Thank you for your reply.

In order to change the contract, they have to have agreement of all of the parties. They cannot make changes to a contract without agreement of all parties. Any changes to the contract are not enforceable unless agreed upon by both parties and if they insist on doing so then that is grounds for you to void the contract.

Please do not forget to leave positive feedback by clicking on the 5 stars at the top of your page, as the experts are not employees of the site and get no credit for spending time with customers unless they leave positive feedback. Thank you.

Law Educator, Esq.
Category: Real Estate Law
Satisfied Customers: 126,790
Experience: Licensed attorney practicing landlord-tenant, land use and other real estate law and litigation.
Verified
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