A Massachusetts purchase and sale agreement for a residential property typically includes several types of contingency clauses to protect the parties. Which of the following is NOT a contingency that is commonly included in a standard Massachusetts residential purchase and sale agreement?
Correct Answer
C) A contingency requiring the seller to obtain the buyer's approval of the seller's next purchase before the transaction can close
A contingency requiring the seller to obtain the buyer's approval of the seller's next purchase is not a standard contingency in a Massachusetts residential purchase and sale agreement. Standard contingencies protect the buyer's ability to complete the purchase (mortgage, inspection, title). The seller's plans for their next property purchase are not a standard contingency that gives the buyer approval rights over the seller's future transactions. This type of provision does not appear in standard Massachusetts purchase and sale agreements.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Specific performance is a court-ordered remedy that compels the breaching party to fulfill their obligations under the contract rather than simply paying monetary damages. It is an equitable remedy used when monetary damages would be inadequate.
The Statute of Frauds is a legal requirement that certain types of contracts must be in writing and signed to be enforceable. In real estate, all contracts for the sale of land or interests in land must be in writing.
A time is of the essence clause in a contract means that all deadlines and dates specified in the agreement are strictly enforceable, and failure to meet them constitutes a material breach.
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