Sellers and Buyers
The Offer Form
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Party Bound By Offer
The Massachusetts Supreme Judicial Court decided, in the case of McCarthy v. Tobin, that the parties to an Offer to Purchase Real Estate Form were bound by the terms of the Form. The Buyer and Seller were bound even though the Purchase and Sale Agreement was not signed by both. In this case, the Buyer and Seller were contractually bound despite the typewritten addition to the pre-printed, standard, Real Estate Board "Offer To Purchase Form", which stated:
"Subject to a Purchase and Sale Agreement satisfactory to Buyer and Seller." The Court held that since the Offer Form contained an offer to purchase, an acceptance of the offer, the purchase price, a description of the property and a closing date, it was a binding contract reflecting the parties' intent to buy and sell the property. The Court noted that if the parties agree to all material terms of a transaction, it may be inferred that the purpose of a final document (satisfactory Purchase and Sale Agreement) which the parties agree to sign is to serve as a polished memorandum of an already binding contract. The Court ordered that the property, a condominium, be transferred from Tobin to McCarthy, even though Tobin had already sold the unit to someone else!!! The answer to whether parties are bound by an Offer depends heavily on the facts of each case.
Most real estate purchases begin with the Buyer submitting a written Offer to the Seller. We believe that all Offers should be carefully reviewed by an experienced real estate attorney before they are submitted to the Seller (often, through the Listing Broker). The Offer is a legal document and may lead the parties to unexpected and unpleasant, costly results.
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Steven S. Bloom, Esq.
Cushner & Bloom, P.C.
1170 Beacon Street Brookline MA 02446
Phone: (617) 608-0019
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