Massachusetts Contract/Transaction Specifics

Massachusetts residential transactions commonly proceed through a short offer to purchase followed by a more detailed purchase and sale agreement, with earnest money deposits held in the broker's escrow account and never commingled with operating funds. Property condition follows a caveat emptor approach, so the buyer bears responsibility for investigating, but the licensee may not actively misrepresent or conceal known material defects. Mandatory disclosures include the licensee-consumer relationship disclosure at the first personal meeting and federal and state lead paint notification for pre-1978 housing. Because Massachusetts is not a community property state, ownership and the division of marital property are determined under common-law and equitable principles.