Hi, I'm Jack Gately from Jackie Lee Real Estate and I am the owner of the All Online Real Estate Academy and the Cape Cod Online Real Estate Academy. Today, I will be discussing Massachusetts Association of Realtors form 503, which is the standard residential purchase and sale agreement. This form is typically used when selling a single-family home and is drafted by the listing agent. It serves to solidify and advance the transaction after an offer has been made and usually after the home inspection, but before the appraisal. Accessing this form is essential, so if you're unsure how to do so, please refer to my video on getting started with zip forms, which can be found on this YouTube channel. Now, let's take a closer look at the contents of the standard residential purchase and sale agreement. First, at the top of the page, you will simply need to input the date. Moving on, you will need to list the name of the seller and the name of the buyer. This should be easy if you have a printed or digital copy of the offer in front of you, as you may need to copy certain information into the form. Next, it's important to provide a description of the premises. This should include the street address, as well as the lot number. The lot number can be obtained from the assessor's field card. As a listing agent, you likely already have a copy of the assessor's field card. It can be accessed from the MLS or from your town's website. If necessary, you may need to visit the town office to retrieve it. Additionally, the book and page number, which is used by the Registry of Deeds to identify the property, should also be included. Make sure to fill in...
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