Massachusetts Bill S.2474 An Act protecting consumer rights in purchasing safe and habitable homes - Summary and Main Points

Massachusetts Bill S.2474: An Act protecting consumer rights inpurchasing safe and habitable homes‍

Main Points of this Bill:

Background:

Imagine risking your life savings on something you know almost nothing about, and have only spent 15 minutes considering. That is what current home buyers are being forced to do when trying to buy a house in this intensely competitive real estate market. They are not only discouraged from having a home inspection before purchasing a home, but are often told that their offer will likely NOT be considered or accepted if they have a home inspection contingency. Does this sound fair to the home buying public?

Currently home sellers have no disclosure requirement or requirement to allow buyers the previously accepted practice of inspecting their home. Home buyers do not have a right to a home inspection, they can only ask for one, and sellers prefer buyers without inspection contingencies (often excluding any offers with inspections). Many buyers are now finding that homes they bought without an inspection have safety hazards or various problems ranging from approximately $25,000 to over $150,000.00 to remedy.

What this Bill does:

●  Establishes the right of a buyer to get a home inspection by a Licensed ProfessionalHome Inspector once their offer has been accepted

●  Provides buyers a 10-day due diligence period

●  Protects a buyer by allowing them to retract their offer to purchase, without penalty, ifthey so choose after the inspection

●  Applies to purchasers of residential property

●  Exempts auction and family transactions

●  Currently includes a penalty to deter sellers and agents from sidestepping this law

What this Bill does not do:

● It is not a mandate or requirement to have an inspection- this does not force or requireanyone to have an inspection - buyer can after their offer is accepted.

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