In Massachusetts, a new law protects home buyers' right to inspections and prohibits sellers from pressuring buyers to waive them. The law, part of the Affordable Homes Act, prevents sellers from requiring or suggesting they will only accept offers if the buyer waives their right to a home inspection.
Key Provisions of the Law:
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Right to Inspection:Sellers cannot prevent or discourage buyers from exercising their right to a home inspection.
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No Conditioning on Waivers:Sellers cannot make an offer contingent on a buyer waiving or limiting their inspection rights.
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No Pre-Acceptance Waivers:Buyers cannot indicate an intent to waive an inspection before the seller accepts the offer.
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Legal Accountability:The law introduces legal accountability if real estate agents or individuals circumvent the law.
Purpose of the Law:
The law aims to protect first-time homebuyers and other buyers from being pressured to waive inspections, particularly in competitive real estate markets. It also seeks to reduce the potential for undisclosed defects to surface later, leading to unexpected repair costs for buyers.
Impact on Homebuyers:
- Buyers have a clear right to a comprehensive inspection.
- They are less likely to be pressured to waive inspections. (HIINT HINT this is the BIG one)
- They can better assess the condition of a property before committing to a purchase.
Impact on Sellers:
- Sellers cannot condition offers on inspection waivers.
- They are expected to comply with the law and allow inspections.
- They may face legal consequences if they attempt to circumvent the law.
Implementation and Regulations:
The law was passed in August 2024, but its regulations were originally scheduled to be finalized by December 2024. The deadline has since been extended to June 15, 2025, to allow for public comment and industry feedback. Until regulations are finalized, the specific details of how the law will be implemented in practice are still being determined.
Another article on it
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