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Updated over 10 years ago on . Most recent reply

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172
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53
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Kyle Cabral
  • North Dartmouth, MA
53
Votes |
172
Posts

Legally Binding Contract (Massachusetts)

Kyle Cabral
  • North Dartmouth, MA
Posted

Hi All,

I've had this conversation a few times, specifically with my parents and others around me in the south coast Massachusetts area and had a question surrounding "legally binding" contracts that one requires tenants to sign prior to property rental.  Is it enough to conjure up your own contract on word and put a statement at the top that says "this is a legally binding contract", or do you have to get it notarized or do something special for this document to hold up in court if needed.

I am just starting to get my feet wet in real estate, am sole owner of a condo in Malden, MA and 1/2 owner of a two family property in New Bedford, MA that net a positive cash flow of $450.00/month.

I ask just this to increase education and knowledge giving my current investments. I do plan on moving away from buy/hold strategy and set a concrete business plan for entering real estate with a focus on flipping. At this point, I am just researching, learning, and hopefully in the near future moving into REI meetings and networking and building relationships.

Thank you in advance.

Kyle 

Most Popular Reply

User Stats

137
Posts
36
Votes
Mike Hoefling
  • Rental Property Investor
  • Worcester, MA
36
Votes |
137
Posts
Mike Hoefling
  • Rental Property Investor
  • Worcester, MA
Replied

Kyle Cabral I would use one of the RHA forms that have been proven in Massachusetts housing court.

http://www.formsforrealestate.com/forms_rental.php

Also I would recommend reading this book "The Massachusetts Landlord Survival Guide" by Philip S. Lapatin. I have read this book and it is a great source of information.

If you have any specific questions PM me.

Mike

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