Legally Binding Contract (Massachusetts)

[Kyle Cabral]

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