Definitions

Agent. Any Person with actual or apparent authority to act on behalf of a Seller or Prospective Purchaser in the sale of a Residential Property, including, but not limited to, a Real Estate Broker or a Real Estate Salesperson. Auction. Any sale, coming within its ordinary meaning, conducted by an Auctioneer by public outcry, includingin addition thereto, anysale conducted byan Auctioneer bypublic outcrywhere property is offered first at a stated price and thereafter successively or gradually at higher or lower prices until an acceptor or purchaser is found pursuant to M.G.L. c. 100. Auctioneer. Any Person licensed under M.G.L. c. 100 who, for a fee, commission, profit or any other valuable consideration, or with the intention or expectation of receivingthe same, bymeans of, or process of, an Auction or sale at Auction, offers, negotiates or attempts to negotiate, a listing contract, sale, purchase or exchange of goods, chattels, merchandise, real or personal property, or of any other commodity which may lawfully be kept or offered for sale by or at public Auction. Board. The Board of Registration of Home Inspectors established pursuant to M.G.L. c. 13, § 96. Condominium Unit. A Residential Dwelling Unit within a condominium established pursuant to M.G.L. c. 183A where the owner has exclusive ownership and possession of such Residential Dwelling Unit. Cooperative Corporation. A cooperative corporation, as defined under M.G.L. 157B, § 4. (Mass. Register #1549, 6/6/2025) 74.02: continued Cooperative Corporation Stock. The ownership of stock in a Cooperative Corporation entitling the stockholder to a propriety lease, as defined under M.G.L. c. 157B, § 4 or other agreement with the right to use and occupy a specific Residential Dwelling Unit owned by the Cooperative Corporation. Home Inspection. The use of a Home Inspector to observe and forthrightly disclose the physical conditions of systems and components listed in 266 CMR 6.04: Scope of the Home Inspection which are readilyaccessible and observable, as defined in 266 CMR 2.01: Definitions, including but not limited to identifying those systems and components, which are observable safety hazards, as defined in 266 CMR 2.01, at the time of the inspection, at minimum in conformity with the standards of practice promulgated by the Board under 266 CMR 6.00: Standards of Practice, including the provision of a written evaluation by he Home Inspector. Home Inspector. A Person licensed as a home inspector pursuant to M.G.L. c. 112, §§ 221 through 226, or an associate home inspector, as defined under M.G.L. c. 112, § 221. Newly Constructed. A Residential Dwelling Unit that has been constructed entirely new, inclusive of building foundation. Person. A natural person, partnership, whether general or limited and whether domestic or foreign, limited liability company, foreign limited liability company, trust, estate, association, corporation, custodian, nominee or any other individual or entity. Prospective Purchaser. A Person who has made an offer to purchase a Residential Property or has communicated their intent to make an offer to purchase a Residential Property. Purchase and Sale Agreement. A written agreement between a Prospective Purchaser and Seller that typically follows an offer to purchase, specifying the purchase price and material terms and conditions of a purchase of a Residential Property. Real Estate Broker. A Person who is a real estate broker, as defined under M.G.L. c. 112, § 87PP. Real Estate Salesperson. A Person who is a real estate salesman, as defined under M.G.L. c. 112, § 87PP. Relative. The spouse or domestic partner or, whether by blood, marriage, or adoption, their sibling, child, brother, sister, aunt, niece, uncle, nephew, parent, father-in-law, mother-in-law, son-in-law, daughter-in-law, stepparent, stepchild, stepbrother, stepsister, half brother, half sister, grandparent, grandchild, great-grandchild or great-grandparent. Render a Home Inspection Meaningless. To frustrate the purpose of a Home Inspection under 266 CMR 6.02, or otherwise frustrate the purpose of M.G.L. c. 143, § 101 and 760 CMR 74.00, including, but not limited to: (a) unreasonablylimiting the Prospective Purchaser's ability to schedule, receive and review a Home Inspection; or (b) prohibiting a Prospective Purchaser from choosing not to proceed with the transaction if the results of the Home Inspection are not satisfactory to the Prospective Purchaser; provided, however, that a Seller and Prospective Purchaser (a) may agree to limit a Proposed Purchaser's choice not to proceed with the transaction after a Home Inspection if the estimated aggregate cost of repairs does not exceed a reasonable monetary threshold agreed upon by the parties, or (b) may agree to reasonably limit the Prospective Purchaser's deposit refund if the Prospective Purchaser chooses not to proceed with the transaction. Residential Building. A building or structure consisting of one to four Residential Dwelling Units; provided, that all such dwelling units shall comprise a single property, to be sold to and owned by a single Person. A Residential Building shall include all the common areas inside and outside such building or structure. 74.02: continued Residential Dwelling Unit. A unit within a building or structure, occupied or intended for occupancy as a residence. Residential Property. Any of the following: (a) a Residential Building; (b) a Condominium Unit; or (c) Cooperative Corporation Stock. Seller. A Person, who is selling or intends to sell a Residential Property. Substantial Completion. The time when the construction is sufficiently complete so that the Residential Dwelling Unit may be occupied whether or not a certificate of occupancy has been issued by the municipality. Transfer of Ownership. The conveyance of title of a Residential Building or Condominium Unit pursuant to M.G.L. c. 183 or the sale or transfer of Cooperative Corporation Stock.