Buying a home in Massachusetts
Buying a home in Massachusetts is a long-term financial commitment
with great personal and tax advantages. There are costly mistakes
to avoid in the process. Using an attorney to review the sheer volume
of complex paperwork included in a home purchase can save you money
in the long run. Issues such as financing, tax questions, and contract
issues can be explained to you in a straightforward manner. There
are many steps and different stages of a home purchase where is
advantageous to get the right advice. The process includes the offer,
the purchase and sale agreement, financing your home, mortgage placement,
and the closing.
Purchase and Sale: The Offer to Purchase Real Estate
The offer is the general agreement to purchase a property at a
certain price. It usually states that the rights of the parties
will be set forth in a subsequent contract called a "Purchase &
Sale Agreement." An offer is an important document and has been
recently held in one Massachusetts case to constitute a contract
that is binding on the parties. We can draft an are tight P&S
that will stand any challenge and protect you throughout the process.
We are also Massachusetts Licensed Real Estate Brokers who in combination
with our legal skills can offer you double the protection at no
This is generally the contract that sets forth the full rights
and duties between Buyer & Seller and sets the time for performance.
There are many issues that are crucial in this contract. For example,
is there a "Mortgage Contingency Clause" that allows the Buyer to
cancel the contract if he or she can't get a mortgage? What happens
to the deposit if one party fails to honor the contract? These issues
should be carefully considered by your attorney and not left to
a Broker to determine by using a standard form. Home inspection
rights for example can lead to negotiations that can reduce the
purchase price. In this area it is a wise person who does not represent
Our office specializes in helping you to qualify for short sales
so there is no deficiency balance owed to the lender if the sales
price is less than the existing mortgage. We'll help you do it right!
See our foreclosure
Real Estate Closings
The Closing is that important and final stage of the purchase transaction
where a Buyer receives the legal Title (by deed) and possession
of the property in exchange for a payment by the Buyer. Usually
the purchase money is obtained by the Buyer from a Lender who then
secures the loan with a mortgage and note. The financial aspects
of the closing are summarized on a HUD Form that discloses any charge
and cost involved in the loan. A Buyer can greatly enhance his bargaining
power at the closing by seeking legal advice. The various topics
that a Buyer will want to be informed about include:
- The Mortgage Document & Terms
- Title Insurance
- Home Warrantees
- The Deed
- Certification of Legal Title
Not all lenders or mortgages are the same. Rates and terms vary.
Some require "Points', while others don't. "Points" are loan fees
that the lender charges you. Good Faith Estimates of loan costs
as well as the "APR" (annual percentage rate) are terms that you
need to understand to discover the true cost of a loan.
At the Law Offices of Bernard J. Hamill we are experienced and
able to help you through this process painlessly & inexpensively.
For more information, please call us at 617-472-4300.