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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 extra cost.

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 themselves.

Short Sales -

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 workout page.

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

Mortgage Financing

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.