A real estate lawyer handles legal issues relating to property. A wide body of federal statutes and Massachusetts's constitutional and general law governs real estate dealings.
If you are stuck in a property deal in Massachusetts then you should get in touch with a real estate attorney. There are times when the buyer gets in touch with a massachusetts real estate agent to get a house. The agent shows the buyer around many places and when the buyer finally decides on a house the agent comes up with a document called offer to purchase. The buyer is confused and falls in a dilemma as to what to do. In such cases it is better to get in touch with a lawyer rather than getting your legal rights exploited.
Let us see what does this term offer to purchase mean. It is an agreement that the buyer signs before buying the house. It is often a misconception on the buyers side that he thinks it is not a binding agreement. However there is another agreement between the buyer and the seller that is called the Purchase and Sale Agreement. You should always keep in mind that the agent always represents the seller and hence will work for the interest of the seller. You might be asked to make an initial deposit, which depends on the seller.
After the seller agrees to the agreement offered he and the buyer are required to sign up another agreement called as the Purchase and Sale Agreement. In this the details of the dealing is mentioned. When signing this agreement the buyer must be careful, as this is where most of the legal loopholes are present. It is better to consult a lawyer before signing this agreement, get it attested first and then sign it. The agreement often states another deposit comprising of 5 - 10% of the price at which the property was bought. If the buyer wants to leave this place then he is likely to lose this amount.
Another place where you would need the help of a lawyer is the mortgage. While securing a mortgage there are many lenders who have different plans and strategies. Before you sign up for a mortgage loan ensure whether it is legally sound or not.
The last step is the closing of the agreement where the buyer and the seller meet to sign all the remaining credentials to complete the deal. At this time the seller gives the keys and puts forward a deed for the buyer to sign and this is also when the buyer gives the purchase money to the seller.
you are presents with the documents be careful as to what you are signing.
Take your own time and read all the documents before signing them. Many
a times the massachusetts real
estate agent or the bank attorney may ask you to sign so that the
bank can sanction you the money. But this is not the case always. Don't
listen to the agent the banks at times tends to pass a document away
from the buyer or is even capable of charging the buyer for something
that the bank would have agreed to pay.
Hence it is always advised that you take the help of a lawyer when you are buying a house for the first time. And also keep in mind not to take consultation from any attorney recommended by the real estate agent unless you are sure about it.
It is always advised that you have an independent lawyer of your own who can help and guide you at every point of the transaction. Generally the dealings for real estate go on smoothly but there are times that the matter may take a legal turn. You should have a lawyer just in case anything turns out that you are unable to understand.
Looking for a lawyer in massachusetts real estate is not a problem. You can ask your friends or family members for referrals. You can even contemplate searching on the internet. The internet is flooded with loads of information that you can access easily. Many of the law firms today have their own websites and have all the information that you need to know about the law firm and its attorneys’.
You can even contact the local Massachusetts BAR association for a list of real estate attorneys. The BAR association will give you a list of authentic and experienced lawyers who excel in this field. You can select and then contact the lawyer.
In the first meeting the lawyer will make you aware of the laws for real estate and will also tell you about the legal formalities involved in property transactions. Be sure to ask your lawyer in the first meeting itself about the fees structure. Most of the lawyers do not charge a fee for the first consultation. Moreover some of the law firms offer a discount or a flat fee if you are planning to go with some of their mortgage lenders. For first time homebuyers also some of the law firms offer a discount. It is better that you ask the lawyer about his experience in handling property matters.
Don't hesitate to contact a lawyer if you are planning to buy a property, the lawyer will help you out in every possible way that he can. Most of the buyers do this mistake of not having their own lawyer and hence end up in a big mess. It is better that you have security rather than repent in the end.