Specializing In Downtown Boston's Historic Neighborhoods Since 1995
Once you have an accepted and signed Offer To Purchase the property is considered "Under Agreement". Customarily, the Purchase and Sale Agreement (commonly know as the P&S) is usually executed within the next fourteen (14) calendar days. The balance of the five to ten percent (5-10%) cash down payment is also customarily collected and submitted for deposit into the Seller's Real Estate Agency's Escrow Account. A personal check made payable to the listing agency is sufficient at this time.
Please take the time to review the Estimated Closing Costs and Registry of Deeds Recording Fees, as well as the many Legal Updates and Offer To Purchase Real Estate Documents. Recent changes adopted by the MA Superior Judicial Court has determined that Offer to Purchase Real Estate Documents Are Legally Binding provided all contingencies have been satisfied. If this transaction is in conjunction with a 1031 tax-free exchange, please seek legal and/or tax advice.
Whether selling or buying, if you intend to be represented by legal counsel in your real estate transaction which is not mandatory but highly recommended, you might start by asking your current attorney for a recommendation if she/he does not practice real estate law. It also is a good idea to consult with your friends, relatives, neighbors and business associates for their legal counsel recommendations. However, the experiences of most of my clients have shown that it is usually best to hire an attorney who regularly practices real estate law and are familiar with the local real estate community.
Buyers applying for a mortgage might ask their attorney if she/he can also represent the lender as this should lower your overall legal expenses; and visa versa as your lender may already have your attorney on their list of authorized legal counsel. Please discuss any possible conflict of interests representing both parties.
I strongly recommend that you consider The Homestead Protection Act and Homeowner's Title Insurance to further protect your primary home.
Please discuss the benefits and costs with your legal counsel.
I will be available to you and your attorney throughout the entire process and will coordinate the distribution and execution of the final Purchase and Sale Agreement and collection and deposit of the escrow funds. However, I truly believe that this is an opportunity for you and your legal counsel to discuss any and all of your concerns in regards to this transaction. You will be advised on many issues and will need to fully understand and agree to the final draft of the P&S. I strongly suggest that you read your entire P&S prior to execution. And by all means, if your P&S is not executed on time, I respectfully suggest that you or your attorney request a written extension from the seller and/or buyer's counsel. Btw, I respectfully suggest that all major home inspection issues be negotiated by your legal counsel, and not the real estate agents...this policy keeps this process strictly business!
I have been involved in many real estate transactions, and I can impart the names of the following attorneys with confidence. These attorneys are all well versed in Boston's real estate transactions, and the vast majority of my client base have hired their services.
Consult with your friends, relatives, neighbors and business associates for their recommendations. Please feel free to call me to discuss your choice of legal counsel:
Please note that www.Richhaen.com nor it's agents assume any responsibility for the services of the aforementioned parties. This list is simply a matter of courtesy, consult your yellow pages for additional companies. We strongly suggest that you contact the Better Business Bureau @ 617 426-9000 or write The BBB @ 20 Park Plaza, Suite 820, Boston MA 02116-4404 (www.bbb.org).