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The importance of hiring an attorney While the first step of buying or selling a property is to work with a professional experienced broker, the second step should be to engage the services of an experienced real estate attorney, which is not required but highly recommended. The most important reason to hire an attorney is that documents executed in these transactions are legal documents, which are binding upon the parties once executed. It is important that any provisions that are not understood are correctly explained BEFORE signing. Most documents used in the buying and selling process are standard forms, which are used by most real estate brokers as well as attorneys. Since they are standard, it is crucial that any unique or particular provisions related to the transaction are included in those forms and an attorney can assist in drafting and negotiating these additional provisions as well as suggesting other provisions that may be necessary to protect one's interests. It is also important to have an attorney review other important information relative to the transaction. For example, when purchasing a condominium, the buyer should have the attorney review all condominium documents and financial information to ensure that the documents contain the statutory requirements and any specific information disclosed to the buyer as well as to determine if the condominium appears financially stable. If a buyer is financing the property, the attorney will review the loan documents and confirm that closing documents and title work is in order. There are too many examples of instances where an attorney is essential to list in this update. Each transaction is different. In almost all instances, buying or selling is a significant emotional and financial process. Hiring an experienced attorney can convey peace of mind and make it a more pleasant experience. Gina Gagliardi Gilmartin, McGence & Ross 376 Boylston Street Boston MA 02116 Tel: (617) 375-9000 Fax: (617 375-5700 Email: ggagliardi@gmcrlaw.com Web: www.gmcrlaw.com |