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Posts Tagged ‘Boston Real Estate Attorney’

Why Do I Need A Real Estate Attorney To Buy or Sell Real Estate?

Thursday, July 22nd, 2010

A lot of our clients ask us, “Why do I need a real estate attorney to buy or sell real estate? Isn’t it something you as a broker can handle and save me the extra money?”

The short answer is NO.

As high end, professional real estate brokers, we at Luxury Residential Group ALWAYS advise our clients to seek the guidance and services of a licensed real estate attorney when purchasing property in Massachusetts. 

Real Estate Attorney Duties:
  • Look over the offer
  • Negotiate the Purchase and Sale on your behalf and look out for your best interests.
  • Run the title search to make sure there are no liens on the property
  • Acquire title insurance – In MA, there are no title companies.  The attorneys act as brokers to acquire title insurance.  This differs from state to state.
  • Review condo documents and budget if purchasing a condo.
  • Inspect deed for any defects (If the unit does indeed have that parking space included and if it is deeded or just a “Right” to park).
  • Work with the cooperating attorney and brokers to make sure all dates, deadlines and contingencies are met.
  • Work with the lender to secure proper financing.
  • Conduct the closing and explain all the papers you are signing.
  • Disburse closing funds from escrow accounts.
  • File the deed and make sure everything goes on record properly.

Along with these services, the use of a lawyer is paramount to protect your legal best interests. Without using an attorney, you leave yourself open to significant liability that go beyond the cost of your condo.  At the end of the day, the services of an attorney should only cost you $1,250 to $2,000.  If they broker the title insurance, it could be less(note, the average cost above, does not include the cost of the title insurance itself).  Your real estate broker understands all the documentation, but they are NOT licensed attorneys. It is unfair to expect them to be.

What is The Role of An Attorney When Buying A Condo?

Saturday, January 9th, 2010

By Steven Ceprano – Boston Real Estate Attorney

Steven Ceprano - Summers and Summers LLP

Steven Ceprano - Summers and Summers LLP

We had Steven Ceprano of Summers and Summers in Boston, MA answer that question for us:

Conference with client, cover issues such as how to hold title (tenants in common, joint tenants, tenants by the entirety), information on type of property to be purchased (i.e., single family, condominium, multi-family), and financing issues.

Ø      Review offer to purchase

Ø      Negotiate and prepare purchase and sale agreement

Ø      Review condominium documents and financials.

Ø      Advice concerning financing and tailoring of purchase and sales terms to lender’s requirements

Ø      Review the results various inspections

Ø      Review title examination with bank’s attorney

Ø      Attend closing and review papers which buyer is required to sign

Ø      Set up escrows and special arrangements to correct title, complete construction or assure possession

Ø      Arrange title insurance protection for buyer against losses due to title defects, if desired

Ø      Transfer of security deposits and notices to tenants (if purchasing multi family house)

*We at Luxury Residential Group always recommend having the representation of an attorney when purchasing a property in Boston, MA. Please do no not try to make a go of it yourself.  You leave yourself open to too many risks. An attorney generally charges $1,250-$2,000($500-$750 to negotiate the P and S, and another $750 to $1,250 to handle the closing and make sure you have the proper title insurance.

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South Boston Boston, $3,500
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