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Real Estate Closings
KBP LAW
Real Estate Transactions
Let's speak about real estate transactions for the moment!
The most common transaction of course is the purchase and sale of a home. In which you will either be selling or buying a home.
Do you need a local real estate attorney involved in this? Of course you do! I’m a real estate Attorney so I’m a bit biased, but nevertheless, this is probably one of the most high stakes and serious Financial transactions that you'll Embark upon during your lifetime so let’s get as many professional eyeballs on it as is reasonably prudent.
The real estate transaction really starts with the offer to purchase. Whether you have Realtors involved or you're approaching the buyer on your own to accomplish a For Sale By Owner transaction, the accepted Real Estate Offer becomes a binding contract. The short-hand terminology is Offer but it is really a “contract to purchase real estate” Therefore, it is always a good idea and I always counsel people to have the “offer” reviewed real quickly by a competent real estate attorney prior to presentation to the seller.
The second component that will take place after the offer to purchase is accepted is the purchase and sale agreement. Purchase and Sale Agreement has the identical terms as the offer to purchase however it has more legalese and it explains what will occur in certain scenarios such as who carries Insurance, what if there's a fire, what if you have to notify the other party of an issue.
What occurs if buyer cannot obtain a loan? or there's an issue on title at the Registry of Deeds that you have found.
You'll need a real estate attorney to draft and to review the Massachusetts Purchase and Sale Agreement and to add any addendums or exhibits to it that might be specific to your transaction.
The third component is the closing date and the deed. You need to make sure that the deed is conveyed to you in your proper name or in the instance where you have a trust or an LLC , a spouse or a business partner that it's conveyed to that entity or those individuals in the proper manner there's many ways in which you can hold real estate and the deed is the governing document that dictates that throughout.
Whether the real estate is held as tenants in common, joint tenants, Tenants by the entirety or in a Trust or company – the conforming Deed dictates this.
Commercial Real estate closings
We can assist with buyers, sellers, and lenders with the sale and purchase of your transaction.
