During the home buying process in Boston, there can be many questions that arise. Hiring and utilizing the knowledge and skill of an Attorney useful for your property transaction. Munson and Associates is here to help with any questions you might have during the process. Below are some questions to ask your real estate attorney that can be helpful to clear up any confusion about your case.
- As a seller what am I required to disclose to a buyer?
- Sellers are required to disclose any material facts related to the property. In most situations the property is being sold AS IS and the Seller will not disclose anything. However, the Seller should never actively try and hide defects in the property. This could create legal proceeds in the future once discovered.
- Can I change my mind after the offer is signed?
- Buyers and Sellers can change their mind after the offer is signed, but in limited situations. This is where contingencies listed in the Offer, could play a part in being able to rescind an Offer. Contingencies are a way for both parties to “walk-away” with no issue. However when there is no contingency in the offer and, for example, the buyer discovers something that they don’t like during an informational inspection or they are unable to obtain a proper mortgage for the transaction then it can put the parties in a more complicated situation. It is important to consult an attorney on your particular situation to understand your options.
- Why should I hire a real estate attorney?
- Consulting with a real estate attorney in Boston is important for all Buyers and Sellers. The process of selling or buying a home can be very complicated and issues may arise on either side. Many times title issues arise when selling a property in which the Seller had no prior knowledge. However, the Seller is still required to correct these title issues to be able to convey right title to the Buyer. An experienced real estate attorney will know how to handle these situations in an expediate manner to keep the transaction on schedule. In Massachusetts on the Buyer side the Lender will require an attorney handle the closing. This is because the attorney is responsible for researching and disclosing any title issues on the property. On the Buyer side of the real estate transaction, it can be tricky and involve many legal documents with vast amounts of legal language, so an attorney that specializes in real estate law will be well equipped to guide you through the process. An attorney should be consulted and hired after the offer letter is signed to draft and review the purchase and sales agreements, and the closing documents.
- Can you spot any challenges with my case?
- This is a crucial question to ask your attorney so that are prepared for any documentation that may need to be provided or any extra costs that may need to be paid. Some challenges that may arise can be issues locating condo documents, or issues with bank and loan payoffs. Keeping these in mind while going through the process can make you prepared for anything that may arise.
- If I am purchasing a condo, what are the rules and regulations for the Association?
- If you are purchasing a condo, you will want to be aware of any condo fees associated with the unit, the rules and regulations and any easements or liens on the property. Your Boston real estate attorney will be detailed in their search of this information to ensure that you are in the know about what your duties will be once you take possession of the condominium unit.
- If there is an easement on my property, how does that affect me?
- Easements are common to find on properties. There are different types of easements and they can serve different purposes. Generally, an easement is encumbers a piece of land and it allows the person who has obtained the easement to use the land for the purposes stated on the easement, it can be an electric company who would need to enter your property to work on power lines, or a water company who would need to enter the property to fix city water lines or a myriad of other instances. Its important to under the particular situation and your rights regarding the easement. You should consult a Boston real estate attorney to know your exact rights.
- What types of cases do you handle?
- Real estate attorney’s typically review contracts regarding the purchase and sale of property as well as commercial leases. The attorneys will draft the legal documents necessary for your particular transaction. Not every attorney handles every part of real estate law and it’s important to inquire about what specific services the real estate attorney you are wanting to hire specializes in.
- What should I be doing during the inspection period?
- During the inspection period it is important to make sure that the company conducting the inspection covers every part of the house and all light fixtures, appliances and faucets are turned on. This ensures that things are in proper working order. As for the buyer themselves, it is important to look for any open permits with the Building Department and ensure that if there are any open that they are closed out. You should also alert your Attorney if there are any issues with permits or if there were renovations done that did not have a permit taken out for them.
- What are the costs involved with hiring a real estate attorney?
- When purchasing property in Boston there are a large amount of monetary expenditures that will need to be taken into account when completing your budget. Attorneys are very up front with their fees so it can be very easy for you to incorporate the information into your budget. Reach out to Munson and Associates and we can provide this pricing at any point in your process.
