Real estate law is complex and often implicates many other areas of the law, including tax law, estate law, and family law. What this means is that throughout the various stages of your life, you may end up needing a Massachusetts real estate lawyer to represent your interests.
One of the most common reasons you will need a real estate attorney will be when a piece of real estate or a home needs to be transferred to someone else. The most prevalent way this is done is probably through the typical sale of a home from one private individual to another.
In the most straightforward cases, someone will have to prepare and then execute the Offer to Purchase. The Purchase and Sale Agreement will govern your and the seller’s obligations from the time the home is taken off the market to closing.
Most Massachusetts residential sale transactions use a standard form Purchase and Sale Agreement. The document sets out the basic terms of the transaction, including a legal description of the property, the purchase price, and the closing date.
However, in the case of the standard form, the agreement is biased towards the seller, meaning the buyer should err on the side of caution prior to signing the document. One way to address the potential bias is by executing a rider. Such riders can modify the standard terms of the form agreement and add contingencies in order to protect the buyer’s interests. For example, you may want to utilize your lender’s own appraiser to value the home in order to determine if the appraisal is valued at least as much as the purchase price.
Another common scenario in which property may need to change hands is during the course of a divorce. While the attorney involved with your divorce will be able to handle those matters, a real estate lawyer can advise you regarding all the legal aspects related to selling your home. Additionally, it is important to take tax considerations into account when deciding whether or not to sell a home due to a divorce.
Lastly, estate plans often take advantage of various methods of transferring real estate. These transfers can occur during the testator’s life, or after the will becomes effective. Due to generous estate tax and lifetime gift tax exemptions, individuals sometimes wish to execute documents whereby interests in real estate are transferred to loved ones during the giver’s life. We can advise you regarding how to best execute these transfer documents.
Whatever your real estate legal needs may be, the attorneys at Pulgini & Norton will provide you with the highest caliber of legal counseling. Our property transactions attorneys have represented numerous Boston residents in real estate transactions, including the purchase of residential homes. We can guide you through the purchase process, review and negotiate critical documents, and facilitate the closing. For a confidential consultation, call us at 781-843-2200. You can also complete our online form.
More Blog Posts:
Massachusetts Supreme Judicial Court to Rule in Real Estate Agent Case, Massachusetts Real Estate Lawyer Blog, published May 21, 2015
Massachusetts Zoning Laws and Construction Permits, Massachusetts Real Estate Lawyer Blog, published May 14, 2015