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Hiring an Attorney  Real estate transactions in Massachusetts generally involve the services of real estate attorneys who represent the seller, buyer and/or lender. Finding a good attorney should start with recommendations from friends and family and real estate professionals. If you use a Buyer's Agent for your home purchase, you will benefit from their due diligence requirement to advise you of skilled real estate attorneys who have a strong background in representing buyers. They may also have requested the law office to represent their buyer clients for a flat fee because they are working as an advocate for the buyer as well.
The Role of Attorneys
Source: Massachusetts Bar Foundation, 1994Legal counsel are indispensable to an orderly real estate sale. Depending on what representation the usual parties (seller, buyer, bank) choose and how they elect to share the responsibilities, the lawyer's functions are critical. Here is a capsule summary:
- conference(s) with clients;
- review or preparation of binder and of purchase and sale agreement, and negotiations about its terms;
- who should hold the deposit;
- advice concerning financing, and tailoring of purchase and sale terms to lender's requirements;
- plot plans;
- condition of property inspection;
- title examination and certification;
- correction of title defects and consideration;
- obtaining certificate of municipal liens;
- drafting note, mortgage, deed and other necessary papers;
- preparation for the closing, signing all papers, obtaining mortgage funds, acceptance of deed, recording;
- estimation of closing costs;
- pay-off existing mortgage and liens and obtaining discharges or releases;
- escrows and special arrangements to correct title, complete construction or assure possession;
- arranging of title insurance protection for buyer against losses due to title defects, if desired;
- transfer of security deposits and notices to tenants; and,
- preparation of mandatory reports to IRS.
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