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Real Estate conveyancing

Real Estate

 

The process of purchasing or selling real estate can be a very frustrating experience for those who do not have the proper representation.  If you are taking this final step in a Massachusetts real estate transaction, allow attorney Neil Berman to help guide you though the process, making it a much quicker and easier experience.  Of course, knowing what is ahead can also go a long way to making a process smoother.  Let’s look at what happens in the process of closing a real estate deal.

 

Choosing an Attorney

 

Perhaps the most important step in a real estate transaction is choosing the right real estate lawyer.  You will need an attorney who is experienced with making real estate deals happen and can make sure that you are protected during the entire process.  When choosing a lawyer for house purchase or sale, make sure to check his or her credentials in the real estate market.  Attorney Neil Berman has the knowledge and experience to guide you through the real estate conveyance process.

 

The Offer

 

The offer is a contract, and Massachusetts case law has often found that in certain cases performance is required pursuant to the signed offer.  While most real estate transactions begin with the offer prior to the parties signing the offer, it is recommended that you have an attorney review the offer.

 

Purchase & Sale (P&S)

 

The P&S is the contract which governs the conveyance of real estate.  This contract is negotiated after the offer is accepted.  It is strongly recommended that an attorney be engaged to represent you when you begin to negotiate a P&S.  There are numerous issues involved in the P&S and you will be required to perform, or there will be consequences for default.  These include what property (real and personal) is being sold, how the deposit will be handled, who will have the risk of loss, the timing of various events and contingencies, and other issues.

 

The closing date is usually chosen during the P&S negotiation phase of a real state deal.  In most cases, an offer to purchase the real estate will be formally accepted several weeks before the actual closing date.  When the closing date arrives, both parties finalize the contract, and the seller transfers ownership of the property to the buyer.  During closing, either the buyer or his or her bank delivers a check to the seller for the purchase price.  At this point, the seller will sign the deed over to the buyer and give him or her the keys to the property if applicable.  In Massachusetts once the deed to the property has been transferred, the ownership is officially transferred as well, and all obligations are discharged.  The deed is then recorded at the county Registry of Deeds.

 

Closing in Massachusetts

 

Although closing can be a bit different in the different regions of the United States, Massachusetts and most Eastern states call the Closing a settlement.  This means both parties are usually present at closing.  This settlement happens on the specified closing date and time that has been agreed to by all parties.  They then meet on this date at an attorney’s office or Registry, and are supervised by a closing attorneys.  The closing then proceeds as described above.

 

If you are looking for a good Somerville Real Estate Lawyer, give Neil Berman a call.

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Common Sense Legal Counseling 109 College Ave Somerville, MA 02144
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Website: http://commonsenselegalcounseling.com
Email: neil@commonsenselegalcounseling.com

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Commonsense Legal Counseling's website and its associated pages contain general information and resources about the legal services that we provide. The contents are not intended to be taken as legal advice and should not be used to make decisions affecting your legal rights