Having an attorney involved in a real estate transaction in Massachusetts isn't just good sense, it's the law.
Purchasing or selling a home is likely the biggest financial transaction that anyone will take part in. Although these transactions often go well, a number of issues can arise. Negotiations can become heated, titles can be disputed and contracts can be broken. In fact, in an attempt to protect home buyers and sellers alike from these and other issues, the state of Massachusetts requires the presence of an attorney at real estate closings.
Tips to save money during a home sale or purchase
There are a variety of ways to reduce the risk of costly mistakes during real estate transactions, including involving an attorney to represent your financial interests. A recent article by Consumer Reports touched on the issue, providing tips to both buyers and sellers. Some of the more helpful advice that applies to both parties includes:
- Shop around. Not just for your home, but for your agent as well. Get recommendations from friends, family members and colleagues. Contact the state licensing division to verify the status of the realtor's license and check to see if the realtor is a member of the National Association of Realtors. Members of this organization are held to a high code of ethics.
- Paying too many fees. It is important to carefully read the fine print of the purchase agreement and have an understanding of what fees are covered. This could include multiple commissions and lost down payments, even if a sale falls through. Realtors often use standardized forms that may not cover every circumstance. An attorney can review these documents and tailor them to more accurately reflect this specific home purchase or sale, better ensuring that there are no surprise fees.
- Protecting your interests. It is important to keep in mind that it is in the best interest of the broker, real estate agents and other professionals involved in the transaction for the sale to be completed. These professionals are not necessarily looking out for the interests of the buyer or seller; they are looking to get paid. As a result, it is wise for the buyer and seller to obtain legal counsel. Attorneys are there purely to serve the best interest of their own clients.
These are just a few tips that can ease any potential headaches tied to the sale or purchase of real estate. As a result, those who are involved in real estate transactions are wise to seek the counsel of an experienced Massachusetts real estate lawyer. This legal professional will guide you through the process, advocating for your best interests.
Keywords: real estate law