After your P&S is signed, make sure your mortgage loan professional has everything he or she needs from you. Pay special attention to the finance contingency provision date. The closing date is fixed and cannot be changed without everyone agreeing. Lastly, get your funding in order and maybe hold off on scheduling contractors until it’s a done deal. Enjoy the ride!
If you have any questions about closing, contact us by calling (781) 319-1900 or by visiting https://stiles-law.com.
This week it’s a Zoom update with Ben Cote and Emmanuel Ebot about the eviction moratorium in MA due to the pandemic. It’s wise to take this moment by moment, as there is always a chance for a further extension, but currently the end date is October 17th, 2020.
A new CDC regulation acts as a separate residential eviction moratorium with a triggering condition based on the fact that certain circumstances caused by eviction could aid in the spread of COVID-19 and should be avoided.
It’s better to be proactive than reactive. Plan ahead as well as possible to stay out of court and keep things easier on everyone.
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If you have any questions about evictions, contact us by calling (781) 319-1900.
Navigating effective marketing, COVID-era open houses, MLS, true home value, price negotiation, closing attorney fees… these are just some of the things to consider before trying to sell your home without a real estate professional. It might be more trouble than it’s worth.
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If you have any questions about selling your home, contact us by calling (781) 319-1900.
When co-owners of real estate cannot agree on when or how to sell their property, each of the co-owners are entitled to petition for partition. A petition to partition is a lawsuit which asks a court to order the sale or division of the property. “Any person, except a tenant by the entirety, owning a present undivided legal estate in land […], shall be entitled to have partition in the manner hereinafter provided.” M.G.L. c. 241 § 1. A beneficiary of a trust, a shareholder of a corporation, or member of an limited liability company are not entitled to partition. See e.g. Minkin v. Commissioner of Revenue, 425 Mass. 174, 180 (1997). The probate courts and the land court has concurrent jurisdiction of all petitions for partition. M.G.L. c. 241 § 2.
The petitioner may request the sale or division of the subject real estate. Sale may only be ordered if the court finds that the land cannot be divided advantageously. M.G.L. c. 241 § 31. If the court orders sale, the land will be sold at public auction unless the court finds that the interests of all parties will be served by a private sale. Id.
After the petition is filed and the court has determined that the petitioner is entitled to partition, the court will enter an interlocutory decree that partition be made. Id. at § 10. After the decree issues, a warrant is issued to a disinterested commissioner. Id. at § 12. Once the commissioner’s return is confirmed, a final decree enters. The final decree is recorded at the registry of deeds and the decree has the effect of transferring the property. In a partition by sale, a deed is delivered by the commissioner which transfers the property.
The court will address other matters related to the partition. For instance, accounting issues including the expenses of the partition proceedings, including: counsel’s fees, fees for the commissioners, title exams, and preparation of plan. Fees and expenses will be shared by all co-owners in proportion of their interests.
While petitions for partition are common, it is less common that the entire process is completed. The added expenses which include attorney’s fees, commissioner’s fees, and the potential for below market sale prices convince most parties to agree to a sale prior to a final decree. If you are the co-owner of real estate and want to explore your right to a partition, contact Benjamin Cote to set an appointment.
If your debt exceeds the amount of money you can get for selling your house, sometimes the bank will accept less than what they are owed and call it even. It’s not an easy process and you have to prove to the bank that it’s worth it for them, but it can be less harmful than foreclosure. Consider getting out ahead of it and consider selling before you reach that point of having to choose between the two.
If you have any questions about short sales, contact us by calling (781) 319-1900.