The Massachusetts South Shore Real Estate Blog: Why Buyers may not be Adequately Protected without a Homestead

Massachusetts Homestead DeclarationThis week we’re coming back to discuss a topic that many of this season’s new home buyers should be considering—declaring an estate of homestead (more colloquially “declaring” or “filing a homestead”). Here’s the most common scene at closing: “Mr. Smith, did you know you have a right to declare a homestead today?” Mr. Smith looks back inquisitively, invariably thinking: “I’m buying a two bedroom condo in Southie—aren’t homesteads giant tracts of land in the undeveloped wilds of the west with names like dusty gulch?” Instead Mr. Smith says: “I’ve heard of this—could you tell me more?”

The simplicity of the concept of declaring a homestead (more accurately “establishing an estate of homestead”) is obscured by its name. While you could declare a homestead on your tumbleweed cattle ranch—and we would usually advise you that this is a good idea—you can declare a homestead just as easily on your two bedroom ranch on the cape.

What is a Homestead? Declaring a homestead protects the homeowner against certain types of unsecured debts (and by implication, creditors) from being satisfied by forced sale, execution, attachment, levy and the like. In short: you cannot be dispossessed of your home to satisfy unsecured debts with an effective Homestead Declaration.

Who can claim an estate of homestead? Anyone who owns the property (is on the deed) and who uses the property as his/her primary residence (sorry, no vacation or investment properties). Married couples can join a declaration together—non-married owners must file separately.

What’s the protection limit? By declaring an estate of homestead, protection increases from the “automatic homestead” of $125,000 to $500,000. Two qualifying owners over 62 years of age (which the Homestead Act so callously calls “Elderly”) or owners who are disabled are protected in an aggregate amount up to $1,000,000 from unsecured creditors.

It’s at this point in the explanation that some of our clever Buyers lean back and smirk. We have to break the news to them that a homestead does not protect the owner against their lender foreclosing on their mortgage or against tax liens. While this is a shame from the Buyer’s perspective, the protection offered by filing a homestead is still robust. Here’s an example: you’re driving home from another long day at the office when a minivan pulls out in front of you. Before you can slam on the brakes, you rear end the minivan, which results in serious injury to the passengers of the vehicle. While this in itself is horrible and unavoidable, the worst is to come. You’re sued by the driver of the minivan (lawyers—am I right?), and you lose. Worse yet, you haven’t declared a homestead. In order to satisfy judgment, the Judge orders your home to be sold to satisfy the hefty sum.

If you had declared a homestead, you would still owe the award of damages; however, you wouldn’t be forced to sell your home to satisfy it (assuming of course the judgment is for less than the protection limit).This encapsulates the real benefit of declaring a homestead.

After seeing the various costs, fees, and charges of buying a house, many buyers are skeptical that such protection can be purchased affordably. Most are surprised to learn that a lawyer will draft and file a homestead declaration for less than the cost of a nice dinner. This is one of those instances where if it sounds too good to be true, it isn’t.

In almost every case, we advise our clients to declare a homestead. It’s short money to obtain robust protection. While the name “homestead” may conjure unintended images of covered wagons and rolling prairies, it fits with the notion that a person’s right to their home is something that should be strongly protected. It also happens to be one of the better bargains when buying a home.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2014 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts. No child labor laws were breached during the creation of this Blog, further Bob Bonkley and Molly Moraine were compensated for their likenesses and appearances in the same.

 

 

The Massachusetts South Shore Real Estate Blog: When to Retain a Real Estate Attorney

When to Retain a Real Estate AttorneyThe purchase or sale of Real Estate results in various costs. Among these is the cost of retaining an attorney. Some Buyers and Sellers elect to wait to hire an attorney until the Buyer’s home inspection is finished. The logic is understandable: why should I involve another party, potentially incur additional costs, for a transaction that may not happen? This week, we’ve decided to throw in our two cents and explain why retaining an attorney earlier in the process is cost neutral and can result in other important benefits.

In an ideal world, every Buyer and Seller would have their real estate attorney’s number saved in their cell phone as their number one contact. Before a Buyer submits an Offer, or a Seller accepts an Offer, an experienced real estate attorney can provide legal advice as to the consequence of, or the lack of, contingencies.

Since we don’t live in an ideal world, and real estate agents generally do a nice job advising their clients at this stage, we’re going to assume that the Offer has been submitted and accepted before either the Buyer or Seller calls the attorney–all of that said, we recommend reading a couple of our earlier posts: The Offer Part 1–Five Contingencies for Buyers to Consider and The Offer Part 2–Contingencies for Sellers to Consider.

When Sellers Should Retain an Attorney: Sellers should call a Real Estate Attorney prior to or as soon as they have accepted an Offer. After the initial consultation and quote, the Seller should ask their attorney to draft the P&S. The attorney-drafted P&S will generally include additional provisions that provide further protection for Sellers that are not included in the standard form P&S drafted by a Broker. Further, it allows the attorney to remove the administrative burden from the Broker acting as the “go between” for the respective attorneys. This allows the Broker to focus on other important tasks. In the event that the transaction falls through before signing the P&S, the Sellers will most likely find another Buyer. At this point, the attorney will simply modify the changed terms to reflect the new deal. Since this will incur very little or no cost, there is little cost-savings to wait to retain an attorney.

When Buyers Should Retain an Attorney: With Buyers, there’s a bit more gray area. A Buyer’s Offer is usually contingent on the home inspection. The Buyer may want to see the results of the inspection before investing any time on further negotiation; however, the same logic described above applies here. Stiles Law, with rare exception, will not invoice Buyers in the unfortunate event that the P&S is not signed and thus the transaction is not consumated. We assume that the Buyer will retain our firm for their soon to be purchase; therefore, retaining an attorney early is cost neutral.

Observations from Our Experience:

  1. Waiting Disadvantages your Negotiating Position: After the deal is set in stone, it’s very difficult for a late-comer to make significant changes.
  2. Waiting can Rush the Lawyer’s Review: The offer sets a deadline for signing the P&S. Hiring an attorney the day before this deadline can result in a rushed review that in some cases results in inadequate protection.
  3. Waiting Causes more Stress: It’s a terrible feeling for both Buyers and Sellers to look at the clock to see if their deal is about to fall apart.
  4. Mother Always said “You get What you Pay for”: If an attorney is willing to review this extremely important legal document for free, you should run away…quickly! You should find an attorney that is willing to represent your interests, not one that is simply willing to “look it over as a courtesy for your lender.” It is important that the attorney is representing your interests, not simply going through the motions in order to obtain the eventual legal engagement from your lender.

While the benefits of retaining a real estate attorney are clear, the optimal point to do this is less clear. Hiring an attorney early in the process is cost neutral, strengthens your negotiating position, allows for thorough review, and reduces everyone’s stress.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2014 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts. No child labor laws were breached during the creation of this Blog and Bob Bonkley was compensated for his likeness and appearance in the same.

 

 

The Massachusetts South Shore Real Estate Blog: Title Insurance – Protection for the Purchaser of Real Estate

Whether to purchase Title Insurance is an often debated issue, though it remains an affordable protection against loss for Buyers.Whether Buyers should purchase Title Insurance at the time of closing is an important, often debated issue. At its most basic level, Title Insurance protects an insured against loss due to a title defect, many of which remain undetected by a thorough title examination. Title Insurance is obtained with a one-time premium, paid at closing. Coverage continues for as long as the policy holder or her heirs has or have an interest in title to the property. In addition to reimbursing policy holders for losses, should it be necessary, the Title Insurance company will also provide for the cost of attorneys necessary to defend the insured’s interest in the property.

But here is the natural question (usually asked at closing):

Why do I need an Owner’s Policy if I’m already buying a Lender’s Policy at closing?

Most lenders require that the Buyer purchase a “Lender’s Policy” at the time of closing. A Lender’s policy, limited to the amount of the loan, protects the lender should there be a loss due to defective title. The amount of coverage reduces over time to reflect the unpaid principal balance and eventually disappears as the loan is paid off. The Lender’s Policy only protects the lender against loss–NOT THE HOMEOWNER. For purposes of Title Insurance, the lender does not suffer a “loss” until there is a title defect and the Borrower defaults on the loan, i.e. the Borrower stops making monthly payments.

An “Owner’s Policy” protects the Buyer and her heirs against losses due to title defects up to the policy amount—the purchase price of the property. Coverage continues as long as the owner or her heirs have an interest in the property and some policy limits actually increase over time to keep pace with inflation.

Title defects are actually common. Here are some of the usual, covered title defects:

  • Errors or omissions in deeds
  • Mistakes in examining records
  • Improperly discharged mortgages
  • Forgery
  • Undisclosed heirs
  • Erroneous or inadequate legal descriptions
  • Silent (off-record) liens (such as mechanics’ or estate tax liens)

You’ve just done a title exam, shouldn’t you know if there’s a title defect?

The short answer: No. The customary title examination reviews records held at the Registry of Deeds and Registry of Probate for a period limited to fifty years. If title defects occur before this point, they will go undetected. Title examiners are not looking for forgeries, missing documents, unrecorded documents, or unaccounted for heirs. Frankly, title examiners are human, which by definition means that they can make mistakes.

It’s new construction, so the title should be clear, right?

No. While the beautiful house you are buying may be brand new, the land that it sits on is not. Any defects that may have affected the land will also encumber your new house. So whether you’re buying a brand new home or buying from a seller who has lived in the house for the past 50 years, the need to adequately protect your home remains extremely important.

The purchase of a home often represents the largest investment that a person will ever make. Home buyers should strongly consider purchasing an Owner’s Policy as an affordable protection for this investment.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2014 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

 

The Massachusetts South Shore Real Estate Blog: Experienced Real Estate Attorneys like to Add Long Riders to a P&S; Here’s How to Review Them

Reviewing a Rider to a P&S Should Not be DauntingThe following is relatively common: we review a P&S and send a Rider to the Listing Agent. After a day or two, the Listing Agent responds that the Buyer/Seller has decided to retain an attorney because “your rider is 5 pages long!!!” We’re often left scratching our heads, wondering: “what would the Buyer/Seller have done if the Rider was only 3 pages? 2? 1?” We’ve already explained the top 5 provisions of the P&S to understand, (for new readers, click this link to read: Five Top Provisions to Understand While Reading a P&S), so we’ve decided that it’s about time to dispel the confusion regarding it’s twin brother–the Rider. We’re going to throw back the shades, sweep away the mystery, and hopefully unlock what is actually a completely decipherable document.

There is an important fact to realize: besides Real Estate Professionals and the occasional, highly-experienced home Buyer, most people don’t deal with contracts, let alone Purchase and Sale Agreements, on a regular basis. Clearly, the best way to deal with this unfamiliarity is to hire a top-notch real estate attorney to help you review, negotiate, and understand the P&S and Rider(s). The next best thing is to understand the basics of a Rider and to apply a surprisingly simple technique to review the documents.

  • First things first, what is a Rider? The answer to this question is the first step toward getting comfortable with this document. A rider is simply an addition to the P&S. A common misconception is that its provisions do not carry the same weight (or that it carries additional weight) as those found in the P&S. This is simply untrue (unless the Rider says so explicitly). In effect, a Rider is the P&S.
  • Why do attorneys insist on using Riders? Attorneys like to use a Rider to either fill in the gaps or to change the terms of the P&S. Changes range from extending dates and fixing typos to replacing entire paragraphs to better reflect the deal that’s already been struck between the parties. The simple truth is that the standard form P&S used by most parties in Massachusetts real estate transactions are Seller-sided. Buyers often seek to make changes and additions to draw the document as a whole into balance. Most Sellers will want to add provisions to the P&S through a Rider to address additional areas that are not addressed by the standard form document. 

Here’s a (Surprisingly) Simple Technique to Review a Rider:

  1. Read the document as though it’s a stack of small documents. Consider each paragraph individually-one at a time;
  2. Read the paragraph all the way through;
  3. Read the paragraph again, focusing on things you don’t understand. If applicable read the paragraph in the main body P&S that is being modified by the Rider and make note of precisely what is being changed;
  4. Summarize the paragraph in a few short words in the margin of the document so that you can better remember what it means;
  5. Jot down, questions, comments, or requested revisions; and
  6. Repeat with the next paragraph until you’ve reviewed the entire document.

Yes, you read that correctly: we said requested revisions. The parties must agree on the final P&S; this inheres a certain degree of negotiation. Some terms are unchangeable as a practical matter or as a matter of custom–the buyer or her attorney isn’t going to agree to give you the money ahead of closing (practically impossible), have the Buyer pay the Broker’s commission, or pay the Seller’s deed stamps (both customarily impossible in Massachusetts), but they are likely agree to limit the number of visits the Buyer can make to the property or the amount of money the Seller’s obligated to spend to clear title. Just remember that this is certainly the case where “it never hurts to ask.”

Some of you out there might be wondering right about now: “why is this lawyer telling me how to do his job?” You’ll note that we said the best way to negotiate a Even the longest Riders are reviewable if done methodically.P&S is by retaining an attorney. An attorney will have a good sense of what needs to be added to protect their client’s interest, what is negotiable, and what isn’t negotiable. You probably won’t have this experience or expertise. That being said, a party to a P&S who feels comfortable going it alone should have the tools to do this most important work.

While this review process may be time consuming–dare I say a bit boring–reviewing the P&S and Rider is incredibly important. It sets the terms for the transaction, acting as a guide post for the parties. Using this review framework makes it clear that the number of pages is immaterial to the party’s ability to review it. A Rider is not designed to hide dubious contractual terms; rather, it’s designed to better express the essential agreement between the Buyer and Seller.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2014 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

 

Massachusetts Residential Lease: How to Properly Establish a Landlord Tenant Relationship

Rent Check

Horror stories of non-paying, destructive Tenants (and to be honest, less than perfect Landlords) are abound. Most of these stories can trace their roots to mistakes in the creation of the Landlord-Tenant relationship. This Article provides some of the most important considerations when establishing a new Landlord-Tenant relationship to help new (and even experienced) Landlords to avoid common pitfalls.

Use a Real Estate Agent: Seek an Agent who is a seasoned professional with experience in the rental market. A good agent will act as a screen, minimizing the risk of getting saddled with a crummy Tenant. While using an agent might cost a little more, the alternative prospect, usually from craigslist, is usually much worse.

Obtain a Credit Report: Your apartment is a valuable income-generating asset. Consider this: a farmer wouldn’t rent out her tractor without checking the creditworthiness of the person that she’s renting it to—and neither should you! Documented history of timely payment of debt is a useful indicator that the Tenant will make timely rent payments to you.

Get it in writing: This one is obvious, but not always followed. By setting the term of tenancy, the Landlord is better protected from a Tenant walking away. Further, by establishing the other terms in writing, there is less room for disagreement and the attendant, inconvenient litigation–imagine a Tenant that plans to operate a reptile sanctuary in your unit because the lease is silent on pets. Some areas to consider: snow removal, utilities, pets, subletting, and the time and method of rent payment. One more important thing to remember: after the initial period (usually one year), the tenancy will become what’s known as a “tenancy at will.” This legal phrase simply means that either the Landlord or Tenant can terminate the tenancy with 30 days (or however long the payment interval is, whichever is less) notice.

Streamline the Collection of Rent: The easier it is for the Tenant to pay rent, the more likely it is that the Tenant will make timely payment. There are several options here but there are two that best protect your interests. First, consider opening a bank account into which your tenants can directly deposit their rent. This should not be your normal operating account for security and accounting purposes. Most banks will provide deposit slips when opening a new account which makes payment by the Tenant even easier. Second, consider using an automatic rent collection service which automatically debits the Tenant’s bank account on a monthly basis. Fees for these services are generally low—often a matter of a few dollars per month. Quick note: if you decide to have rent mailed directly to you, consider renting a PO Box at your Post Office to protect your privacy and safety.

Only Request Legal Charges: Under Massachusetts Law, the only legal charges that may be required of a Tenant are: first month’s rent; security deposit to cover the cost of any damage to the apartment beyond normal wear and tear (which may not exceed the amount of one month’s rent); last month’s rent (the month that will turn out to be the tenant’s last one in the apartment); and the cost of a new lock and key for the apartment.

Hold the Tenant’s Money Properly: Technically, the Security Deposit is the Tenant’s money. All security deposits must be deposited in a Massachusetts bank, in an account that collects interest within the first month of the tenancy. The landlord must provide the tenant the name, address, and account number of the bank that holds the deposit. Each year, the landlord must either pay the tenant the interest on the security deposit or let the tenant deduct that amount from a rent payment.

Take Pictures--Lots of Pictures

Take Pictures—Lots of Pictures: Pictures represent a quick, inexpensive way of documenting the state of the property at the time the Tenant takes possession of the premises. Most of us carry a camera in our pocket–they can even make phone calls.  Should a dispute about damage to the property arise, this proof may mean the difference between retaining the Security Deposit or footing the repair bill yourself.  Along the same lines, make sure to keep a copy of the lease and any receipts for any deposits (you should provide copies of these items to the Tenant as well). It’s a good idea to keep records of all documents that are relevant to the tenancy.  Unless we’re talking about Al Capone, it’s rare for someone to say: “Man, I wish I didn’t keep such thorough and detailed records!”

While these tips are a great place to start, the help of an experienced real estate attorney will help to start your landlord-tenant relationship on the right foot. A landlord who is willing to do the due diligence, no matter how unpleasant or boring as it may seem, at the start of the tenancy is the landlord who can avoid more of the horror stories that we’ve all heard.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts, is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions. Stiles Law serves all areas of eastern Massachusetts–the North Shore, Boston, and Cape Cod, in addition to the entire South Shore, including: Plymouth, Kingston, Duxbury, Hanover, Pembroke, Marshfield, Scituate, Norwell, Cohasset, Hull, Hingham, Weymouth, Braintree, and Quincy.

Copyright © 2014 Stiles Law, All rights reserved. Stiles Law is a Massachusetts licensed law firm and all content is based on Massachusetts law. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.

 

 

Five Top Provisions to Understand While Reading a Purchase and Sale Agreement

After spending months of searching, you have finally found the place that you’d like to call your new home. You and your real estate agent draft an offer, the Seller It's Important to Understand the Terms of the P&Sreadily accepts it, and….now what?  While the offer contains the necessary broad brushstrokes—the parties, the dates, and the price—to purchase a home, while minimizing uncertainty and liability, homebuyers require the “fine tip” of a Purchase and Sale Agreement (the “P&S”).  The P&S, usually drafted by the Seller’s lawyer, dictates the terms of the sale process and is an incredibly important document to fully understand.  It creates binding legal obligations on the parties which often pertains to the transfer hundreds of thousands of dollars. By perusing this article, the novice P&S reader will have a grasp of the essential provisions which are usually included in this most important agreement.

  1. The Price:  Quite frankly, this is usually the most important term to both the Buyer and the Seller.  The Seller wants to be sure to get top dollar for her property; the Buyer wants to be sure to get the best value for her dollar. In Massachusetts, a deposit, usually of $1,000, is made with the offer, and an additional deposit is made at the time of signing the P&S. Finally, the Buyer is obligated to bring the difference—the sale price less all deposits—to closing.  Understanding this chronology is essential to understanding the Buyer’s obligations.
  2.  Date for Performance: Without a set time and place for closing, either party could plausibly argue that it does not yet have a legal duty to perform its obligations under the P&S.  While this specific time is important, it often changes by a matter of hours, or in the rare case by weeks.  When negotiating the P&S, it is important to realize that the other party could stubbornly refuse your requests for extensions of this date.  With this in mind, you must be confident in your ability to perform at the date and time specified in the P&S before agreeing to it.
  3.  Default Damages: Most P&S Agreements will contain a Default Damages provision which provides that in the event the Buyer defaults—that is, fails to meet his obligations under the P&S—the Seller can retain the Buyer’s deposits as damages. The primary way that a Buyer can default is by being unable to close at the Date for Performance. While this very rarely occurs, Buyers can minimize the risk of forfeiting their deposit by selecting an experienced lawyer to protect their rights during the buying process.
  4. Financing Contingency: Perhaps the most important protection for Buyers in the P&S, this provision conditions the Buyer’s obligations on obtaining a mortgage loan commitment from her lender for a certain sum by a certain date before closing. The Buyer has until this date to notify the Seller of her inability to obtain a mortgage and her intention to terminate the P&S.  Assuming the Buyer effectively notifies the Seller of her intention, all of the Buyer’s deposit will be returned to her.
  5.  Repair Provisions:  After conducting your home inspection (which is always recommended), the Seller may have agreed to make repairs to the home.  Although the Seller “gave you her word” that these would be completed by closing, a buyer should be certain that the Seller’s obligations are clearly stated in the P&S.  If the work requires a licensed service provider, then that should be outlined along with the important language  in a “workmanlike manner.” Without these specifics, the Seller could discharge their obligations under the P&S by having their brother, who happens to be “handy,” repair the electrical panel in an unsafe manner.  It wouldn’t be a bad idea to require the Seller to provide proof–usually a receipt or invoice–of all work or repairs done pursuant to the P&S.  Similarly, if a a repair requires a building permit(s), the repair provision should clearly require that the Seller provide proof that a permit was pulled and signed off by the local building inspector.

The foregoing is a basic outline of some of the more important items in a P&S.  Remember: this is not a complete list and a P&S is a legally binding contract.  With this in mind, a careful consumer would be wise to engage the services of an experienced real estate attorney to represent the consumer’s interests.  That attorney should be reviewing the P&S for your benefit and not simply as a convenience for your lender.  Make certain that if you have an attorney review your P&S, that the attorney puts in writing that they are representing you.

Still have questions?  Check out our other blog posts dealing with the basic (and-not-so-basic) concepts from the home buying/selling process.

Stiles Law, with offices located in Boston and Marshfield, Massachusetts,  is a firm concentrating in real estate conveyancing and mortgage lending services, representing buyers, sellers, borrowers, banks, mortgage companies, investors, builders and developers in all of their real estate and mortgage transactions.

 

Copyright © 2014 Stiles Law, All rights reserved. The information presented above is meant to be used for general informational purposes and it should not be construed as legal advice or legal opinion on any specific facts.