Now is a great time to sell, don’t get us wrong, but tackling it by yourself is never the best idea. Are you fully equipped on your own to deal with and understand contingencies and clauses? Marketing your property? Capital gains? Analyzing multiple offers? Title? It’s overwhelming, and you’re bound to let some things slip through the cracks along the way. Instead, consider finding a team of professionals to support you through the selling process.
Historically speaking, now is the time to get the best value out of your home, but people are scared. They may want to sell, but they’re afraid to leave because inventory is low and they don’t want to be caught with nowhere to go, so they don’t leave. And because of that, inventory stays low. It’s a vicious cycle. How do we loosen up the inventory?
Sellers should be made aware of the options they have that might suit their needs. For many people, it’s not always practical to buy before you sell, rent for a period of time or stay in a vacation home temporarily. The option of a sale-leaseback presents its own challenges, especially when it comes to lenders.
A suitable housing contingency could be the answer you need to feel protected. Sometimes buyers are willing to wait for an agreed-upon amount of time to give you an opportunity to find your own property to purchase, with the assurance that they can be reimbursed if something goes wrong.
Finally, always remember to collect a trusted team of real estate professionals around you to guide and advocate for you.
Strategize and find solutions @ calendly.com/mstiles You can always contact Stiles Law by calling (781) 319-1900.
If you’re buying or selling residential real estate in MA, you’re likely going to be seeing an American Land Title Association (or ALTA) settlement statement. Its purpose is to explain all of the money transferring hands in your transaction in the form of direct payments, loans, and adjustments. Everything is separated between the borrower/buyer and seller in different sections with labels on each column and row.
Pay special attention to loan fees and impound charges (aka escrows) which exist to approve the buyer and protect the lender, respectively.
Don’t forget there are charges associated with selling! Check out our more in-depth video on this topic, linked in the video above.
If you have any further questions about ALTA settlement statements or other documents, contact Stiles Law by calling (781) 319-1900
If you know anyone looking to buy a home or working in real estate right now you probably know about the current discrepancy between buyers and houses to buy. Many sellers are receiving multiple offers, often even above asking price because the inventory is so low. But sellers beware… lenders will base their allowance on the appraisal of the home. Remember that all contingencies must be clear in your contract in order to avoid problems on getting a deal through.
If you have any questions about choosing the right buyer, 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.