- ADVICE ON DRAFTING YOUR OFFER TO PURCHASE:
Although the offer seems to be a simple one or two page contract, all the
important numbers, dates, and major conditions should be included. (Our Supreme
Judicial Court has held that a simple offer may be treated as a binding
agreement).
- ADVICE AND NEGOTIATION OF YOUR PURCHASE AND SALE AGREEMENT:
The Purchase and Sale Agreement is a complex contract and should be
individually drafted for each transaction. It is dangerous to assume a purchase
and sale agreement is just a standard document. All your rights and liabilities
should be described and included in the agreement. Real Estate law is
unforgiving. If it is not included in the agreement, it does not exist. Words
and phrases may not mean what you think. Example: Time is of the
essence- what does it mean? Find out before you agree to it. What is your
liability if you havn't received your written mortgage commitment on or before
the mortgage contingency date? What is your liability if either/both you and
your lender are not ready to close on the date required by your Purchase and
Sale Agreement? The answer should be found in your Agreement.
- ADVICE ON MORTGAGE FINANCING:
Where will you get advice on the best mortgage loan? Certainly not from a
prospective mortgage lender. Since each lender is trying to sell you on his/her
loan, you can't expect an unbiased opinion. Your real estate attorney will be
able to discuss different mortgage options and lenders. Our office represents
over 90 mortgage lenders.
- REPRESENTATION IN PREPARATION FOR CLOSING:
Dates, deadlines, purchase funds, and insurance are just a few of the items
your real estate attorney will be available to advise you on in preparation for
closing your real estate transaction. Watch out for your mortgage contingency
date and the closing date. Your deposit is at risk.
- REPRESENTATION AND ATTENDANCE AT CLOSING:
The closing is the most important moment in the purchase and sale process. It
is at closing where the mortgage documents are signed, the deed is delivered,
and the purchase price is paid. Your real estate attorney will be present to
review all documents, answer questions and advise, and ensure that your rights
are protected and enforced. Very often unexpected issues and/or problems arise
at the closing. Your experienced attorney will assist you with on the spot
advice.
Email Summers & Summers at summers@bostonrealestatelaw.com
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