Real Estate Lawyers In Melrose Helping Individuals Handle Real Property Transactions
Often first-time purchasers of any type of property question if they really need a real estate attorney to help them through the process. Nonetheless, real estate lawyers are highly recommended no matter what type of property you intend to purchase. A real estate lawyer can prove to be invaluable in helping to advise you and navigate the complexities that often accompany purchasing real property. It should also be noted that any real estate closing that involves a lender must be handled by a licensed real estate attorney.
Real estate lawyers are generally divided into two separate groups, which include the following:
Residential: Attorneys who deal with residential properties generally assist with preparing legal paperwork that pertains to mortgages, titles, and necessary closing documents when individuals purchase homes.
Commercial: These attorneys handle real estate transactions that involve businesses buying, selling, or developing properties.
One very important aspect of property transactions that a Massachusetts real estate attorney is responsible for handling is making certain that the transaction is in compliance with state law. In most cases, a real estate attorney becomes involved in the transaction after the real estate agents have specified the actual selling price of the property in addition to the terms of the contract.
Do I Need to Hire My Own Real Estate Attorney, or Should I Use the Attorney That My Real Estate Agent Recommended?
Commonly, your real estate agent or mortgage lender may recommend a real estate attorney that they feel would be beneficial to you based on their prior experience with them. Although the real estate attorney that they recommended is qualified to handle your property transaction, it does not necessarily mean that they are the right fit for you personally.
It is important to ask questions pertinent to your particular situation, such as your ability to reach them, whether they have the necessary resources to support your particular needs and their professional standing.
The Martino Law Group, LLC has highly skilled real estate attorneys that can handle both commercial and residential real estate law. In addition, we are easily accessible to all of our clients and are committed to keeping them informed throughout the entire transaction process.
Is an Accepted and Signed Real Estate Contract Legally Binding in Massachusetts?
There is a common misconception among many sellers that the offer to purchase is simply a formality in Massachusetts. They are under the mistaken belief that a binding contract is only formed when the parties involved sign the comprehensive purchase and sale agreement.
However, this information is incorrect. According to Massachusetts state law, a signed standard form offer to purchase is considered to be legally binding and is an enforceable contract. This holds true even if the offer is further subject to the signing of a more comprehensive purchase and sale agreement.
Therefore, a seller should not attempt to walk away from a signed offer in search of a better deal as a buyer could potentially sue, which could prevent the property from being sold until the litigation is resolved.
Can a Listing Agent Continue to Show a Property Even if it Under Contract?
A listing agent is permitted to continue to show a property even if it is under contract in Massachusetts. As a matter of good business sense, this practice is actually encouraged as many issues may arise before the actual closing that causes buyers or sellers to have to back out of the sale.
It is beneficial to the listing or real estate agent to continue showing the home in order to pursue the best interests of their clients. In that same train of thought, homebuyers are also highly encouraged to visit homes that are under contract or considered to be pending, as a deal always has the potential to fall through.
It should be clearly understood that a seller cannot cancel their deal with you simply because they receive a better offer, however.
What Should I Look for in A Real Estate Attorney?
When choosing a real estate attorney, there are several important factors to consider before making your choice. Some of the more important factors are:
Location: You want an attorney who is close to the location in which you intend to purchase property as they will be more familiar with the local ordinances and laws.
Experience: It is crucial that you select an attorney who has the necessary experience to handle your real estate transaction. Should matters become complicated, you want to be able to have peace of mind that they have the knowledge and skill to address any potential issues that may arise.
Who will be working on your real estate transaction: It is common for real estate attorneys to work jointly with junior attorneys or paralegals. This is why it is important for you to ask any potential attorney about who may be working on the case other than themselves.
Communication: One of the first questions that you should ask a prospective real estate attorney is how often you may contact them and when they will contact you with information regarding your transaction. You also need to inquire as to whether or not there will be any other member of their legal team that you can speak with should the need arise and the attorney is out of town or unavailable.
Reputation: A real estate attorney may offer their services for what seems like a good deal, but in reality, it is because they are inexperienced or they have a poor reputation. A poor reputation can stem from many issues such as failing to communicate with clients, not processing necessary paperwork, or even committing fraud. If a real estate attorney can provide references from satisfied former clients, this is typically a good sign that they have a good standing in terms of their reputation.
Contact the Martino Law Group, LLC of Melrose, MA, by calling (781) 531-8673 to schedule an appointment with one of our highly qualified real estate attorneys. We will be happy to assist you with your real estate transaction and answer any questions that you may have.
The responsibilities of a Massachusetts real estate lawyer include reviewing the contract, negotiating repairs, and making other changes to the terms of the deal. A lawyer will also attend a closing, which is the final step in executing a real estate transaction to ensure that everything goes fairly and smoothly. In some cases, mediation and arbitration may be required to resolve real estate disputes.
My partner and I used Martino Law Group to organize the purchase of our home in Allston, MA, and we are so thankful for John and the help of his team. They were all very friendly and helpful with organizing documents and getting back to us via email when we needed. I highly recommend them and look forward to continuing a relationship with this team for future needs as they may arise!?
Based on Martino Law Group's stellar Google ratings, I thought I would reach out for advice regarding an upcoming real estate transaction. Attorney Martino was punctual in his response to my call and extremely generous with his time. He answered all of my questions with clarity and expertise. Look no further for a fantastic and personable lawyer. I look forward to working with John and the Martino Law Group in the years ahead!