In Massachusetts, you have the option of hiring an attorney to represent you in the sale or purchase of a home. You may be wondering why you need an attorney if real estate agents can draft the Purchase and Sales Agreements using standard templates. The reality is, every transaction is unique and often complicated in its own way. Here are 5 common reasons why you need an attorney for MA real estate transactions.
Although you may not hire an attorney, the other party may do so. It’s likely that their attorney will submit an addendum to the P&S. Real estate agents may not practice law and may not review that addenda or provide any legal advice on whether you should accept those terms. You will need your own attorney to review it and suggest edits that protect your interests.
Home inspection and mortgage contingencies are common and therefore included in most P&S templates. However, other contingencies may apply to your specific transaction. The wording of those contingencies can make a huge difference. You should have an attorney review the terminology and propose changes that protect your rights and minimize your risks.
Rent-back or Storage Agreements
Sometimes, a seller asks to rent back after closing or a buyer asks to store items at a property before closing. These are both risky scenarios that both buyers and sellers like to avoid. However, should you need to negotiate something like this, you will need to draft an additional agreement. Given the potential risk, having an attorney negotiate that agreement on your behalf is extremely important. It’s one of the many important reasons why you need an attorney for MA real estate transactions.
Review of Additional Paperwork
Sometimes, additional paperwork may be presented for review during a home sale. For instance, a multi-family property may have tenant leases, or a condominium may have condo documents needing review. You may read these yourself, but it’s unlikely that you’ll recognize a major issue with them. An experienced attorney would be better suited to review and advise you on such documents.
In an ideal transaction, everything would be covered by the P&S agreement and other documents signed by both parties. There would be no misunderstandings or disputes. However, that rarely occurs in real life. It’s always possible that parties may misinterpret certain terms or fail to make note of them at all. This can make the purchase process complicated. Your attorney can advise you on how to best handle this situation and outline your legal options.
Summary of Reasons Why You Need an Attorney for MA Real Estate Transactions
In summary, there are many reasons why you need an attorney for MA real estate transactions. It includes reviewing contracts and other legal documents, suggesting ways to protect your rights, minimizing your risks, and helping you resolve disputes. Real estate transactions can be extremely complex, especially when disputes arise. Given what a huge investment a home is, you’ll want to protect your rights by having proper legal representation.
Whether you are selling or buying a home in Massachusetts, Martino Law Group is ready to assist you. Contact us today for additional information.