Do you need an Attorney to buy a house in Massachusetts?
A Buyer must navigate many milestones through the closing process. Many Lenders will force their Attorney on a Buyer to represent both them and the Lender at Buyer’s cost. While in many cases there may be no issue, Lender’s Counsel represents the Lender not the Buyer. We at Prousalis & Papantonakis, P.C. have the knowledge and expertise to represent you the Buyer specifically to make sure you are not being put in a position where you are risking your deposit or even worse purchasing a property that may end up costing you thousands because you do not own it free of encumbrances. Also, because our office is approved to work with many Lenders, we likely can represent your interests and complete the lender work as your Attorney without costing you more money.
Why do you need an Attorney when you are selling your home?
A seller’s attorney create a purchase and sales agreement that represents your best possible interests, they will review your title well before closing to find and fix issues that could delay your closing, and make sure everything is prepared and ordered for closing so that your closing occurs with minimal setbacks, and bills such as taxes and utilities are settled in a manner that ensures you obtain all the necessary credits at closing. We at Prousalis & Papantonakis, P.C. know how to represent your specific interests and keep you informed through-out the closing process, all for a flat fee which you will agree upon prior to any work being initiated, and you will pay at closing.
Our experienced office is highly credentialed and is on many lender approved lists to handle closings/escrow services. Prousalis & Papantonakis, P.C. is therefore a phone call away from helping match you with a lender we trust to get your closing completed while both minimizing your risk and avoiding closing delays. Call us early on in your closing process so we can make sure you have the best professionals looking out for your best interests.
According to Massachusetts Law this document can be used, without a purchase and sales agreement, to form the legal transaction. It is therefore imperative for both Buyers and Sellers to contact an Attorney prior to signing this. We at Prousalis & Papantonakis, P.C. have the knowledge, expertise and will take the time to ensure you structure this document in a way that best suits your interests.
A purchase and sales agreement takes the Offer/Contract to Purchase and builds on it so as to further define protections for both Buyers and Sellers. When drafted correctly, it can even eliminate almost all need for litigation should the transaction fall through. As a Buyer putting down thousands of dollars or as a Seller taking the house off the market to sell to a particular Buyer, they each have an interest in seeing their closing occur. However, in the case that the transaction does not go as planned, or if other issues arise during it, it is very important for each party to have had an experienced Attorney review and tailor the purchase and sales agreement in a manner that best represents their party. We at Prousalis and Papantonakis, P.C. are ready to give your purchase and sales agreement the personal attention required so as to save you thousands of dollars in litigation.
Do you really need title insurance?
If you are purchasing a home through a lender, the law requires you purchase lender’s title insurance. Owner’s Title insurance however is optional. Prousalis & Papantonakis, P.C. recommends you always consult an attorney prior to deciding whether to decline purchasing it, because you need to be aware what you may not be protected from. An Attorney’s Certificate of Title may not due much for a Buyer who spent thousands to buy their home but now there is a missing heir claiming an interest on Buyer’s home. Similarly, a seller trying to sell their home may be looking at thousands of dollars to clear up an issue their closing attorney should have resolved but that closing attorney now no longer practices law. We at Prousalis & Papantonakis, P.C. will take the time to ensure you understand the risks and coverages of title insurance.
Do I need to record a homestead?
Massachusetts Law was changed to automatically allow for $125,000 homestead protection on primary residences. For a recording fee of about $35 however, that protection can increase to up to $500,000 per family, and to even more in certain circumstances. Having a recorded homestead can make a major difference in protecting your most valuable asset from creditors, and especially in bankruptcy proceedings. Let us at Prousalis & Papantonakis, P.C. explain why filing a homestead for you is absolutely essential.
When purchasing a multi-family with Tenants in it, a Buyer may not be aware they acquire the liabilities of the prior landlord for any Tenant that remained in the property post sale. We at Prousalis & Papantonakis, P.C. have both the residential and the landlord/tenant litigation experience so as to know how to structure closings for either Buyers or Sellers to avoid costly litigation later on.
Having performed thousands of closings, we at Prousalis & Papantonakis, P.C. know how to properly transfer properties from/to trusts, as well as how to transfer title when a party on title dies. Call us at Prousalis & Papantonakis, P.C. so we can help you do the necessary planning to maximize protections on your properties. Prousalis & Papantonakis, P.C. also is ready to prepare your Estate/Trusts to help avoid creditors while maximizing tax savings.
Commercial real estate involves the purchase and/or sale of all non-residential property. We at Prousalis & Papantonakis, P.C. have extensive experience with commercial properties and know how to structure these transactions so as to comply with zoning ordinances, protect your property from creditors and maximize your tax savings. We highly encourage you to call and speak to one of our attorneys prior to engaging in the purchase or sale of commercial real estate. Prousalis & Papantonakis, P.C. also has a long list of trusted professionals we can pair you with so as to safe guard you against the many pit falls related to commercial properties.
All towns West of Worcester, Northern and Eastern Massachusetts, The Route 24 Corridor, The South Coast and all of Plymouth and Barnstable Counties.
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P&P Law – Lynnfield
40 Salem St, Bldg. 2
Lynnfield, MA 01940
P&P Law – Danvers
99 Conifer Hill Drive,
Danvers, MA 01923
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