Real Estate


Real Estate Services

  • Purchase and Sale of Real Estate
  • Mortgage Lending Services for Banks, Institutional and Private Lenders
  • Nominee Real Estate Trusts/Real Estate Limited Liability Companies
  • 1031 Exchanges
  • Condominium Creation or Conversion
  • Developer Representation and Financing of Commercial Property
  • Landlord and Tenant - Leasing

      PRIVACY POLICY

CLOSING ATTORNEY

In Massachusetts, the closing attorney (settlement agent) oversees all the proceedings, outside of the loan approval process, necessary to close the lender's mortgage transaction. The closing attorney typically represents the lender in the mortgage loan transaction. Although operating as settlement agent for the lender, at P5 Legal it is my practice to be as helpful as I can assisting you through the mortgage loan process.

In every real estate transaction the closing attorney will:

  1. order and obtain a title examination from title examiners at the various Registry of Deeds throughout Massachusetts;
  2. review the abstract of the title examination;
  3. obtain a municipal lien and tax information from the city or town in which the property is located;
  4. obtain and review mortgage and lien payoff information requested from lenders and others that hold mortgages and liens on the property;
  5. communicate and coordinate with borrowers, sellers, brokers (when involved) and lender;
  6. receive the proceeds of the transaction and maintain them in a safe and separate account;
  7. conduct the closing, final rundown of title at the Registry of Deeds;
  8. record documents;
  9. prepare and deliver proceeds to pay-off all outstanding mortgages and liens that affect the property;
  10. disburse the transaction proceeds;
  11. prepare and issue the title insurance policy;
  12. copy and deliver the loan documents to the lender and borrower;

 

With the sale and purchase of a property the closing attorney will also:

 

  1. obtain and review survey information about the property;
  2. prepare and issue title certification, certifying that the buyer has good title to the property and that the records of the Registries of Deeds and Probate have been searched back for at least 50 years;

 

When P5 Legal is working on your closing you can be sure of:

  • flexibility as to time and place of the closing. Your place or mine. Early, late, even weekends.
  • open lines of communication. This means having your questions answered in a timely manner.

 

BUYER REPRESENTATION

 

You have been looking and looking, open houses, property's that sounded good on paper but left you wanting and finally you found a house that could be your home (or piece of land where you can build your home). You and your sales agent sit down to fill out a simple looking form, it is one page maximum two, but make no mistake, an Offer to Purchase is a big deal. If accepted, it forms the basis for the transaction. Yes, there is a Purchase and Sale Agreement that will ultimately replace the offer, but once your offer has been accepted, the proverbial, "die has been cast". The right time for you to get independent legal advice concerning what the Offer to Purchase should include is before the blanks are filled in and the seller has accepted your Offer to Purchase. When you are ready to make an Offer, I strongly suggest that you take a step back and get good independent legal advice from a person who is working to protect your interests – your attorney.

 

SELLER REPRESENTATION

 

You have just been delivered an Offer to Purchase and you have at most two days to decide what to do. Again, my advice is to get good independent legal advice from a person who is working to protect your interests – your attorney.   I recommend retaining the services of a lawyer at the time you list your property for sale. This way when an offer is made you have someone already on your team to offer independent advice concerning the terms and conditions for the sale of your property.


Contact P5 Legal