lawyer when selling house in massachusetts

Do you need an attorney for real estate closing Massachusetts?

In Massachusetts, the practice of closing transactions for buyers and sellers when there is a home loan is considered the practice of law; therefore, the settlement agent for any real estate closing involving a lender must be conducted by a licensed attorney.

How much does a real estate attorney cost in MA?

The real estate attorney's fee, usually between $800 and $1100. State excise tax stamps, set at roughly 0.456% of the price of the home.

Is Massachusetts an attorney closing state?

Several states have laws on the books mandating the physical presence of an attorney or other types of involvement at real estate closings, including: Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New ...

Do I need an attorney to sell a house?

While you definitely need a lawyer to complete the settlement of your sale, you technically don't need a lawyer to sign a 'Sale and Purchase Agreement'. However, it's wise to speak to your lawyer as soon as you have decided to put your property on the market.

How much is closing cost in MA?

Closing Costs for Massachusetts Homes: What to Expect As a general rule, buyers should expect to pay 2%–5% of the total purchase price at closing. The median price of homes that sold in the last year is $378,600. If your closing costs are 3%, that amounts to $11,358!

Who pays closing costs Massachusetts?

In Massachusetts, you'll pay about 0.9% of your home's final sale price in closing costs, not including realtor fees. Keep in mind that this is only an estimate. While closing costs will always have to be paid, your real estate agent can often negotiate who pays them — you or the buyer.

Do you need a lawyer to buy a house Massachusetts?

You'll need an attorney to help you buy a home in Massachusetts -- but what tasks does the attorney handle, and which does the real estate agent handle? If you are buying a home in Massachusetts, having both a real estate agent and an attorney by your side will best protect your interests.

Who prepares the purchase and sale agreement in Massachusetts?

seller's agentThe seller's agent or attorney will draft the Purchase and Sale Agreement (P&S). This is the more binding legal document that is the official contract to purchase the home.

What is closing attorney?

The closing attorney will identify any existing mortgages against the real estate that will need to be satisfied at closing in order to transfer good title.

What documents are needed to sell a house by owner?

What Documents Do You Need to Sell Your House?Proof of your identity. ... Property title deeds. ... Shared freehold documentation. ... Energy Performance Certificate. ... Management information pack. ... Fittings and contents form. ... Property information form. ... Mortgage details.More items...

What do you have to declare when selling a house?

What must you declare when selling a property? Major problems found in previous surveys (e.g. subsidence, problems with the roof etc.) Crime rates in the area (e.g. neighbourhood burglaries, murders etc.) Location of the house (e.g. is it near a flight path or near a motorway?)

What does a solicitor do when you sell your house?

The primary role of the seller's solicitor is to provide the information given to them about the property to the buyer's solicitor and support the seller in obtaining any additional information required.

Massachusetts Home Sellers Must Disclose The Existence of Lead Paint

If your home was built before 1978, you (most likely through your real estate agent) must notify buyers whose offer you have accepted about the dan...

Massachusetts Home Sellers Must Disclose The Presence of A Septic System

According to Title 5 of the Massachusetts State Environmental Code, sellers of homes that have a septic system must disclose this to buyers. The co...

Additional Disclosures Massachusetts Sellers Are Often Asked to Make

If the prospective buyer (or buyer’s agent) asks you (or your agent) specific questions about the condition of the property, or if you volunteer ce...

Is there a caveat emptor in Massachusetts?

Massachusetts is one of few states that still follows a legal rule known as caveat emptor, or "buyer beware.". This basically mean there is not a lot you are legally required to disclose to the buyer when selling your property. The burden is on the buyer to ask the right questions and perform a home inspection in order to determine ...

What is a septic system inspection in Massachusetts?

According to Title 5 of the Massachusetts Code (15 CMR § 15.301), sellers of homes that have a septic system must not only disclose this in writing to buyers, but have it inspected within the two years leading up to the sale and give the report to the buyers and to the local board of health. This is commonly called a Title V Certificate.

Do you have to notify a buyer of lead paint?

If your home was built before 1978, you (most likely through your real estate agent) must notify buyers whose offer you have accepted about the dangers of lead paint. Do so by completing the Massachusetts " Property Transfer Notification Certification ." Per Massachusetts practice regarding entering into a home-sale contract, you will need to supply this notification before you and the buyer enter into the formal, lengthy purchase and sale agreement that eventually replaces the offer contract with which you start the deal.

What is probate in Massachusetts?

Probate in Massachusetts. Probate is the legal process that takes place after someone dies. It includes the validation of the will, determining who will be the executor (now called a personal representative), how the estate will be sold and how the assets will be distributed.

How long does it take to get a personal representative appointed?

For instance, in the past it could take up to 45 days for a personal representative to be appointed.

What happens to assets when a person dies without a will?

If a person dies without a will, also known as “dying intestate,” the assets go to “heirs at law” and not the Government as many people wrongly believe. Who the heirs are depends on who survives after the death, and their relation to the person who died.

Is weather important when selling a house in Massachusetts?

However, Massachusetts has very clearly defined seasons, making the weather a significant factor.

Does Massachusetts require a disclosure form for sellers?

In contrast to many other states, Massachusetts does not require sellers to provide an official form, statement or disclosure form to prospective buyers. However, the buyer’s real estate agent may still ask you for a statement including provisions that indemnify the agent or broker in the event of any errors or misstatements.

Is the real estate market in Massachusetts slowing down?

The real estate market in Massachusetts generally continues to improve up to November when it slows again as sellers and buyers alike move focus to holidays and family activities.

When to move in for single family home?

Buyers for these homes generally start looking in the spring, with an ideal “move in” date early June when the school year ends.

Do you have to disclose if your property is haunted?

Unlike some other states, there is no need to disclose if your property has been “psychologically impacted”. Such properties may include those where a murder, suicide, or other crime took place, or that is purported to be haunted.

What is a listing agent in Massachusetts?

In the state of Massachusetts, you may also see seller real estate agents being referred to as listing agents.

What is commission paid to seller?

Commission paid out to a seller’s agent is generally calculated as a percentage of the final sale price of the home. The percentage of commission can vary, with lower levels of service usually corresponding to less robust services.

Do you need a lawyer to sell a house in Massachusetts?

There is no requirement that you hire a real estate lawyer in Massachusetts. But when selling a large asset, having proper legal protection and guidance is recommended. Typically, the buyer will have an attorney and the seller of a house should also have legal representation.

Who can handle condo closings in Boston?

The seller will need to provide condominium documents to the Buyer and provide a 6D certificate at closing. The Greater Boston real estate attorneys at the Law Office of Timo thy A. Sherman can handle both.

Can a POA be used to sell a house?

Selling a home can take a lot of work and effort. It can be stressful. Properly using a Power of Attorney, aka a POA, can reduce stress, save a seller time and eliminate the need for the seller to attend the closing. The real estate lawyers at the Law Office of Timothy A. Sherman always include the drafting of the Power of Attorney in their attorney fee.

Does Massachusetts have an attorney?

when it comes to real estate transactions. That means that Massachusetts home buyers and sellers typically have an attorney represent them, in keeping with Massachusetts General Laws Chapter 221, Section 46a, which prohibits the unauthorized practice of law by nonlawyers.

What is the duty of a buyer's agent?

A buyer's agent owes a fiduciary duty to the buyer to act in the buyer's best interests and to keep the buyer's personal information confidential.

What to do if you accept an offer for a home in Massachusetts?

If you’ve received an offer for your Massachusetts home that you’d like to accept, then the next step will see the buyer arrange an appraisal . This is where an independent appraiser inspects the home to ensure that it's worth the amount that the buyer offered. You as the seller are also encouraged to obtain an appraisal.

When is the best time to sell a house in Massachusetts?

Certain times of the year are better than others when it comes to selling your home. Spring is an excellent time to list your Massachusetts property, as this is the period that buyers are most active. However, each local housing market is different.

Is Massachusetts a buyer beware state?

Massachusetts is a "buyer beware" state, which means, legally, sellers aren't required by the state to disclose anything about the home to buyers. However, you still need to follow federal lead-based paint disclosure laws.

What to do when your property is listed?

Once your property is listed, you’ll need to prepare for offers. This usually comes in the form of a purchase agreement, which states the offered price, and how long the offer is valid for before it expires.

What is a CMA in Massachusetts?

Once you’ve been connected with an experienced Massachusetts-based real estate agent, you’ll then need to obtain a Comparative Market Analysis (CMA) . This is the process of assessing how much your home is likely to sell for in the current marketplace.

Why do both buyers and sellers need an attorney?

Usually, both the buyer and seller have an attorney to help with the closing process. One main reason is that there are risks associated with the sale —circumstances that could delay or cancel the sale or increase the cost. Each lawyer’s job is to transfer as much of that risk as possible to the other party.

What are closing costs in Massachusetts?

In Massachusetts, there are five major closing costs typically paid by the seller: 1 The real estate agent’s commission, usually 5% to 6% of the price of the home. 2 The real estate attorney’s fee, usually between $800 and $1100. 3 State excise tax stamps, set at roughly 0.456% of the price of the home. 4 Smoke and carbon monoxide detector certificate, roughly $50-$100. 5 Septic expenses (if applicable), roughly $800.

What are closing costs?

Closing costs are those costs that must be paid at closing; the point of your sale at which ownership of the house officially changes hands. These costs include things like attorney’s fees, the real estate agent’s commission, and taxes. Some closing costs are fixed amounts, while others are a percentage of the price of the house or property.

Do you have to have a septic tank inspected before selling?

As might be supposed, homes that don’t have septic tanks don’t have septic expenses, either. Those that do have septic tanks must have theirs inspected before sale, according to law. Failing the inspection will not delay the sale, but you must put up the money to fix the problem.

How long is a certificate of compliance good for?

It is possible to have the inspection done well in advance of the sale, but since the Certificate of Compliance is only good for two years, do not get too far ahead of the game.

What is courier fee?

Courier Fee If any documents must be transported during the loan process, that transportation must be paid for. Property Taxes and Mortgage Insurance Buyers are often asked to pay two months ahead on property taxes and mortgage insurance. The money is held in escrow until the payments are due.

What is a special inspection?

Specialized Inspections Separate from the home inspection are checks for lead-based paint, termites, dry-rot or other issues that may require an expert eye—and may be legally required in some circumstances. Again, even if you don’t pay the inspector’s fee, you may be asked to pay for the problems the inspector finds.