Real estate closings are governed by state and federal laws. Important issues may arise in connection with purchase and sale agreements, financing, construction, title, zoning, or tax-deferred exchange agreements. You should make sure your interests are protected in what might be one of the most expensive transactions of your life. The experienced Quincy real estate attorneys of Brabant & Huynh handle real estate closings for residential and commercial property.Real Estate
The first step in a sales transaction is typically the buyer’s offer to purchase the property in question. The offer doesn’t spell out every detail about the transaction. After the seller accepts, a purchase and sales agreement will need to be drafted and executed. Both buyer and seller will likely want favorable terms in the agreement, and these terms, including contingencies, such as the securing of financing, will need to be hammered out. Additionally, it's critical to both buyer and lender’s interests that the seller’s title be marketable. This means the title is free and clear of all title defects, including encumbrances, liens, and the potential for litigation. Generally the lender will not be involved during the drafting of the agreement, which makes it especially important to retain a real estate lawyer to review it and ensure legal compliance.Residential Real Estate Closings
In Massachusetts, residential real estate closings must be conducted by an attorney. Under the Real Estate Settlement Practices Act (RESPA), borrowers can ask to choose their own real estate lawyer in Quincy rather than use the bank's. At closing, all the documents should be closely examined to make sure the sale of the property progresses in a timely and appropriate way. Any changes that need to be made should be negotiated. It’s important to under the terms of the purchase and sale agreement and mortgage and financing documents.
Usually the buyer’s attorney performs the closing work. Among other things, he or she will conduct a title search of the public records in the county where the subject property is located to figure out the chain of title of ownership for at least 50 years. The purpose of this search is to make sure that title has been passed properly, such that there won't be surprises, such as other people claiming interest in the property, in the future. The title search will also reveal whether there are any unpaid real estate taxes, unpaid federal taxes, judgments, easements, or liens for municipal improvements that impact the property.Commercial Real Estate Closings
Commercial real estate transactions are governed by different rules than residential transactions are. Often the buyer and seller involved in the commercial transaction are both entities, not individuals. In that case, a Quincy real estate attorney conducting a closing may pay close attention to the authorization of the purchase and sale through the entity's management structure. Often there is more liability involved in this type of transaction; certain steps may need to be taken to shield the owner from litigation.
A commercial closing also involves a more formal escrow process. The commercial property’s title is typically complex. It is critical to conduct due diligence prior to closing. Due diligence refers to the inspection of both commercial property and the business entity entering into the transaction, before the buyer decides whether to go forward. A buyer may need to consider matters like surveys, title, zoning, environmental reports, asbestos or other toxic exposures such as lead paint, the presence of wetlands conditions, flood zones, code compliance, and tenant leases. Numerous documents must be prepared and reviewed for the closing. There may be an assignment and assumption of leases, whereby the seller's obligation will be passed to the buyer.Discuss Your Real Estate Transaction with Our Law Firm
Based in Quincy, the real estate lawyers of Brabant & Huynh may be able to represent you or a loved one in a residential or commercial closing. We also represent buyers and sellers of real property in Dorchester, Mattapan, Milton, Dedham, Canton, Stoughton, Randolph, Holbrook, Braintree, Weymouth, Hingham, Brockton, Bridgewater, Avon, Hanover, Abington, and Norwell. Call us for a free consultation at (617) 934-0913 or complete our online form.