Q: Do I
need a lawyer if I am selling my home?
A: Selling a home is an enormous
step, both financially and personally. It is always advisable to
have legal representation when entering into such a significant
transaction. The process of selling your home will require you
to sign a binding contract, commonly referred to as a Purchase
and Sale Agreement. If you are represented by a lawyer, he or
she will work to represent your needs in the preparation of the
Agreement, and will review the document to limit your legal
exposure in the form of warranties, guarantees, etc. If the
buyer is represented by an attorney and you are not, the buyer
may have a very unfair advantage in negotiating the terms to be
included in the Agreement. In addition, a lawyer will
customarily prepare the Deed, gather and prepare any other
necessary documents for the closing, as well as attend the
closing with you to review the final documents and the final
figures if you so desire.
Q:
I will be placing my home on the market
soon. When should I hire a lawyer?
A: The sooner the better. Ideally,
you will have legal representation before you list the property,
in order to help you prepare for the sale, and to review any
offers you may wish to accept. Under Massachusetts Law, a signed
Offer to Purchase Real Estate is a binding contract.
Q:
What steps do I need to take if I am
selling my home?
A: There are many steps that need
to be completed by the seller prior to the closing. Please see
our
“Seller’s Checklist” in our
Download Forms
section in order to get a list of items that need to be
completed when selling a home.
Q:
Will I have any closing costs if I sell my
home?
A: A seller will have the
following costs at the closing
– the real estate agent’s
commission if a real estate agent was used, stamp tax due (this
is a Massachusetts Tax on the sale of real estate and is paid by
the seller), and any unpaid real estate taxes through the date
of the closing. There may be additional costs and adjustments
made on the day of the closing for things such as hot water and
oil.
Q:
Can I sell my house and buy a new house on
the same day?
A: It is possible to sell a home
in the morning and purchase a new home that afternoon. However
it is important to keep in mind that it may be difficult to
receive the proceeds from the sale in time to purchase on the
same day. No funds may be released from the sale of a property
until the new deed is recorded at the Registry. |
