Just approximately 15 miles up the coast from Boston are Swampscott and Marblehead, Massachusetts, two small, affluent North Shore communities. Known for their beaches and suburban lifestyle, Swampscott and Marblehead have much to offer families and those looking to get away from Boston’s chaos though close enough to enjoy its urban amenities.
If you are looking to sell or buy real estate, contact Swampscott/Marblehead real estate attorney Deborah Gold-Alexander to assist you with preparing all the applicable documents, acting as the closer attorney or representing your interests at the closing. Under Massachusetts law, an attorney must be present at the closing so why not have Attorney Gold-Alexander be with you from the inception of your transaction to your closing to ensure your rights and interests are well-protected?
What Does a Real Estate Attorney Do?
Banks or lenders may have their own attorneys and may often provide its own attorney at the closing as required by law. However, Attorney Gold-Alexander is a title agent and has been approved by many banks or lenders to act as the closing attorney for a real estate transaction. If the bank or lender insists on using their own attorney, it is to your considerable benefit, to have your own lawyer representing you since many transactions run into complications that can cause you to lose money and valuable time. Swampscott/Marblehead real estate lawyer Deborah Gold-Alexander can do the following for you regarding your real estate transaction:
- Negotiate and review your Offer to purchase, Purchase and Sales Agreement and other documents regarding the purchase such as condominium documents, leases etc.
- Order a municipal lien certificate once the title order is received. This document discloses the real estate taxes and any other charges on the property that the city is imposing. Also, existing mortgages on the property are ordered to be paid off.
- Examine the title. An examination goes back 50 years to look for defects in title such as chain of title discrepancies, improper recordings, liens and encumbrances that still remain, or the omission of a spouse’s signature that is necessary to the transaction.
- Deliver certification of title to the buyer.
- Ensure the issuance of title insurance to lender and buyer.
Your attorney can also help you with the negotiations over the price. Occasionally, a sale is stalled because the buyer wants the seller to remove or keep in place an item or condition. An experienced negotiator can often find ways to satisfy both parties by offering some kind of compromise without altering the offer.
Disclosures and inspections are essential and the failure to disclose a material condition or an inspection that reveals a defect can derail a transaction. In many cases, your attorney can have the seller remedy the defect or reduce the sale price so that the closing can proceed, or have any earnest money returned if applicable.
The Closing Attorney
As indicated, attorneys are required to be at the closing. Your Swampscott/Marblehead closing lawyer will have the following responsibilities if acting as the closer attorney:
- Prepare and deliver the mortgage, promissory note, disclosures, and HUD-1 Settlement Statement
- Manage payment and allocation of taxes and utilities
- Pay lender fees and costs
- Fund the escrow account
- Pay transfer and recording fees
- Distribute the sale proceeds
- Arrange for realtor commissions
- Deliver Title V septic certification and condominium 6(d) certification
- Explain and clarify each document
- Collect and distribute the funds
After the closing, your real estate attorney will process the loan funding, see that there are no changes in the title, and finally record the deed and mortgage and any other applicable documents. Any existing mortgages must be paid off and any liens discharged. You will receive your title insurance within a few weeks of the closing.
Retain Swampscott/Marblehead Real Estate Lawyer Deborah Gold-Alexander
Deborah Gold-Alexander has been representing the real estate interests of buyers and sellers in the greater Boston area, including Swampscott and Marblehead, since 1985. She has handled nearly every issue that has risen that could threaten to derail a real estate transaction and has successfully negotiated for both parties. Ensure that your real estate needs are provided for and your legal rights protected by a legal professional who has a commitment to giving you the services you need in the largest financial transactions of your life.