For many of our clients a home represents their largest and most important investment. For over 50 years our firm has specialized in the purchase and sale of residential and commercial property.
We represent many local lenders, doing mortgage work, and can assist from the acceptance of the offer, through purchase and sales agreement, title search, closing and all of the other issues that arise.
We work with local Real Estate Brokers to insure a smooth successful experience for all parties involved.
Offers to Purchase: While we do not usually get involved in a transaction until after the Offer to Purchase is signed, it should be remembered from the Sellers perspective that an Offer to Purchase is often enforceable by the Buyer. Conversely, since the Buyer usually only has a token initial deposit on the line, the Offer to Purchase is not really binding on the Buyer, except for the token deposit that is rarely forfeited anyway. The Seller should remember that by accepting an Offer, he/she is effectively taking his property off of the market subject to the terms of the Offer.
Purchase and Sales Agreements: This is a critical part of the sale or purchase of a home, because it defines the rights of the parties. Typically the Buyer has various escape routes, including inability to obtain financing, title or technical issues. A Seller is bound by the agreement and usually does not have escape routes, and conversely must await various contingencies beyond his or her control. Under current Real Estate practices, often a Seller must hold property off of the market for weeks or months while awaiting a buyer’s financing contingency, with no compensation to a Seller if the deal falls through. A seller has to plan accordingly.
We are often asked by a Seller ‘when do I know that I have a deal?’ Our answer is always: “When the closing is completed, the money is tendered, and the deed is recorded.” Up until that point, any and everything can happen (and often does).
Title Search: Our office will review the relevant records at the Registry of Deeds to determine if the title is clear and marketable. Typically outstanding mortgages and routine liens including real estate taxes and association dues will be settled at closing.
Title Insurance: There are many title risks that are not covered by even the most careful title search. Some of these include unrecorded liens, forgeries, bankruptcies, incorrectly discharged mortgages.
Closings: This is the part where the money is paid, the deed delivered and the papers recorded.
Post-Closing: These issues include making sure all liens and mortgages are paid, as well as outstanding tax and water charges, and any other issues that may arise at closing.