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Law Office of Alan H. Segal

Can Closing Costs Ever Be Negotiated?

Closing CostFiling fees cannot be negotiated because they are charged by the Commonwealth of Massachusetts. However, the lender costs could potentially be negotiated.

Who Typically Pays For The Closing Cost?

The buyer and seller will each pay certain costs associated with the closing.

How Does It Work When A Seller Finances A Closing?

Generally, the seller is going to charge for the recording of the mortgage at the registry of deeds. The seller will probably also charge for the preparation of the mortgage. The seller will want title insurance in order to protect themselves, which is an extra cost that the buyer generally pays. When it is a seller financing, the buyer is going to pay the title insurance for the seller’s interest in the mortgage.

What Are The Limitations To Financing Closing Costs?

There are no limitations to financing closing costs.

What Types Of Insurance Will I Need?

There are two types of insurance that pertain to the buyer: homeowner’s insurance and owners and lenders title insurance. A person will need owners and lenders title insurance and if they have a condo then the condo association would have a policy on the whole complex.

How Do Lender Concessions Work?

Lender concessions are credits or debits that will appear on the closing statement.

What Are Some Of The Pitfalls That People Can Avoid By Using An Attorney To Close A Real Estate Transaction?

Pitfalls during a real estate transaction can be avoided by using an attorney who will do a title search and ensure that everything is fine. An attorney will prepare the title insurance and record the documents at the registry of deeds. If someone uses an attorney who does not know what they are doing, then they will have a big problem. It is best to have an attorney who knows and understands the process, and who can protect the client’s interests. In terms of preparing the purchase and sale agreement, there are certain protective devices that the attorney would add to the purchase and sale agreement.

Who Pays For The Attorney Fees At My Closing?

The seller pays for the attorney’s fees, which should be reflected on the closing statement. The buyer pays the attorney’s fees regarding the title search, title insurance, and each party pays their own attorney’s fees.

How Long Will A Closing Generally Last?

The amount of time that a closing will take depends on who does it. I am an experienced attorney, and I can get it done within a half hour to an hour if I am representing a buyer. When I represent a seller, it will take about a half hour if we have to go to the closing.

How Far In Advance Should I Contact You As My Attorney To Handle My Closing?

A person should contact their attorney prior to signing the offer. The offer usually has 30 to 45 days for a closing and indicates when the purchase and sale agreement has to be done. In general, an attorney should be contacted prior to or just after the offer has been signed.

Additional Information On Closing A Real Estate Transaction In Massachusetts

It is important to have an attorney in place at the time of the offer or prior to the offer. This is because timing is crucial from the buyer and seller’s point of view and the deposit money needs to be protected. It’s also important that the purchase and sale agreement reflects what was said in the offer and that the person is protected by the other buyer or seller.

For more information on Negotiating Closing Costs In A Real Estate Transaction, an initial consultation is your next step. Get the information and answers you are seeking by calling (339) 499-9099 today.

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