Law Office of Alan H. Segal

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Law Office of Alan H. Segal

Should My Attorney Draft An Agreement Or Should I Use A Standard Listing Agreement?

Drafting An AgreementA standard listing agreement is actually called a purchase and sale agreement, and whether or not someone should use one will depend on whether they are the buyer or seller. If they are the buyer, then the seller’s attorney will send a proposed purchase and sale agreement to their attorney. The buyer’s attorney would then run it by their client and the seller’s attorney.

Will You, As My Attorney, Review The Offer Or Agreement Prior To My Signing It?

If someone has retained me prior to the signing of an offer, then I would be happy to review the offer. However, people generally deal with a broker first, who signs the offer agreement and then sends it to the attorney.

The Offer Has Been Accepted And We Have Signed A Contract, What Happens Next?

Once an offer has been accepted and a contract signed, the purchase and sale agreement will be prepared. The purchase and sale agreement is separate from the offer agreement, and that has to be worked on prior to anything else that is going to happen.

Will We Meet Prior To The Closing To Go Over My Documents?

There is no need to meet with an attorney prior to the closing to go over documents. Again, a lot depends on whether someone is the buyer or the seller. Generally, and with technology these days, there is no need to even meet prior to the closing. Since everything is done through the internet, a meeting with the closing attorney is really not necessary at that stage. In terms of whether or not someone has to attend the closing, it will depend on whether they are the buyer or seller. When I represent a seller, I handle everything and my client does not need to attend the closing; they just have to sign the deed and power of attorney. Buyers, on the other hand, will have to attend the closing because they are going to have to sign mortgage and lender documents at the closing.

Where Is A Closing Held And What Do I Need To Bring With Me?

Generally, the closing is held at the buyer’s attorney’s office. The seller’s attorney would transfer the papers to the buyer’s attorney’s office prior to the closing, and the seller would not need to attend that. Very rarely are closings held at the registry of deeds because there is the option of E-recording and E-filing.

What Are The Costs Associated With Closing?

The costs associated with closing depend on whether a person is a buyer or seller. If they are the seller, then they will have to pay a stamp tax on the sale of the property, which is four dollars and fifty-six cents per $1,000. If there is a mortgage on the property that has to be paid off, then the closing attorney would deduct the amount of the payoff on that mortgage, and there would be an associated cost for the discharge of that mortgage. The amount would be anywhere from $75 to $80 depending upon the E-filing costs to record it. On the buyer’s end, there is a $125 fee to record the deed and an E-recording fee of anywhere from four to nine dollars. In addition, there is a $175 fee for recording the mortgage, a $35 fee for the homestead, a municipal lien certificate cost of anywhere from $25 to $50, and a $65 E-filing fee to record that at the registry of deeds. The lender may charge additional fees for the right to do the mortgage based on what was borrowed and what has been mortgaged.

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

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