Massachusetts Real Estate Law Overview
We handle every facet in Massachusetts real estate law including MA purchase and sales contracts, purchases, sales, financing, leasing and MA evictions, construction, Section 1031 tax-free exchanges, MA real estate titles, MA foreclosure of mortgages and litigation involving Massachusetts real estate. Attorney Lima is a Massachusetts real estate lawyer who handles both routine and complex MA real estate transactions and disputes. Our clients include Massachusetts home buyers and Massachusetts home sellers, investors, institutional lenders, private party lenders, builders, developers and landlords.
MA Real Estate Purchases and Sales: We assist clients in the negotiation and closing of MA real estate acquisitions and sales, including the preparation of MA purchase & sale agreements, conveyancing documents, financing documents, tax-deferred exchange agreements and other related documents. We can represent a buyer, a seller or a lender in these transactions, although never a buyer and seller in the same transaction. The same Massachusetts real estate attorney may represent a buyer and the lender in the same transaction.
The first step in a purchase and sales transaction is usually an offer made by the buyer to the seller to purchase a property. Although binding, an accepted offer does not contain great detail. Consequently, a purchase and sales contract is subsequently executed. The buyer and seller are concerned about the language of the contract. Both want favorable terms in the event things don’t go as planned. The lender is not involved in the negotiation of this contract. It is important the buyer have his MA real estate lawyer review the contract. The agreements to sell between a real estate buyer and seller are governed by Massachusetts contract law. The statute of frauds requires that real property contracts be in writing. The agreement will not be verbal.
The next consideration for a buyer and lender is the quality of the seller’s MA real estate title. Title to real estate must be marketable, which means that it must be free and clear of all encumbrances, liens, legal questions, litigation risks, or other title defects. To ensure the property purchased has a marketable title, the buyer or more accurately, the buyer’s lender, employs an attorney to perform a title search. If you are the buyer in a transaction, tell your lender you want your Massachusetts real estate attorney assigned to do the closing work. It is often possible, and with the Law Offices of David W. Lima serving as the MA closing attorney, it saves you money. In a title search, the public records in the county in which a property is located are examined to determine a chain of title of ownership for a minimum of fifty years. The search will assure that title always properly passed owner to owner. The search will also reveal if there are any encumbrances on the property, such as mortgages, unpaid real estate taxes, liens for municipal improvements, unpaid federal taxes, government claims, judgments, and easements. This attorney will arrange an Owner’s Title Policy to insure the buyer against losses caused by title defects.
To pass title to MA real estate, the seller’s attorney must prepare a deed with a correct description of the land for the seller to sign and deliver to the buyer at closing. The seller’s attorney will also assist in obtaining information necessary to pay off existing mortgage loans and clear the title and will assure the calculation of monies is accurate for the seller. The attorney hired by buyer’s lender will conduct the MA real estate closing by having prepared the loan documents. That attorney will record the deed to establish ownership of the MA real property and to provide notice of its transfer to subsequent purchasers, and the mortgage to establish the lender’s lien on the property to secure the loan.
In short, we handle all aspects of the MA real estate closing.
MA Real Estate Title: Our firm is experienced at analyzing and solving MA real estate title problems, easements and access disputes, and handling all title related litigation. Attorney Lima is an appointed Massachusetts Land Court Title Examiner.
MA Financing: We represent clients seeking financing and also represent many lending institutions. We advise clients on current methods and alternatives in real estate financing and assist in the documentation of real estate mortgages, deeds and contracts for sales. The same Massachusetts real estate lawyer may represent a buyer and the lender in the same transaction. The Law Offices of David W. Lima saves buyers money when we represent their lender in preparing their loan documents and handling their MA real estate closing representing them individually, as well.
Massachusetts Leasing: The firm represents landlords and tenants in MA residential lease transactions. Often this representation involves drafting or reviewing a lease and assuring that the document complies with the requirements of Massachusetts real estate law. At times, the relationship between a landlord and tenant goes bad and a MA eviction to remove the tenant results. We can assist landlords in initiating Massachusetts evictions to protect their property and recover rent monies past due. We also assist tenants in litigating violations of the Massachusetts landlord-tenant laws.
Massachusetts Real Estate Development: We assist clients in all Massachusetts residential real estate development including the subdivision of land. We have extensive experience in the creation and operation of MA condominiums.
Massachusetts Foreclosure: We represent clients holding mortgages on real estate who are not being paid on the underlying obligation. We can foreclose the mortgage to obtain payment or title to the collateral.
Partition of Massachusetts Real Estate: Sometimes a title to MA real estate is owned by multiple parties who can’t agree on disposal of the property. We can assist a co-owner in forcing a division of the property on the ground, if feasible, or if not, a sale of the property. This type of action is called a partition action.
Massachusetts Short Sales of Real Estate: Sellers may own MA real estate that is worth less than the money owed on the mortgages encumbering the property, and the costs of a potential sale. In that circumstance, the seller must obtain the approval of the mortgage lender(s) to sell the property for less than what is owed. This type of transaction is known as a MA short sale. We assist sellers in obtaining approval and closing of MA short sale transactions.
Attorney David W. Lima handles all MA real estate law transactions personally and is aided by an elite staff and state-of-the-art technology. Attorney Lima is a member of the Massachusetts Real Estate Bar Association. He has more than twenty years experience in Massachusetts real estate law representing buyers, sellers, lenders, landlords, tenants, developers and litigants. Call Attorney David W. Lima today for a free consultation on MA real estate law matters.
Attorney David W. Lima handles all types of real estate law matters throughout Massachusetts including but not limited to the cities and towns of Ashburnham, Ashland, Athol, Barre, Berlin, Central Massachusetts, Metro West, Metrowest, Boylston, Clinton, Fitchburg, Framingham, Gardner, Holliston, Hopkinton, Hubbardston, Hudson, Lancaster, Leominster, Marlborough, Marlboro, Milford, Natick, Northborough, Northboro, Paxton, Shrewsbury, Southboro, Southborough, Sudbury, Templeton, Upton, Wayland, Wellesley, West Boylston, Westborough, Westboro, Weston, Winchendon, and Worcester, Massachusetts.