Whether you are buying or selling real estate in Methuen, it is crucial to understand the terms of the purchase contract, as well as related matters like mortgages. Knowledgeable legal counsel can evaluate your circumstances and your goals and help you make sound decisions about the transaction from start to finish. In Massachusetts, an attorney is required to preside over closings, and it may be helpful to have legal counsel for many other stages of the process. At Pulgini & Norton, our Methuen real estate attorneys can advise you on choosing your new home, arranging a mortgage, and securing a favorable purchase and sale agreement, among other matters.
Representation in Real Estate MattersBuyers often work with several real estate agents. They can advise you on the amenities of the home and the nuances of living in the neighborhood, and they can walk you through the process, trying to get you a good deal. They typically have the most information about the market. However, they are paid on commission when working with buyers, which means that they get paid when a buyer buys a home through them. This may pose a problem when a buyer is unhappy with their agent and seeks help from other agents who also believe that the buyer is only working with them and that they will receive a commission.
Once a home is sold, multiple agents may believe that they have a right to the commission. Generally, the agent who is considered the procuring cause of the sale receives the commission. Procuring cause disputes are common. The agent who shows a home to a buyer is not necessarily entitled to receive the commission. Instead, the agent who ignites the buyer's interest in buying the home is the procuring cause. That agent is the person who earns the commission.
Often, real estate agents control access to the Multiple Listing Service (MLS), where most houses for sale are listed. The MLS is a powerful tool because it lets the widest range of buyers know that a home is for sale. However, pocket listings are becoming more common. These are off-market or off-MLS sales. Sellers like them because they are confidential, and they do not require the seller to make special preparations to sell their home. Instead, sellers hope that by selling through a pocket listing, the buyer will buy as-is. Generally, pocket listings do not lead to competitive bidding.
Real estate agents are not lawyers. They cannot give you legal advice about whether there are any issues with a home that might cloud title down the road or which mortgage might fit your needs. An experienced attorney may help make a real estate purchase go more smoothly by explaining any related complexities. For example, there may be an issue with title that might affect your ability to get a mortgage for a particular home. Working with a knowledgeable attorney may help ensure that you do not waste your time on a home that is not the right fit.
Contact a Knowledgeable Real Estate Attorney in MethuenMethuen is located in Essex County and is home to about 50,000 residents. Located on the Merrimack River, it has a total area of 23 square miles. If you are buying or selling property in this area, it is important to understand the potential legal consequences of the many decisions that you will need to make in connection with the transaction. The Methuen real estate lawyers at Pulgini & Norton can advise and represent buyers, sellers, and lenders. Call us at 781-843-2200 or contact us via our online form for a free consultation with a property transaction attorney.