Worcester is the second-most populous county in Massachusetts, with over 800,000 residents in 2013, according to U.S. Census Bureau estimates. The county and its capital, the city of the same name, attract families, educators, and professionals from around the state and the country with numerous colleges and universities. Nearly 40 percent of the jobs in the county are in medicine and education. Homeowners, prospective owners, and lenders in the Worcester area can come to Pulgini & Norton for their real estate matters. Our lawyers offer knowledgeable and client-focused representation across a broad range of situations.
Buying or Selling a HomeThe sale of property is often a major step for both the buyer and the seller. The process takes the parties through various phases with significant legal implications. They will need to review and negotiate the terms of the offer to purchase and the purchase and sale agreement. Both documents are based on standard forms, but their terms need to be reviewed and negotiated to protect the rights and interests of each party. The seller, for instance, will want to limit the prospective buyer’s right to withdraw the offer based on the inspection, whereas the buyer will want to maximize the ability to withdraw based on what is found in the inspection.
The purchase and sale agreement is where the parties hammer out their obligations and rights in order to close the transaction. Buyers and sellers will typically negotiate contingencies related to the mortgage, appraisal, and title. Any additional requests are added in a rider to the agreement. For example, the buyer may ask that the seller include certain appliances in the sale that are not reflected in the purchase price.
The closing is when the seller transfers the property to the buyer. An attorney will oversee the closing process, which includes verifying that the seller is conveying clear and marketable title, distributing funds accordingly, and recording the deed, mortgage, and other financing documents. Our attorneys can advise you throughout the home buying and selling process, from offer to closing.
Financing and Refinancing a MortgageBuyers typically finance part of the purchase price for a home. A buyer will need to obtain a mortgage by the date specified in the purchase and sale agreement. While the deadline helps facilitate the closing of the sale, a buyer may feel pressured to accept a mortgage with terms that are less than favorable. A buyer should understand the legal and financial implications of the terms of their mortgage. A buyer should review the mortgage note carefully to understand the rights of the lender. For instance, the note may give the lender the right to accelerate the entire balance on your mortgage if you drop or fail to renew your home owner’s insurance, even though the state of Massachusetts does not require that you carry it.
Existing homeowners may consider refinancing their current mortgage. Many homeowners refinance if it will decrease their monthly mortgage payment, or if they need the additional funds for home improvements or to cover other expenses. The process for refinancing is similar to that of financing a home. The lender will want to check the homeowner’s credit, verify the household income, appraise the property, and conduct a title search. In some cases, a borrower will need to add someone to the deed in order to obtain a refinancing. This can affect the borrower’s ability to sell the property later. Certain homeowners may qualify for a reverse mortgage, which allows them to borrow against the equity in the home as long as the homeowner lives on the property.
Seek Guidance on a Real Estate Matter from a Worcester LawyerAt Pulgini & Norton, our property transactions attorneys have more than four decades of combined experience serving clients in Worcester and the surrounding area. If you are a homeowner, prospective buyer, or lender, we can provide the guidance you need to protect your interests in a real estate matter. Our attorneys are skilled negotiators who can review the relevant documents and draft provisions that protect your rights. We can review and explain complex financial terms and legal concepts and help you understand their long-term implications. If you need assistance on a real estate matter, give us a call today at 781-843-2200, or fill out our contact form, to schedule a consultation.