Residential Real Estate Law
Real Estate Closing Attorney
Whether you’re buying the home of your dreams or selling your commercial building, it’s important to have the support of a knowledgeable real estate attorney who can ensure your interests and rights are protected in every aspect of the deal.
At the Law Offices of Erica M. Foster, we’ve been helping buyers, sellers, lenders, and developers navigate complex real estate transactions and disputes for over 20 years. From the negotiation and creation of sales contracts to preparing the title work, our firm provides the direction and insights you need to make informed decisions and attain your goals.
Real Estate and Mortgage Closings
Our firm works with you and the other parties involved to ensure a timely and stress-free closing with absolutely no surprises. From diligently reviewing contracts to ensuring titles are clear, we review the legal details of your transaction to minimize the risk of problems arising down the road. When issues do emerge, Erica leverages her extensive experience in commercial and residential real estate law to come up with a workable solution and make sure that closing day goes smoothly.
In Massachusetts, it is required in real estate contracts that the title to the property sold be marketable. This means that the seller must have proof of title to all the property he or she is selling and that third parties not have undisclosed interests in the title.
A title insurance company or an attorney in Massachusetts is often employed by the buyer to investigate whether the title is, in fact, marketable. Title insurance companies also insure the buyer against losses caused by the title being invalid.
In order to pass title in Massachusetts, a deed with a proper description of the land must be executed and delivered. The deed must be officially recorded to establish ownership of the property and/or provide notice of its transfer to any subsequent purchasers.
A mortgage involves the transfer of an interest in land as security for a loan or some other obligation. It is the most common method of financing real estate transactions in Massachusetts and elsewhere. The mortgagor is the party transferring the interest in land, and the mortgage, which is usually a financial institution, is the provider of the loan which is given in exchange for the security interest. A mortgage is generally paid in monthly installments that include both interest and a payment on the principle amount that was borrowed. Failure to make payments results in the foreclosure of the mortgage. Foreclosure allows the mortgagee to declare that the entire mortgage debt is due and must be paid immediately. This is accomplished through an acceleration clause in the mortgage. Failure to pay the mortgage debt once foreclosure of the land occurs leads to seizure of the security interest and it’s sale to pay for any remaining mortgage debt.
Contact The Law Office of Erica M. Foster Today
Make sure your deal goes smoothly by hiring an experienced Massachusetts real estate lawyer to protect your interests. Contact the Law Office of Erica Foster today for a free initial consultation. Call us at 978.750.8857 or click here to fill out our online form.
Some of the Massachusetts cities and towns we provide legal services to are: Beverly, Boxford, Danvers, Hamilton, Lynnfield, Manchester, Marblehead, Middleton, North Reading, Peabody, Salem, Topsfield and Wenham MA.