Residential Real Estate

The purchase and sale of real estate, whether it is a home or investment property, is often the largest financial transaction in a lifetime. It is important that each party to the transaction be represented by an attorney who is looking out for their respective interests. Before beginning the process of buying or selling, Moniz Law Office, P.C. recommends consulting with a lawyer as soon as you know you are going to buy or sell a house — even before you call a real estate broker.

Buyers and Sellers involved with a real estate transaction are often asked to sign documents that are frequently represented as "standard forms", but they are not. An Offer to Purchase and a Purchase and Sale Agreement have significant legal and financial consequences and it is extremely important to be fully informed before signing any such binding contracts. That is where we come in.

Our real estate practice involves all areas of general residential real estate, from the representation of buyers and sellers in the purchase and sale of real estate to representing lenders and mortgage companies in financing residential purchases and refinances.

In Massachusetts, an attorney must represent the lender in a mortgage closing transaction. In the purchase or sale of real estate it is also common for each party to have their own attorney to represent their respective interests. Most lenders and mortgage companies today have an open "approved attorney list" so that the buyer can have their own attorney also represent the lender by simply asking the lender to allow their attorney to represent them also.

Protect your rights. Contact us today to discuss your real estate and title insurance needs with an experienced real estate lawyer and title agent during a free initial telephone consultation.

Services Provided

Representation of the Buyer

The role of the Buyer's attorney is concerned with obtaining clear and marketable title for the Buyer. The Buyer's attorney has the added responsibility of handling the negotiations with the Seller and the Seller's attorney. As the Buyer's attorney, we provide the following services:

Draft and negotiate an Offer to Purchase and a Purchase and Sale Agreement;
Negotiate any issues raised by a home inspection with Seller's attorney;
Review the condominium's governing documents (if a condominium is being purchased) with the buyer so that the buyer understands the role of the condominium association;
Review the mortgage commitment letter and review the terms of the Buyer's loan with the Buyer;
Advise the Buyer as to what documents will be needed for closing;
Coordinate the closing with the attorney representing the lender (if applicable);
Discuss options with the Buyer as to how to hold title;
Review the HUD Settlement Statement prepared by the lender's attorney with the Buyer to ensure closing costs and adjustments between the buyer and the seller are correct;
Prepare a Declaration of Homestead;
Attend the closing with the Buyer and review all paperwork including any mortgages, notes, and other documents with the Buyer.

Representation of the Seller

The role of the Seller's attorney is to resolve any title issues that may arise from the title exam and handle the negotiations on behalf of the Seller. As the Seller's attorney we provide the following applicable services:

Draft and Negotiate an Offer to Purchase, as well as a Purchase and Sale Agreement;
Negotiate any changes to the Agreement with the Buyer's attorney;
Prepare the deed from the Seller to the Buyer;
Resolve any title issues that are discovered through the lender attorney's title search;
Obtain payoff information for Seller's mortgage so that it can be satisfied at closing;
Review the HUD Settlement Statement with the Seller that is prepared by the lender's attorney to insure all closing costs ad adjustments are correct;
Attend the closing either with or on behalf of the Seller as necessary.

Representation of the Lender

The role of the lender's attorney is to protect the lender's interest by insuring that the title is clean and marketable. In order to accomplish this, we provide the following applicable services as the lender's attorney:

Order the title exam and work with the Seller's attorney to resolve any title issues that are discovered;
Order a Municipal Lien Certificate from the city/ town where the property is located to check for past due taxes and water and sewer charges on the property;
Order a plot plan, if necessary, for the property that outlines the lot dimensions;
Prepare the loan documents, including the HUD Settlement Statement;
Facilitate the closing;
Record the new deed, mortgage, and any other relevant documents at the appropriate registry of deeds;
Pay off the existing mortgages and any liens from the Seller's proceeds;
File IRS disclosures related to the transaction;
Issue title insurance policies to the lender and the Buyer.

Title Insurance

Most lenders require that a lender's title insurance policy be procured at the closing. This policy is included in the lender's closing costs paid by the buyer. A lender's policy insures the lender's mortgage against loss due to defects in title that were not discovered at the time of the sale. The lender's title insurance policy offers no protection for the homeowner.

A Buyer may also elect to purchase an owner's title insurance policy for an additional one time premium. Owner's Title Insurance insures your home for as long as you own it. As an agent for Fidelity National Title Insurance Company, our office can issue both the lender's and owner's title insurance policies at the time of the closing.

Important Resources