Real Estate FAQs

Real Estate

  1. I am buying a house. What are the benefits of having a Real Estate Attorney represent me personally if the Lender is also “providing” an Attorney?
  2. I am selling my house. My Real Estate Broker is neutral on the question of whether I should have an Attorney representing my interest during the process and at the time of the closing. Should I?
  3. I want/need to sell my home. The amount of my mortgage is equal to or more than the amount I think I can sell it for. I’ve hear that a “short sale” may be the answer. What is a “short sale” and what is the role of the Real Estate Attorney in the process?
  4. I want/need to sell my house but it is under foreclosure. Is there anything I can do prior to the foreclosure and how can a Real Estate Attorney help me with this problem?
  5. I want to sell my house without a broker. What would be the role of a Real Estate Attorney under a “for sale by owner” situation and the estimated costs?

Question: I am buying a house. What are the benefits of having a Real Estate Attorney represent me personally if the Lender is also “providing” an Attorney?

Answer:

Your home is likely to be the most expensive item you will ever purchase. It surprises me how many people in an effort to save a thousand dollars or so will in essence let their broker or the lender’s attorney advise them through the process without their own legal representation.
Better to pay the money and let an experienced attorney educate, advise, negotiate and simply said, get a Professional in your corner whose only loyalty is to you.

Question: I am selling my house. My Real Estate Broker is neutral on the question of whether I should have an Attorney representing my interest during the process and at the time of the closing. Should I?

Answer:

Personally, I always recommend to a client that they seek the advice of the appropriate professionals. Getting the advice and representation needed for a smooth transaction is well worth the investment. It is very common these days, due to the practices of the financial sector from which we get our money, only to discover on the eve of closing that there is a missing or incorrect previous discharge of a mortgage in the chain of title, which may hold up a closing from taking place. Get ahead of that curve and take all available steps to work toward a problem free and successful closing and hire someone who will be in your corner exclusively.

Question: I want/need to sell my home. The amount of my mortgage is equal to or more than the amount I think I can sell it for. I’ve hear that a “short sale” may be the answer. What is a “short sale” and what is the role of the Real Estate Attorney in the process?

Answer:

Many people are unpleasantly surprised to see that the value of their home is now worth less than their one or two mortgages combined. Many of us have had our equity lines reduced or eliminated.

For those who aren’t able to ride out this downward part of the real estate cycle, a sale for less than the value of the home (short sale) may be necessary. Whether a lender and/or lien holders will agree to this takes the coordination and experience of attorneys and other professionals who are comfortable with the process, the information necessary to present to the lenders and able to present this in its most favorable light. To determine whether a “short sale” may be your answer, it is in your best interest to speak to your real estate attorney, tax advisor and loan workout specialist. This team approach will give you the best chance for success.

Question: I want/need to sell my house but it is under foreclosure. Is there anything I can do prior to the foreclosure and how can a Real Estate Attorney help me with this problem?

Answer:

A foreclosure is a very tough financial and emotional position to be in. Most facing it have been victims of the latest financial meltdown; good people in a bad situation. Generally speaking, lenders do not want to own real estate, maintain real estate or be subject to potential title and environmental flaws that may come with the property. A real estate attorney certainly can explain the law to you and contact either the lender or their attorney to attempt a “workout” or loan modification. If this is not possible or the lender is not so inclined, the attorney will involve the appropriate litigation or asset protection attorneys who would work toward giving you the best possible solution to a difficult situation.

Question: I want to sell my house without a broker. What would be the role of a Real Estate Attorney under a “for sale by owner” situation and the estimated costs?

Answer:

If you are satisfied that you have been able to obtain the best market price for your home to a qualified buyer without the services of a real estate broker, you are fortunate. You will however, be taking on all the responsibilities and services typically borne by the real estate broker, including but not limited to an offer to purchase, a purchase and sale, home inspection, title V inspection, lead paint notification, smoke detector certification, CO certification, and financial qualification determination of the purchaser. Most attorneys asked to represent a Seller who are selling their property without a broker (FSBO) will charge a higher fee as they are normally asked to do these extra services in addition to the normal scope of services provided. Don’t be surprised by a fee of $1,500 and up under those circumstances plus extra fees for title defects that may arise as a result of the title search.

Baron Law & Mediation, LLP

Andover Real Estate Attorneys
800 Turnpike Street, Suite 300
North Andover, MA 01845

Phone: 978.674.8530


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