SPRINGFIELD, Mass. (Mass Appeal) - Attorney Susan Mielnikowski from the Law Offices of Cooley Shrair in Springfield, joined us to explain Real Estate Law.
This issue will differ in each state, but in Massachusetts, attorneys, typically in conjunction with real estate agents, assist in the negotiation and drafting of contracts for the transfer of real estate, called a Purchase and Sale Agreement. I know buying a home is a very emotional process, very much about you and your family. However, it is based in contract and real estate law. For example, there is a law, called the Statute of Frauds, that requires all agreements relating to transfer of real estate be in writing in order to be enforceable Therefore, it is critical to assure that all agreements are in writing, in the proper format at the outset of a transaction. Verbal promises or agreements are not enforceable.
The typical agreement will lay out a set of deadlines throughout the transaction. This usually starts with an inspection of the home by a licensed inspector. Presuming the inspection is acceptable, the buyer moves on to obtaining financing with a bank. The bank will hire an appraiser to determine the market value of the home, then proceed with what is called underwriting, or approving the loan. Finally, the attorney will examine the title, and work with all parties to organize the closing.
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