A lot of our clients ask us, “Why do I need a real estate attorney to buy or sell real estate? Isn’t it something you as a broker can handle and save me the extra money?”
The short answer is NO. As high end, professional real estate brokers, we at Luxury Residential Group ALWAYS advise our clients to seek the guidance and services of a licensed real estate attorney when purchasing property in Massachusetts. Real Estate Attorney Duties:
- Look over the offer
- Negotiate the Purchase and Sale on your behalf and look out for your best interests.
- Run the title search to make sure there are no liens on the property
- Acquire title insurance – In MA, there are no title companies. The attorneys act as brokers to acquire title insurance. This differs from state to state.
- Review condo documents and budget if purchasing a condo.
- Inspect deed for any defects (If the unit does indeed have that parking space included and if it is deeded or just a “Right” to park).
- Work with the cooperating attorney and brokers to make sure all dates, deadlines and contingencies are met.
- Work with the lender to secure proper financing.
- Conduct the closing and explain all the papers you are signing.
- Disburse closing funds from escrow accounts.
- File the deed and make sure everything goes on record properly.
Along with these services, the use of a lawyer is paramount to protect your legal best interests. Without using an attorney, you leave yourself open to significant liability that go beyond the cost of your condo. At the end of the day, the services of an attorney should only cost you $1,250 to $2,000. If they broker the title insurance, it could be less(note, the average cost above, does not include the cost of the title insurance itself). Your real estate broker understands all the documentation, but they are NOT licensed attorneys. It is unfair to expect them to be.
LRG Luxury Residential Group | 355 Boylston St, Boston MA 02116 | (617) 233-5800 | |