OpenPermits (13)

When purchasing a house or condominium, it is a good idea to check with the municipality to determine if there are any open permits on the property. Most municipalities have an on-line database, which makes the research easier. If a permit is located, then it is reasonable to request that the Seller remedy the issue. Possible outcomes of a request include: -Seller to make any necessary repairs and the municipality signs off and closes out permits prior to closing; -Seller provides a Buyer credit; -Seller does not agree to remedy some of the prior owner permits. [...] more

All real estate attorneys possess the legal acumen needed to purchase and sell homes safely and efficiently. However, only the best attorneys make the purchase and sale process seamless not just for the homeowner, but also for the real estate agent, the mortgage firm, and everyone else involved in this complex process. Real estate agents can help ensure that they have the best person for them if they know what to expect from the real estate attorney, and what is needed to facilitate a smooth home buying experience for everyone involved. [...] more

Dana wrote a great primer on what to expect when buying a condo. Read her entire piece HERE [...] more

When considering whether to convert a multi-family property to condominiums, you should weigh the pros and cons. While the cost of a condo conversion is substantial, the potential benefit of owning or selling multiple units on the open market may greatly outweigh that expense. Even if you have been using your property as an income-producing, rental property, you may be surprised at the potential financial advantage to selling two or more distinct condo units, rather than a single multifamily home. When you are converting a property, below is a list of fees which you can expect [...] more

Many lenders are now requiring that in older buildings, Condominium Association’s carry “Ordinance of Law” insurance coverage. Failure to obtain the coverage can delay or imperil a closing. Ordinance or Law coverage is extra coverage that pertains to the added cost of rebuilding, by enforcement of ordinances or laws regulating construction and repair of damaged buildings. Older structures that are damaged may need upgraded electrical, heating ventilating, HVAC and plumbing based on city codes. The lowest limit available is $25,000. There is typically an additional premium to add to the existing coverage. [...] more

June is the peak of the homebuying season. Planning a purchase to coincide with the sale of your home or condominium unit as often occurs this time of year requires coordination and communication. To take some of the stress out of this process, it is helpful to understand the details. A “piggyback transaction” involves selling a property and using the proceeds from the sale to purchase a new property. Piggyback transactions, also known as “back to back” transactions, usually start with the closing for the sale taking place in the morning (typically before 10 AM), [...] more

We recently upgraded our real estate settlement agent software to Qualia. Qualia is a San Francisco based company that features cloud-based, real time collaboration, which reduces data entry and redundancy, as well as improves efficiency. Most important, the Qualia software integrates with our vendors, including title insurance companies, Simplifile, FedEx, and Ellie Mae (http://www. elliemae. com/about/news-reports/press-releases/ellie-mae-announces-integration-with-qualia ). Qualia’s features allow us to improve our delivery capabilities, which is key in a busy real estate market. [...] more

The Consumer Financial Protection Bureau just created a new resource TRID webpage for settlement agents. http://www. consumerfinance. gov/policy-compliance/know-you-owe-mortgages/settlement-professionals-guide/ The page is intended to serve as a resource for settlement agents during the closing process. According to the website, Settlement Agents are “i ntegral to real estate transactions. They gather essential data, coordinate transfer of ownership, and orchestrate many of the events leading to the consummation of a loan. ” The new page has two sections. The first is a review of settlement agent [...] more

You are finally at the finish line and about to close on your new home or condominium unit. Naturally, you wonder "[w]hat are the final amount of funds to bring to closing and is there anything else I need to close? " If you are financing the transaction, the lender is required to provide you with a "Closing Disclosure" ("CD") at least three days prior to closing. The CD will provide the final amount of funds needed to close. If you have a cash purchase , the closing attorney will provide the "Settlement Statement" [...] more

Electronic recordings (e-recordings) of deeds, mortgages and other title instruments is fully operational in Massachusetts. E-recording is more cost effective and faster than the traditional method of recording by sending a title examiner to the registry of deeds. It eliminates the need to hold closings at Cambridge, Boston or other traffic-impacted venues. E-recording is legal and binding, and accepted by Fannie Mae, Freddie Mac and virtually every major lender. It is a major benefit to all parties involved with a real estate closing, and Canner Law is well-versed in [...] more

Under Massachusetts and federal law, real estate agents must tell prospective purchasers that a new owner of a home built before 1978 in which a child under six will live must have it either deleaded or brought under interim control within 90 days of taking title. It is important that realtors and sellers tell the prospective purchaser any information they know about lead in the home as the penalties for non-compliance are stiff. Sellers and real estate agents that do not meet the requirements can face a civil penalty of up [...] more

All-cash purchases of real estate have been on the rise across the country over the last decade and accounted for 33% of home sales in just the last year. A cash buyer is one who plans to buy a property without obtaining a mortgage. Cash transactions typically follow the same trajectory as financed deals, including seeking the help of a realtor and using a closing attorney. The time frame does tend to be shorter. What else is different? In purchases involving mortgages, usually the lender selects a closing attorney. [...] more

Prospective real estate buyers tend to think of the “mortgage” as the contract they are signing with the bank. This is misleading. The promissory note is the actual contract to loan and borrow money between lender and borrower. The mortgage is the lender’s instrument, or more accurately, its security interest, to enforce that loan contract. This is an important distinction because, if for example, a couple purchases property or refinances, and the loan is taken out solely in the wife’s name, then lining up the correct parties on the signing documents becomes important. But [...] more