Whether you are buying or selling your property, or interested in commercial property, knowing you can about real estate law before you initiate a real estate transaction is important. At Simple Title Closing & Escrow PLLC, our experienced legal team can help you to navigate through the buying or selling process and protect your best interests. Contact us today for a consultation.
Help Full Real Estate Items You Need to Know
- Caveat Emptor. Buying or selling, being aware of Massachusetts’ real estate disclosure laws is important. For private sellers, there is no duty to disclose property defects, with the exception of the duty to disclose the presence of lead paint. This is known as caveat emptor, or “buyer beware.” However, while a seller may not necessarily be obligated to provide information to a buyer voluntarily, they are prohibited from withholding information if asked. For example, if a potential buyer asks if the property has flooded in the past, and the seller knows that it has indeed, the seller cannot tell the buyer that it has not. Keep in mind that real estate brokers, on the other hand, are required to disclose facts to the buyer about a property that could adversely affect the buyer’s decision to enter into the transaction.
- TILA/RESPA Integrated Disclosure rule, also known as TRID. The Consumer Financial Protection Bureau (CFPB) is enforcing this rule. What transaction are covered by TRID you may ask. The rule applies mainly to consumer credit transactions that are secured by real property. However, they do not apply to: HELOCs; reverse mortgages; or chattel-dwelling loans. Thus, when you are purchasing a property through a Conventional Lender, you have a federal right to receive a closing disclosure (referred to commonly as CD) pursuant to TRID at minimum three days prior to closing.. Understanding TRID Forms.
These are just a couple of the many items surrounding real estate transactions .
Our Real Estate Law Services
At Simple Title Closing & Escrow PLLC we provide real estate legal services for buyers and sellers alike. These services including, but are not limited to:
- Drafting (if needed), Reviewing and Negotiating (if needed)of the purchase and sale agreements;
- Providing Settlement services including acting as Escrow Agent;
- Representation at the closing table;
- Title insurance services;
- Title search services; and
You’re in the Right Hands with Our Professionals
Whether you are closing on your first home or entering a complex real estate transaction, you want to know that the professional with whom you choose to work is not only good at what they do, but dedicated to protecting your best interests. When you contact Simple Title Closing & Escrow PLLC, you’re in good hands, and we’ll handle everything necessary to get you to the finish line.
To learn more about our services please contact us today.