For single-family properties, we charge an all-inclusive attorney’s fee. The fee includes drafting and revising the purchase and sales agreement, preparing the deed and power of attorney (if necessary), obtaining payoffs for all mortgages & liens on the title, comprehensive review of the Settlement Statement and attendance at the closing on your behalf.
The Importance of the Offer to Purchase
In 1999, the Massachusetts Supreme Judicial Court held that a signed Offer containing all of the essential terms of the closing is a binding legal contract. Therefore, the dates must be carefully thought out before you sign the Agreement. At Touchstone, we are available to discuss your legal questions regarding the sale of your home when you have them. Not only when your property is under contract.
Title Issues
Nobody wants to hear “title issue” during the closing process. Unfortunately, they are common in this market for several reasons. When the P&S is signed, the Buyers attorney may not have the title report back for several weeks. The title to your home for 50+ years will be examined carefully. Take control of your home sale. At Touchstone, we provide a complimentary current owner search for our clients. In our experience, a substantial majority of title issues take place during the current ownership of a property. We offer this professional service to minimize the risk of a title issue delaying the closing.
Sellers Disclosure
You are statutorily required to disclose the presence of lead-based paint. You are required to disclose the existence of a septic system. If asked specific questions about any condition of the property, or if you voluntarily provide information about a particular topic, you have a duty to fully disclose all material facts.
Gather Important Financial Information & Documentation
If you have a mortgage or other liens on the property you are selling, be prepared to provide the recent statements to your attorney. Unfortunately, a 5-7-business day wait for a mortgage payoff statement is common in today’s mortgage servicing environment. Touchstone will obtain this important document on your behalf. If the property is in a Trust or part of an Estate, be prepared to provide all of the relevant documentation to your attorney.
Tenants
It is rare for a single-family property to sell with tenants in possession at the closing. If you need a tenant out before the closing, discuss the specifics with an attorney to preserve your rights as a landlord. Massachusetts law is very much in favor of the tenant.
We hope this information has been helpful to you and we wish you the best of luck with the sale of your home. For help with your closing, please contact us.