Sale of Real Estate

real estate sold

As your legal counsel for the sale of your property, we will assist you from beginning to end, including, if desired, suggesting a Real Estate Broker with whom to list your property and suggesting a Lender for your financing needs, through to ensuring that any outstanding liens on your property are discharged within a reasonable time after sale. Our services include:

If you engage our services already having enlisted the services of a Realtor, we will:

  • Review and Comment on Offer to Purchase (preferably prior to your having accepted the offer)
  • Review and Comment on Purchase and Sale Agreement with your interests and protection utmost in mind (NEVER SIGN A PURCHASE AND SALE AGREEMENT WITHOUT LEGAL COUNSEL FIRST REVIEWING).

If you engage our services without intending to hire a Realtor* because you already have a Buyer, we will:

  • Prepare Offer to Purchase
  • Prepare and Negotiate Purchase and Sale Agreement.

Just as Attorneys offer an expertise that Realtors cannot, an experienced Realtor will have the ability to perform services for you that an Attorney will not perform such as the ability to assess your potential buyer's borrowing ability. Realtors also perform functions such as obtaining smoke detector/carbon monoxide detector certificate, coordinating buyer's mechanical inspections, retrieval of condominium documents for buyer review, obtaining the 6(d) certificate for recording at time of closing. A Realtor will charge you a percentage of the contract price as a fee (usually 5% or 6% for residential transactions). If you choose not to engage the services of a Realtor in the listing of your property, then, in addition to our fee for representation of a seller, this office will charge an additional $225 per hour for services you ask us to perform that a Realtor would have performed.

Our services after the signing of the Purchase and Sale Agreement:

  • Monitor contingency dates contained in the Purchase and Sale Agreement
  • Obtain all mortgage payoff information in form acceptable to Buyer's counsel and Buyer's lender, if any
  • Prepare documents which a Seller is required to furnish:
    - Deed of Conveyance
    - Owner's Affidavit for purposes of Buyer's/Lender's Title insurance Requirements
    - 1099 information for IRS reporting purposes
  • Assist in the coordination of final meter readings for purposes of water/sewer/oil adjustments
  • Answer any questions you may have throughout the process
  • Represent you in the resolution of outstanding title issues (such as estates, intervening liens, etc.) for an additional fee as outlined on our seller' fee schedule.
  • Coordinate the closing
    - Represent your interests throughout the entire closing process
    - Review all closing documents presented by Buyer's counsel and or Lender's counsel for signature by you
    - After recording of the Deed of Conveyance, guide delivery of sale proceeds to you

 

What every seller should know about the closing process:

  1. Seller is required to pay, at the time of closing and included in the final figures, excise tax stamps to the Commonwealth of Massachusetts in the amount of $4.56 per thousand of contract price rounded up to the nearest $500.
  2. A home equity loan is a mortgage!
  3. For every mortgage loan that you have, we will need the following information:
    1. Name of lending institution as well as loan servicer (they may be different)
    2. Account Number
    3. Customer Service Telephone Number of the loan servicer
    4. Your social security number
    5. Your forwarding address
    6. You will be required to sign an authorization form allowing this office to obtain information about your mortgage loan in order that we may obtain appropriate payoff information
    7. Mortgage loans are paid in arrears; therefore you will always owe more than you think you owe!
    8. Unless included by your lender in the payoff figure, the filing fee for each Discharge of Mortgage will cost you $75.
  4. It is your responsibility to obtain smoke detector/carbon monoxide detector certification from your local fire department. Your Realtor should assist you in this.
  5. You will need to provide final meter readings for water/sewer/oil/propane adjustments a few days (3 to 7) prior to closing. Your Realtor should assist you in this.
  6. You will not attend a formal "closing". We will require that you execute a Limited Power of Attorney for Purposes of Sale giving us power to represent you at the closing. This negates the necessity of your presence at the closing table and enables us to keep your costs lower.
    1. You will come to our office at a prearranged time to sign all necessary closing documents including the Limited Power of Attorney for Purposes of Sale
    2. When sale proceeds are available, your funds will be available for pick up at this office unless prior arrangements have been made for delivery such as overnight mail, wire transfer, or regular mail.

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Real Estate Transactions Fee Schedule

Contact Attorney Mary K. Eaton
meaton@maryeatonlaw.com
413.567.4440