Buying
02/5/19
Once buyers find a home they love, they enter into negotiations that will ideally end in the sale of the home. Home buyers start with a million questions, then discover a million more questions along the way. That’s why we’re putting together a series of blogs that aim to demystify some of the essential aspects of real estate. Today, we’ve invited our colleague Anthony Troiano, an attorney with over 20 years of Real Estate Law experience, to tackle this one. He's diving into the title—a vital, but sometimes bewildering, piece of the home-buying process.
If a buyer is obtaining a mortgage (or if a buyer is purchasing their property without a mortgage), the closing attorney for the lender will examine the public records relating to the property for a period of at least fifty years, in accordance with the title standards required by the Real Estate Bar Association of Massachusetts. The title examination will follow the “chain of title” and detail the sale of the property between previous owners, as well any recorded instruments or liens which affect the property, including but not limited to easements, outstanding mortgages, bankruptcies, divorces and federal tax liens, etc. For example, the telephone company may have an easement to access the property in order to maintain the telephone lines or the owner may “share” their driveway with a neighbor pursuant to a common driveway agreement. The closing attorney will review these matters in order to determine what matters affect the title to the property and if the buyer will receive a “clean” title to the property. The closing attorney will also certify the title both to the lender and buyer in accordance with the applicable state statute.
Certain matters which are not part of the public record can also affect the title. Title insurance offers protection for certain defects which are not apparent from a title examination, such as forgery, fraud and clerical errors, as well as latent defects; title insurance is available for the protection of both lenders and buyers and is highly recommended.
Want to learn about all of the aspects of the buying process? Read on!
The Offer The Purchase & Sale The Inspection The Appraisal
As housing affordability continues to challenge our local communities, we find it encouraging to see legislative steps that prioritize affordability, flexibility, and access, like Massachusetts’s Affordable Homes Act, signed into law last year by Governor Maura Healey. One of the changes we find most intriguing is the expanded ability to build Accessory Dwelling Units, or ADUs. These are small residential living spaces located on the same lot as another home, either within an existing primary residence, like converting a basement into an apartment, attached to a primary residence as a new construction addition, or completely detached, like a cottage or converted detached garage in a backyard.”
Here at Liz & Ellie Local, we are always looking for ways to make life a little greener. And if you’ve been in the Boston area for any length of time, you’ll know that there are areas where paving your yard was all the rage…and the remnants of that craze are still all over town. But things are changing. In Somerville, in particular, residents are tearing up their pavement in favor of something green.
We’re a few days from “official” summer, but there are already plenty of things happening outdoors in the Boston area. And while we love a good Red Sox game or concert at the Pavilion, there are tons of ways to take advantage of summer without spending a dime. From free music, to lectures, to movies and more, Boston has a plethora of free events worth checking out. As local residents of Cambridge and Somerville, who adore the communities we live and work in, we'd like to share a few of our favorite events.
With their complementary communication styles, responsiveness, competence, and ability to truly listen, Ellie and Liz enable their clients to feel at ease throughout any real estate transaction. They would welcome the opportunity to be your next real estate advisors.
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