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So, you’ve decided to make a real estate purchase or investment.
If you own a current home and will be moving into a new home, how will you coordinate the sale of your existing home and the closing on your new home? Will you need special arrangements in your purchase and sale agreement to provide ample time to find a new home?
ATC can guide you through the process.
You made an offer on a property and the offer was accepted. So, what’s next?? It’s time to move quickly. It’s time for inspections. You will need an experienced home inspector. One who has been in business for at least 10 years. The inspector will guide you through the review of the home and what items which might need repair. The inspection is an important step to determine if the home or building is free of significant issues.
Don’t let emotions get in the way. You don’t want to buy a home and immediately spend a lot of money on repairs, unless you desire to find a home in need of repairs, but make sure your offer reflects the cost of the repairs performed by a professional.
Septic system testing.
If the home has a current septic system, it needs to be tested by a licensed contractor. They will check for how often the system has been pumped, the age of the system and the condition of the leach fields. Septic systems are costly to replace. This system testing is an absolute must.
Water Testing.
This is also something good to do, even if you have municipal water supply.
Insurance.
Your mortgage company will require that proper coverage is maintained. Now might be a good time to perform an inventory of your personal belongings as some items may not be covered by your insurance company. In addition to an inventory of items, great idea to take pictures and to store the inventory list and pictures on line or in a safe deposit box.
Financing your purchase.
If you are buying a home to live in, banks, credit unions and mortgage firms offer a variety of mortgage options. Be sure to inquire about closing costs, points, and if the mortgage has a penalty early payment. Your typical closing costs will range from 1-3% of the value of loan.
Filing a Homestead Exemption.
In the event you are involved in a law suit and judgement is issued against you and if your insurance does not cover the full amount of the judgement, the courts can file a lien against your property. However, as long as you are living in the house, the courts cannot evict you and sell the property to satisfy the judgement.
The Homestead Act here in Massachusetts provides you with a level of protection so you can remain in the home without fear of the property being taken over with no place for you to live.
Title Search – why is this needed.
ATC will perform a review of the title which is a history of ownership of the property. This is done to ensure that the prior sales of the property were properly recorded and there are no defects in the title. Last thing you want is a long-lost relative making an ownership claim against the property.
Title Insurance.
What is title insurance? The mortgage holder will require this. It’s an insurance policy which states that in the event of a defect in the title comes up at some later point, they will act to protect the mortgagee’s best interest. However, this does not protect you! ATC highly recommends you purchase a title insurance policy to protect your interests. A small price to pay for peace of mind.
Asset Protection.
There are several ways to protect the assets which you own – adequate insurance, including an umbrella policy, creating a trust and other ways. ATC can recommend attorneys who specialize in asset protection.
At Armory Title, personalized service is at the heart of every closing.
CONTACT US
Brian Fitzgerald
Managing Attorney
1 Federal St.
Springfield, MA 01105
O. (413) 391-7785
C. (413) 478-5722
F. (413) 391-7238
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