Representing Buyers, Sellers, Banks and Developers ~ Settlement of Cash Purchases ~ Residential and Commercial ~ Purchase and Sale Agreements ~ Real Estate Closings ~ Title Examinations ~ 1031 Exchange ~ Condominiums ~ Leases ~ Real Estate Broker Issues ~ Homestead Declarations ~

Purchasing real estate is a significant financial transaction. That is why you want to make sure your interests are protected. Obtaining an experienced real estate attorney can make a big difference. Many Realtors and Loan Officers will refer you to an attorney they work with, however you have the right to choose your own attorney. Chris Thornton has practiced Real Estate Law for more than 20 years. Whether you are buying, selling or refinancing your existing loan, you can trust that with our experience and expertise, you will be in good hands.

Massachusetts law requires that the closings for all conventional bank loans on home purchases be overseen by an attorney. Unlike other states, Massachusetts doesn’t allow banker-closings. Massachusetts doesn’t even allow so-called “witness-only” closings,” unless the referral is from one attorney to another. Aside from being a legal requirement, the closing attorney’s role is to help those involved in the transaction by overseeing and explaining the transaction so that all parties can make sure they’re getting what they bargain for.

The closing attorney can help smooth the transaction for the real estate agent or broker by making sure that title issues are resolved as quickly as possible (preferably well in advance of closing). Examples of title issues might include un-cancelled liens, property owners who have passed away (but without proper handling of an estate), etc.…

The closing attorney helps the lender or mortgage broker by making sure that the loan documents are executed properly, and that the property (which is the collateral for the loan) is free of title issues. This ensures that the lender stays in a priority position (unless they are issuing a second position loan).

The closing attorney helps the purchaser by making sure they understand their rights and obligations. A good closing attorney helps to make sure that well-intended buyers, sellers, lenders, and agents have their transaction go as smoothly and efficiently as possible.

TITLE: We ensure that the seller has good title to the property, and may assist in clearing up any old liens, loans, levies, probate, or other issues affecting the seller’s ability to sell the property. The closing attorney who certifies title is normally is able to offer title insurance to the lender and/or buyer on that title as well.

DOCUMENTS: The number of documents necessary to transfer property, especially when debt is involved, can be staggering. The attorney assists in the preparation of these documents, including deeds, promissory notes, security agreements, settlement statements, and many others. The attorney then explains those documents to the parties at the closing so that everyone can have a better understanding of their rights and obligations.

PAYMENT: The closing attorney acts as escrow agent, making sure that all the appropriate parties get paid in the correct amounts. This involves getting payoffs from mortgage companies, prorating Homeowners’ Association dues, Condo fees, property taxes, real estate commissions, and any number of other items that have to be dealt with and prorated upon the transfer of property. This includes making sure that the seller’s mortgage gets paid or released, and that the seller is paid. This part of the service is often referred to as “escrow,” as the funds for the total purchase of the property are held in the attorney’s escrow account until being distributed out to the appropriate parties.

RECORDING: Many of the documents which are executed during the closing must be recorded in the deed records in the county or counties where the property is located. The attorney makes sure that the appropriate documents are recorded (and in the correct order there are lots of pitfalls if the wrong deed or document gets recorded in the wrong order), and that the clerk’s office is paid for recording and maintained.

Why hire an attorney?

Very simply, it is a necessary level of protection for one of the largest purchases/sales of your life. Our office has more than 15 years of experience with home inspection negotiations, contract review

The vast majority of lenders require that a lender’s title insurance policy be procured at the closing. This policy is included in the costs paid by the buyer. At the same time, you may elect to purchase an owner’s title insurance policy for an additional one‑time premium. Including fraud or registry errors it is possible that some defects may not be discovered in the title examination. A comprehensive title insurance policy will protect you against defects that go undetected. THORNTON LAW OFFICE represents both the lender and the buyer by thoroughly reviewing the title report as both a real estate attorney and a title agent for Chicago Title Insurance Company.

The Homestead Act allows Massachusetts homeowners to protect their home from future creditors. For most individuals, Massachusetts provides an automatic homestead exemption of his or her primary residence for up to $125,000. However, by signing a Declaration of Homestead and recording it with the Registry of Deeds in the county where the property exists, you can increase this exemption by up to $500,000. A recent change in the law made it clear that homes held in trust, when declared by the trustee, can also benefit from the homestead declaration. The homestead exemption does not protect against all creditors. Federal, state and local taxes, mortgages, and liens filed by MassHealth are examples of some of the creditors that a homestead does not protect against.