Attorneys Representing Boston Luxury Real Estate Buyers in a TransactionJune 6, 2015
For Boston luxury homes purchases, buyers and sellers are each represented by an attorney during the sale of a property. The seller’s attorney drafts the Purchase and Sale agreement, and the buyer’s attorney responds with comments. If there are any items to be discussed and agreed upon, a Rider will be attached to the Purchase and Sale agreement. The buyer’s attorney will always have some comment, and for most initial drafts, feedback is really just boilerplates.
It is VERY important during this process to make sure that as a Boston luxury real estate buyer, you retain an experienced real estate attorney. Make sure the attorney is not only familiar with real estate transactions in your state, but also in the building or neighborhood where you are buying Boston luxury homes.
There are attorneys who are not familiar with what was represented to the buyer by the listing agent, however, they go ahead and insist in incorporating clauses into the agreement as they deem appropriate. For example, if the 2 units are combined, but 2 separate deeds have never been changed to one deed (as originally represented), or “exclusive right to use” parking space, or a roof deck etc. They get hung up on pedantic details and suggest to change the condo docs in the building.
The Boston luxury real estate seller, not wanting to go along with unreasonable demand, can make the sale fall through. Granted the lawyers should be looking after the client's interest, but not to the point that the objections are irrelevant to the property.
Additionally, buyers should make sure that the attorney you hire is familiar with the condos in the city as opposed to houses or condos in the suburbs and vice versa. Secondly they are not known for creating issues that do not exist to begin with. Attorneys will charge a fee for the time they spend, whether or not the transaction goes through. So, make sure that you get the right advice and guidance by retaining the right attorney.