Buyer Real Estate Attorney Representation fee generally includes the following:
1. A review of the Purchase and Sale Agreement to make sure your interests are protected.
2. Handling the disbursement of the funds to ensure that all liens are paid off and officially discharged.
3. Filing the paperwork at the Registry of Deeds to establish your ownership of the property
4. Issuing the required lender’s title insurance policy and optional owner’s title insurance policy.
5. Finally, it includes handling the closing for the lender. It is both legally permissible and now commonplace in Massachusetts for real estate attorneys to offer “dual representation”, such that we can represent both you and your lending institution in handling the closing. It provides savings to you by avoiding duplication of services and permitting efficiencies. The cost for separate representation may add several hundred dollars to the overall cost of a closing. In all but the rarest of instances, the interests of the lender and the purchaser are so similar that there is no conflict of interest. The Buyer Attorney Fee includes both services.
In addition, there will be “out of pocket” expenses for you:
A title exam of the property will cost +/- $200 to ensure there are no liens, mortgages or title defects, etc.
You will pay $100 for a Mortgage Inspection Plan, aka a Plot Plan.
We will also need to obtain a $50 Municipal Lien Certificate (MLC) from the town to ensure all taxes and municipal bills are current.
The Registry of Deeds charges $365 to record and file your legal documents with them, which makes you purchase final. Finally, the lender will require title insurance with the option to purchase Owner’s title insurance. If you provide us with the sales price and your expected loan amount, we could then provide you these costs.