Offer to Purchase

Ten Reasons to Contact an Attorney Before Making an Offer to Purchase

1. The Massachusetts Supreme Judicial Court decided in 1999 that an Offer to Purchase Real Estate is often a LEGALLY BINDING CONTRACT.

2. Find out who you are dealing with. An attorney can determine exactly how much your potential seller paid for the property and how approximately how much is owed in outstanding mortgages. What are your seller’s motivations? Do they need to sell quick?

3. An attorney can run a preliminary title report to determine if there are liens against the property or an otherwise clouded title. Don’t waste your time on a house that does not have clean title.

4. The offer will dictate the all the essential elements of the transaction, such as closing date, sales price, and amount of your deposit.

5. Ensure that there is a proper home inspection clause.

6. Your real estate broker will assist you in completing the offer form but cannot given you legal advice as to the complete terms that you are signing and potentially bound to.

7. Determine if the mortgage contingency is carefully written.

8. The mortgage market is turbulent. A real estate attorney generally works with numerous lenders and can be a good double-check on your proposed mortgage professional. And if you aren’t yet working with a mortgage professional, a real estate attorney can provide with a list of sound lenders.

9. An attorney can discuss the current tax credits, if any, available to buyers.

10. Purchasing a home is likely the largest investment you will ever make. Get proper legal advice from the outset.

Buying a Home

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