Lowell Real Estate
With a population of 108,861, Lowell is a large city in Middlesex County, located at the confluence of the Concord and Merrimack Rivers. The city has changed and expanded significantly since its start as a textile mill town in 1826. It became known as the cradle of the American Revolution In the 1990s, many historic and commercial buildings were converted into residential units and office space, and the city's population of students grew significantly with the expansion of the University of Massachusetts Lowell and Middlesex Community College. Zoning changes occurred in Lowell in 2004. If you are buying or selling real estate in Lowell, you should retain an experienced real estate transaction attorney to help make sure the transaction goes smoothly and in accord with your hopes and expectations.Real Estate Law in Massachusetts
Real estate transactions in Massachusetts can be complex. There are very few disclosures the seller must make in connection with the property, though he or she must be truthful if the buyer asks questions about the property. All buyers should retain their own home inspector to examine the property for any visual problems or defects. While a home inspection may not reveal all problems, such as mold, radon, or allergens, or structural defects, the home inspection can reveal problem areas that require further investigation from a specialized inspector.
Generally, the Offer to Purchase will include contingencies related to inspection so that if there is a defect or problem that requires repair the buyer and seller have an opportunity to negotiate who must do the repairs. Any agreement reached regarding repairs is formalized and incorporated into the purchase and sale agreement or a separate agreement. Any repairs should be performed by licensed contractors. What if there is no possible repair or they cannot be made? It is possible to agree that the buyer can get his deposit back by giving notice and providing a copy of the inspection report.
In addition to defects, there may be encumbrances on the property. For example, a neighbor may have an easement to walk across the property in order to reach their house when the neighbor has a landlocked parcel. Easements run with the land; this means that if you buy a property on which there is easement, you will take the easement when you buy the land. This is another issue to be aware of when buying a house.
Most purchases of homes involve a loan from the bank known as a mortgage. In general, it's a good idea to get a pre-qualification from a bank before your start looking for houses to make sure that you are looking in the right price range. This is not a firm commitment. Accordingly, as a buyer, it's important have a mortgage contingency clause in a purchase agreement. This clause will make your agreement conditional on being able to get a mortgage with the right terms. If you aren't able to get a firm commitment for a loan to buy the property within a certain window of time, you can choose to opt out of the sale and get a refund of the deposit.Retain an Experienced Real Estate Attorney in Lowell
For many people, the purchase of a home is the biggest purchase of their lives. However, many different problems can arise during a real estate transaction, including some that you may not anticipate. The experienced real estate transaction attorneys of Pulgini & Norton can help ensure that you will be able to use your Lowell property as you see wish. Call us at 781-843-2200 or contact us via our online form for a consultation.