Taunton Real Estate
For many people, the purchase or sale of a home is a decision that is both exciting and fraught with anxiety. It may be the most expensive transaction of your life. In Massachusetts, the laws in this area are complex. An experienced real estate attorney at Pulgini & Norton can help Taunton residents and other individuals fully understand their rights, negotiate a purchase and sale agreement, and review the terms and conditions of a mortgage, among other matters.Understanding Your Rights When Purchasing a Home
Even before prospective buyers go to see homes, they should do considerable research into what kinds of homes their budgets allow them to buy. Some buyers obtain only a mortgage pre-qualification letter. This is not a firm commitment from the lender but simply provides the buyer with an understanding of what type of loan the lender may be willing to give him or her. A mortgage pre-approval letter is a better tool for bargaining. Although it is not an absolute guarantee that the lender will loan a specific amount of money for the purchase of a home, it shows that the buyer is serious about a home purchase and is likely to be able to obtain a loan to buy it.
It is important for the parties involved to understand their obligations under the mortgage documents and a purchase and sale agreement. In particular, buyers must be aware of certain deadlines in the agreement, such as a loan commitment date, to avoid penalties. You will need a mortgage commitment letter from a lender to ensure that you do not lose earnest money put down on a home.
For many first-time homebuyers, a condominium unit is a good choice for a first home. When buying a condominium unit, you should carefully review the rules and other establishing documents for the condominium. Some rules may have a significant impact on your life while living in the unit. For example, you will have to pay a monthly fee to the association, and there may be restrictions on the amount of noise you make or how you use the units.
You should be aware that condominium associations maintain the common areas of the property with the proceeds collected from unit owners' monthly fees. In a small condominium, a delinquency by one owner can cause the association to be unable to make repairs or pay its maintenance fees. This means the value of all the units may be threatened, and it may be difficult to sell units in the condominium.
In Massachusetts, a condominium association can get a super-lien on your unit if you fail to make the requisite monthly payments to the association. Under Massachusetts General Law 183A section 6(c), the arrearages for condominium common charges and fees are treated as a lien against a delinquent unit from the date they become due to the association. This super-lien cannot be discharged in bankruptcy, and it takes precedence over other interests, including the mortgage on the unit.Consult a Knowledgeable Attorney for a Real Estate Matter in Taunto
Taunton was founded by members of the Plymouth Colony and officially incorporated as a town in 1639. Due to its age, the city has a wide range of architectural styles, including several pre-Revolutionary War homes. One hundred buildings there are listed in the National Register of Historic Places. People who are seeking advice on a home purchase in the Taunton area can consult the lawyers at Pulgini & Norton. Call us at 781-843-2200 or contact us via our online form for a free consultation.