Residential Real Estate

Brown & Brown PC has helped local residents buy and sell their homes for over 85 years. Because we have been a fixture in the local real estate market for such a long time, it is not unusual for clients to come in for a purchase or sale only to find out that Brown & Brown handled the last closing on their home many years before. We are proud of our long record of negotiating and managing real estate transactions in the Bedford area and beyond, and look forward to working with you on your current project, whether you are buying your first home, downsizing and staying in the community, or retiring to warmer climates.

Like any other area of law, real estate has its own order and process, and every transaction is different. We’ve highlighted the major steps of a “standard” residential real estate transaction below. Please read on for more information about what you can expect.

Offer to Purchase

The Offer to Purchase is the first step in the purchase (or sale) of a home. This document contains more information than the simple price that a buyer is willing to pay. In an Offer to Purchase, the buyer and seller each want to protect their investments and the Offer to Purchase will typically include contingencies for both parties. Typically, the Offer to Purchase will also contain information on financing, the down payment, what is or is not included in the sale, expected timing of inspections, improvements or repairs required, and, most importantly, the terms of cancellation for both the buyer and the seller.

The offer is a very important step. It is the start of a negotiation between a buyer and a seller and determines the expected path for the sale. Brown & Brown is happy to work with you, in your capacity as either a buyer or a seller, to make sure that the end result is in your best interest.

Purchase and Sale Agreement

The Purchase and Sale Agreement is the formal agreement between the buyer and the seller in the real estate transaction. This document spells out the terms of the sale in much greater detail than in the Offer to Purchase. It includes a description of the property and what is (or is not) included in the sale, from refrigerators to curtains to other miscellaneous items like plants or stereos. The financing details are all listed in the Purchase and Sale Agreement, including the final purchase price, the amount of the deposit, the type of financing, and whether any money is due to a real estate broker. Other necessary items, including mortgage financing, inspections, insurance, and the time and place for the actual closing are also listed in the Purchase and Sale Agreement.

The Purchase and Sale Agreement defines the real estate transaction. It is imperative to read it carefully, and we strongly suggest that you have legal counsel (preferably Brown & Brown) also read it. Both the buyer and the seller want to make sure their interests are covered by the Purchase and Sale Agreement, and both parties must have adequate protection from risk and an ability to break the deal if necessary. At Brown & Brown, we advance your interests when negotiating the Purchase and Sale Agreement, and we work to make sure that the final document accurately protects your interests, as a buyer or a seller.

Refinance

While a refinance is typically easier to negotiate than a purchase or sale, it is still an important real estate transaction and in today’s economic client, securing a mortgage is not as easy as it once was. Brown & Brown is happy to work with you and your lender to negotiate the best refinance for you and your family, and we will work hard to get through the closing process as easily as possible. Letting Brown & Brown handle your refinance will save you time and will ensure that your interests are protected, every step of the way.

Closing

The closing is the last major step in a sale, purchase, or refinance. At the closing the seller signs the deed, the buyer signs the mortgage documents, and everyone signs the final Settlement Statement, also referred to as a HUD. At the closing you will need someone with experience to review all the documents, be certain that they represent your intentions, and to walk you through the financial implications of the purchase or sale. Once the documents are signed, the deed and mortgage are then sent to the Registry of Deeds for recording, making the transaction official. Brown & Brown would be honored to represent you at your closing - in fact, a buyer or seller who cannot be present at a closing will often issue a Power of Attorney to one of our lawyers to complete the closing on his or her behalf.

A closing is a serious process, and the steps leading up to the “big day” can make all the difference between an hours-long nightmare and a simple, pain-free transaction. In fact, the days before the closing are often much more critical than the actual day itself. Our real estate transaction staff brings decades of experience to every closing – if it can happen at a closing, we’ve probably seen it before. We will walk you through the process, work with you to make sure that all of the paperwork is in order, and seamlessly coordinate the closing so that all you have to do, in most cases, is sign on the dotted line.

Other Considerations

Brown & Brown can also help when other issues arise during a real estate transaction. For instance, many families place their homes in a Trust. This typically avoids probate and makes things easier for surviving family members (especially young children) if something should happen to you. Our experienced estate planning team often works with our real estate clients to guide them through the ins and outs of estate planning while our real estate attorneys take care of all of the transactional work surrounding the purchase or sale of a home. Our integrated approach to the law ensures that when our clients buy or sell a home, they also protect it or the sale proceeds for generations to come.

Speaking of protecting a home, most Massachusetts homeowners should probably consider placing a Homestead on record. By law, a homeowner automatically receives $125,000 of Homestead protection from many creditors, but once a homeowner declares a Homestead on his or her primary residence by filing a Declaration in the Registry of Deeds, up to $500,000 of the equity in the home is protected from some subsequent creditors, and couples over age 62 can protect even more!. In other words, the Homestead is a simple document that provides enormous benefits. Our real estate or estate planning attorneys would be happy to prepare a Homestead for you, either as a stand-alone document, or as part of a transaction. Give us a call to talk about a Homestead today.