If you need legal services while buying a home, call a real estate attorney serving the North Shore of Massachusetts, at (978) 744-2811.
Purchasing real estate is an exciting time for anyone, especially cash buyers. However, you must consider the many legal aspects of this transaction before signing on the dotted line. Contact Jordan & White for legal assistance with residential cash purchases in Massachusetts.
What Is a Cash Buyer?
As the name suggests, a cash buyer is someone who pays for a property with cash. Most people follow the traditional route of getting a mortgage and stretching out payments over multiple years. However, some prospective homeowners prefer to pay cash and complete the process as soon as possible.
Cash buyers do not have to be wealthy—they can be first-time home buyers or long-time, veteran real estate investors. Sellers typically favor cash deals over mortgages because all the funds are up front. This means less risk of nonpayment, unlike financing, which requires numerous monthly payments.
Reasons To Buy a Massachusetts Home With Cash
Paying cash for a residential property might seem like a bad idea at first. However, cash buyers can save money and enjoy several benefits unavailable to mortgage holders. These include:
- Zero interest payments
- No closing costs
- Less hassle
One disadvantage of cash offers is that they can limit your options in the future. If you decide to renovate your home or sell it, you must ensure you have plenty of liquidity.
Do Cash Buyers Need an Attorney in Massachusetts?
If you are planning to pay cash for your Massachusetts home, you may wonder, “Do I need an attorney?” In short, yes. Cash buyers fall under the same category as other home buyers according to Massachusetts state law.
Some U.S. states allow buyers, sellers, and lenders to proceed without an attorney. However, several states do not. In Massachusetts, a lawyer must be involved with your real estate transaction, whether you’re getting a mortgage or making a one-time cash payment.
How a Real Estate Lawyer Can Help You Buy a Home
If you’re a cash buyer, you’ll want to hire an experienced real estate or closing attorney. A lawyer can help you throughout the process, taking care of many different aspects of your transaction. Here are some specific ways your attorney can offer legal assistance:
- Negotiating and finalizing purchase and sale statements
- Reviewing all the paperwork
- Examining the title to ensure everything is in order
- Helping you obtain a Municipal Lien Certificate
- Ensuring funds get disbursed as directed
- Filing necessary documentation
- Creating settlement statements
- Placing homestead on your property
- Coordinating closings with the seller’s attorney
- Attending the closing
Jordan & White: Reliable Cash Buyer Attorneys Serving the North Shore of Massachusetts
Legal services from a trusted attorney are essential for cash buyers looking to purchase a new residential property in Massachusetts. Jordan & White has a team of attorneys who can help you understand your legal options and avoid common mistakes. Consult an experienced Massachusetts real estate/closing lawyer today by calling (978) 744-2811.