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Buying a Home? Listen Up!

Earlier this week, we discussed the fact that Boston area single family home sales were up.

One contributing reason, many Massachusetts real estate lawyers felt, was the fact that the Obama Administration had extended the First Time Homebuyer's Tax Credit.

Don't be fooled by the name. The tax credit extends beyond just first time homebuyers. Read my post on the tax credit here.

In light of the rising sales, Boston.com recently posted a great article on 10 things to know if you're buying a home. Although the article presents largely strategic issues, there are some underlying legal issues that I would like to draw some attention to:

Get your financing in order: Although this used to be an act best accomplished sans Massachusetts real estate lawyer, the winds have shifted. In the past few years, we've seen the economy collapse on itself, largely due to the problems within the mortgage industry. Because of this, it becomes almost imperative for you to run your mortgage documents by a Boston real estate lawyer.

If you're buying a condo, know the rules: There are many rules relating to condominiums. One of these areas is in relation to something called CC&Rs. Once you buy a condo, you'll likely know exactly what I am talking about. CC&Rs  stands for "covenants, conditions and restrictions." You will most likely receive these documents when you are closing the deal on the purchase of a condominium. These might be in the form of long documents, detailing rules related to pets, parking and even subletting your condo. If you find yourself overwhelmed by these documents, it might be wise to contact a MA real estate lawyer to help you juggle the concepts.

In short, some Boston real estate attorneys are saying it's a great time to buy. But buyers beware! There are legal issues involved.

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