Is buying and selling a home in Massachusetts really that different from other states?
According to Boston.com, a Massachusetts real estate lawyer has a unique role when it comes to buying and selling real property in the state.
Sam Schneiderman, owner of Greater Boston Home Team, explained the differences to Boston.com writer, Rona Fischman.
One big difference, according to Schneiderman, is the fact that escrow companies do not hold the funds while the home sale is closing.
To back up a bit-- when buying a home, the initial deposit for the home is held in a "trust" account, called an escrow account. The escrow account is a type of third party account, holding the money pending the sale. In Massachusetts, however, a Massachusetts real estate lawyer might hold the money, on the seller's behalf.
One reason for this, cites Sam Schneiderman, is the fact that the title recording system is different in Massachusetts. While many states have adopted an indexing system based on address or parcel at the county recorder's office, Massachusetts still indexes properties using the names of the title holders.
As a result, the process of establishing legitimacy to the chain of title can sometimes be a more complicated task. The MA real estate lawyer would then have to go through the chain of title to check for liens on the property, as well as other encumbrances.
In Massachusetts, the MA real estate lawyer conducts the closing. And as Schneiderman mentions, the lender's attorney is also present at the closing.
This certainly is a huge contrast to real estate closings in other states. It does, however, drive home the importance of Massachusetts real estate attorneys.