Real Estate

Below you will find information about and definitions of some of the basic areas in Real Estate Law.

Please contact us if you need help with any of these areas of the law.

508-979-8070

Buyer Representation

Purchasing a home involves signing legally binding contracts which, like any contract, you should read and understand completely before you sign. The Offer, Purchase and Sale Agreement, and the Lender’s Closing Documents all obligate the Buyer to perform certain duties. Attorney David K. Sykes represents Buyers at all stages of the home purchase process. He advises Buyers how to best negotiate purchase price, how to protect their deposit, and how to comply with the terms of the Purchase and Sale Agreement. He also attends the closing, explains the significance and terms of each closing document, and assists with any last minute issues.
Offers to Purchase: The Offer to Purchase, when signed by Buyer and Seller, is a legally binding contract. Attorney Sykes meets with Buyers to draft Offers to Purchase and to ensure Buyers understand their legal obligations. Attorney Sykes will always edit a Standard Form Offer to Purchase in order to ensure that the Buyers are protected. 
Purchase and Sale Agreements: The Purchase and Sale Agreement, like the Offer, is a legally binding contract which obligates the Buyer to perform certain tasks prior to closing. Purchase and Sale Agreements name the parties to the transaction; legally describe the property to be sold; state what, in addition to the land and house, is included in the purchase; dictate what happens if Seller can not deliver title on the closing date; set buyer’s deadlines and notice requirements for financing and inspection contingencies; and state what happens if buyer or seller defaults. Attorney Sykes will negotiate favorable terms and then meet with clients prior to their signing the Purchase and Sale Agreement to explain each paragraph of the Purchase and Sale Agreement, and make sure the Buyers understand their rights and responsibilities in full.
Closings: Attorney Sykes represents Buyers at the closing table, reviewing the HUD Settlement statement, Deed, and all other closing documents and explaining the lender's closing documents. Additionally, he represents clients in any last minute negotiations or issues.

Seller Representation

Selling a home involves signing legally binding contracts which, as with any contract, should be read and understand completely before being signed.  The Offer to Purchase and the Purchase and Sale Agreement obligate the Sellers to perform certain duties.  Attorney Sykes represents Sellers at all stages of the home sale process.  He advises Sellers as to the importance of understanding and complying with the terms of the Purchase and Sale Agreement and the Buyer’s contingencies, if any. He also drafts the Deed, clears title issues, attends the closing, and explains to Sellers the meaning of each document they sign. He also assists with any last minute negotiations and issues.
Offers to Purchase: The Offer to Purchase, when signed by Buyer and Seller, is a legally binding contract. Attorney Sykes will review Offers to Purchase, discuss the pros and cons of Counteroffers, and ensure that Sellers understand their legal obligations when they Counteroffer or accept an Offer. 
Purchase and Sale Agreements: The Purchase and Sale Agreement, like the offer, is a legally binding contract which obligates the Seller to perform certain duties prior to closing. Attorney Sykes will prepare the Purchase and Sale Agreement,  negotiate terms with Buyers or Buyer’s Counsel, explain each paragraph of the Purchase and Sale Agreement to the Sellers and advise them on compliance issues and time lines.
Clearing Title Issues: Title issues can arise prior to closing, from undischarged mortgages to encroachment problems, to a myriad of other things. Attorney Sykes is experienced and knowledgeable in taking care of these issues in order to ensure there are no delays in closing.

Representation at Closing: Attorney Sykes represents Sellers at the closing, preparing the deed to the new owners, reviewing closing documents including the HUD Settlement Statement, Title Insurance Affidavits, and lender’s indemnifications. Additionally, he represents clients in any last minute negotiations or issues.

Lender Representation

If you are in the market for a home, chances are good that you are in the market for a loan, too. Most people cannot pay cash for a new home, so they apply for a mortgage loan from a lender. When they do, often that lender seeks local counsel to represent them and their interests. That representation, in both commercial and residential real estate closings is a large part of the law practice of The Sykes Law Office. When we receive a title order from one of our many lenders, we begin the process of preparing for your closing. We order documents, from the Municipal Lien Certificate to the Mortgage Plot Plan. We send correspondence to buyers, sellers and real estate brokers, informing them of our role as closing attorneys and requesting information necessary to start the process. We get copies of purchase agreements, side agreements, commitment letters, payoff statements, final water and other bills to be paid at closing, and generally begin to coordinate the closing process for our lender. We prepare all of the closing documents and perform the closing. If we do our job properly, everything, including the exchange of keys after the closing, goes smoothly and like clockwork. That is our primary focus - providing a smooth and glitch-free transaction. We want our buyers and sellers to walk away happy; with us, with their bank, with their real estate professionals and with their new home.

Title Insurance

Title Insurance is a single premium policy which defends and protects insureds against loss due to matters affecting title.  Most insurance policies (Auto, Life, etc…) protect insureds against claims which will occur in the future, after the policy is issued.  Title Insurance is different.  Title Insurance protects insureds against events which occurred prior to the policy issue date.  Attorney fees and court costs to defend against title claims can be expensive.  A loss in one of these cases can be even more expensive.  Title Insurance protects homeowners and lenders against costs and potential loss.

Title Insurance policy premiums are paid in full at issuance and no further premiums are required.  The policy is in force as long as the insured has a legal interest in the property.   


Lender's Title Insurance Policy

Because of the risk of loss described above, first mortgage lenders generally require that their borrowers pay for the lender’s Mortgagee Title Insurance Policy.  The Mortgagee Title Insurance Policy names the lender as the insured and protects the lender against loss up to the amount of the mortgage balance.  The lender policy is generally used when a borrower defaults on the terms of the mortgage and lender encounters a title issue during the foreclosure process.  THE LENDER'S POLICY DOES NOT PROTECT THE HOMEOWNER.


Owner's Title Insurance Policy

An Owner’s Title Insurance Policy protects homeowners up to the face amount of the policy.  As stated above, the homeowner only pays for the policy one time, at issuance, and then the policy is in force for as long as the homeowner has an interest in the property.  The Owner’s Title Insurance Policy will protect you in the use and occupancy of the property you purchase.  It also protects you from debts and obligations of prior owners. 

Owners have the option of purchasing a Standard Owner Policy or an Expanded Owner Policy.  Following are some general protections provided each:

The Standard Owner Policy

This policy provides the basic coverages for persons desiring to protect their interest in the property. It insures the following:

1. You are the true owner of the property.

2. There are no defects, liens or encumbrances other than those that are listed in the policy.

3. The title you acquired is marketable and cannot be rejected by a subsequent buyer as being impaired by some defect that existed at the time you purchased the policy.

4. You have a legal right of access to the property from a public street or private right of way.

5. The company will defend your title if it is challenged and will pay costs, attorneys' fees and expenses to defend you against any claims made against your title which fall within the coverage of the policy.

6. Most title insurance companies automatically increase the coverage by a total of 50% as property values rise without additional cost.

The coverage under both the standard and expanded coverage policy continues in force for as long as you have an interest in the property. That means that you will also be covered after you sell the property and convey the title by warranty deed to the new owners. Should the subsequent owners later make a claim against you for some problem that would be within the coverage of your policy, the company will provide the protections listed above.

The Expanded Owner Policy:

This policy provides the coverages described in 1 through 5 of the standard owner policy description above, plus the following coverages:

1. Use of the land for a single-family dwelling is not prohibited by zoning/recorded restrictions.

2. There are no preexisting leases, contracts or options to purchase affecting your title or easements affecting your property.

3. No work or materials were provided to your property before acquisition for which a lien can be filed.

4. You cannot lose title to your property through forfeiture or reversion because of a preexisting violation of recorded restrictions.

5. You cannot be forced to remove an existing structure on the property because of a violation of zoning or private restrictions or because no building permit was issued for the structure.

6. There are no preexisting violations of any recorded restrictions affecting your property.

7. You have a legal right of access to the property by both foot and vehicle.

8. Protection against loss involving:

  • Ownership claims of others based on forgery before or after acquisition of title.
  • Claims to divest you of ownership because of a preexisting violation of restriction.
  • Claims of others to limit the use of your property based on a recorded restriction.
  • Refusal to fulfill a purchase contract, lease, or make a mortgage loan because of pre-purchase violation of restrictions.
  • Someone else builds on your property. 
  • Inability to sell because of violations of subdivision regulations.

Title insurance is a relatively inexpensive means by which to guarantee peace of mind regarding acquisition of the largest asset most people will ever own. It is always recommended by The Sykes Law Office as a way to protect yourself against claims which do not show up in a record search. It is not for the purpose of protecting the attorney in case of an error. It protects against claims that cannot be found by the attorney examining title. Please protect yourself with title insurance.

Homestead in Massachusetts

A Declaration of Homestead is a document which is recorded at the Registry of Deeds in the county of your primary residence.  Once properly drafted and recorded, the Homestead protects against being required to liquidate equity in your primary residence to satisfy a debt or lien. A Declaration of Homestead does not protect you against federal, state and local taxes, assessments, claims and liens; first and second mortgages held by financial institutions and others; any and all debts,encumbrances or contracts existing prior to the filing of the declaration of Homestead; an execution issued from the probate court to enforce its judgment that a spouse pay for the support of a spouse or minor children. For the most part, these issues unprotected by a homestead declaration are voluntary, or at least in the hands of the owner. Involuntary liens other than the ones indicated above are generally protected. A new change in the law in 2011 mandates homestead protection for all owners of a primary residence. The amount protected without a declaration filed in the proper Registry of Deeds is $125,000. If a declaration is signed, notarized and filed, the protection is $500,000. The Sykes Law Office prepares a Declaration of Homestead at no charge, as a courtesy to our lenders and  customers/clients. All you will pay for is the recording cost, at this point in time still a modest $36.00.