Can we get out of selling our house?

Additional Information:

My husband and I have already signed a contract to sell our home. However, we have since changed our minds and no longer want to sell. What can we do to get out of selling our home?

ATTORNEY ANSWER:

First of all, you should contact an attorney to see if there is a way to stop the sale from going through. If the agreement does not give you any way to void the agreement, then you need to have your attorney try to negotiate a way to have the Buyer agree to take their deposit back. This is not an easy process, so you need to find an attorney who can assist you in this difficult task.

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Types of Massachusetts Title Searches

There are several different kinds of title searches. In Massachusetts, the title to real estate is recorded and documented at the Registry of Deeds for the County in which the real estate is located.

A “full” title search is usually provided for a purchase of real estate. It is commonly accepted that a “full” search covers a fifty year period.

In addition, some mortgage lenders for a refinance, will require either a current owner or a two owner search.

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Why is title insurance necessary if there has been a title search?

Title insurance is issued after an examination of the public records. But even the most thorough search cannot absolutely assure that no title defects are present, despite the knowledge and experience of professional title examiners. In addition to matters shown by public records, other title problems may exist that cannot be found in a search.

A few of such title problems that can cause loss of title or create an encumbrance on title are:

  • False impersonation of the true owner of the property
  • Forged deeds, releases of wills
  • Undisclosed or missing heirs
  • Instruments executed under invalid or expired power of attorney
  • Mistakes in recording legal documents
  • Misinterpretations of wills
  • Deeds by persons of unsound mind
  • Deeds by minors
  • Fraud

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Does the loan policy protect the borrower?

The loan policy does not protect the borrower.

The loan policy protects only the lender against loss, not the borrower. The borrower for a purchase loan can obtain title insurance to protect their own interests, and it protects the borrower for as long as they own the property. The borrower can obtain from the closing attorney a list of the matters that an owner’s title insurance policy covers.

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What does real estate Title Insurance do?

To protect possibly the most important investment you’ll ever make the investment in real estate.

A lender goes to great lengths to minimize the risk of lending money for the loan it makes on Massachusetts real estate. It checks on the borrower’s credit to determine their ability to repay the loan; and the lender seeks assurance that the quality of the title to the property it is loaning money on meets with the lender’s satisfaction; and that a title insurance policy protecting the lender’s loan will be issued to it by a title insurance company. [Read more…]

What are real estate recording fees?

Recording fees are “fees” that are paid to the Commonwealth of Massachusetts for the “privilege” of recording documents that relate to real estate transactions. Some of the recording fees are as follows:

Deed $125.00
Mortgage $175.00
Discharge of a Mortgage $75.00
Declaration of Homestead $35.00 [Read more…]

What is a Massachusetts real estate title search?

A real estate title search in Massachusetts is an examination of all public records that involve title to a specific property. The search is conducted to verify that there are no liens or other claims against the property other than those scheduled to be paid off by a new loan or a purchase money mortgage and/or subordinated by a new loan. A title search also confirms that all former owners have formally given up their ownership rights to the property. [Read more…]

What is involved in the purchase of real estate in Massachusetts?

When you find the house of your dreams, the first document you will sign is called the Offer To Purchase. This document is usually prepared with the assistance of your real estate broker, and if you are not working with a real estate broker, you should ask a lawyer for assistance. The Offer To Purchase will set forth the basic terms on which you are basing your “offer” to purchase the property. The Offer To Purchase will include:

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Real Estate – Improper foreclosure on property

We are proud that we were able to assist a client whose home had already been foreclosed on, and the deed was recorded by the Lender at the Registry of Deeds. We were able to convince the Lender that they did not properly provide our client with rights he was entitled to. As a result of our persuasive manner, we got the Lender to deed back to our client, the house that was foreclosed for $1.00.

895F.2d30, NBA Properties, INC. v. Gold (1990), unanimous reversal of Federal District Court decision
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Where are title searches conducted?

In Massachusetts, documents related to real estate transactions are recorded in the Registry of Deeds for the county in which the real estate is located.

Here is a list of the cities and the towns and their counties wherein they are located: [Read more…]