Whether you are thinking about buying or selling a home in Quincy or surrounding areas of the state, knowing Massachusetts real estate laws is important. If you are unfamiliar with the laws, you could make a costly legal error, or fail to protect your best interests. To ensure that you are getting the best deal possible and that your interests are secured, contact our experienced real estate attorneys at ClosingLawyer.pro for a free consultation today. In the meantime, here are three important real estate laws to know when buying or selling a home in Quincy:
- The Know Before You Owe Mortgage Disclosure Rule
When you are buying a home in Massachusetts, the law requires that you are given a Loan Estimate and Closing Disclosure form – these two forms replace four former disclosure forms, and are easier for consumers to understand. Your right to have these documents is referred to as the Know Before You Owe Mortgage Disclosure Rule, or the TILA-RESPA Integrated Disclosure Rule. Announced way back in November of 2013 by the Bureau of Consumer Financial Protection, the two new forms are intended to make sure that you:
- Are not surprised by costs at the closing table;
- Understand your financial obligation to repay your loan; and
- Understand your loan terms and conditions.
- Disclosure Laws Regarding Property
The above disclosure laws refer to disclosure of loan terms and costs, but there are other disclosure laws that refer to what a seller and their agent are required to tell the buyer about the property. The state of Massachusetts follows the caveat emptor theory, which essentially means “buyer beware,” and that the seller is not legally required to disclose defects about the property (with the exception of the presence of lead paint and a septic system). However, if a seller is asked a question about the property, they cannot lie.
Brokers, on the other hand, have a heightened duty to potential buyers. Under Massachusetts law, a broker is required to disclose “any fact, the disclosure of which may have influenced the buyer or prospective buyer not to enter the transaction.”
- No Duty to Disclose Facts About “Psychologically Impacted” Properties
An interesting law in Massachusetts is that pertaining to the seller’s lack of duty to disclose whether or not a property has been psychologically impacted. Essentially, a property has been psychologically impacted if it is the site of a felony, homicide, suicide; is the site of an alleged supernatural phenomenon; or was inhabited by a person with HIV, AIDs, or any other medical disease that will not likely be transmitted through sharing a dwelling alone. Like the disclosure law cited above, a seller does not have to reveal this information willing about a property, but cannot lie if asked.
Contact Our Closing Lawyers Today
The laws surrounding real estate in Quincy and surrounding areas can be confusing. If you have questions, or need an attorney to review all documents related to your home-buying or selling transaction, contact our experienced team at ClosingLawyer.Pro today. A consultation is always free, and you can reach us at 617-723-2800.