Recently just started to get into wholesaling and I'm confident on how to find properties, cold calling, ARV's, MAO's, etc. However, I been struggling to figure out how Closings work in Massachusetts. Most of the information I have received discussed closing with a title company and not an attorney. So my questions are:
1. What is the attorney responsible for in terms of closing, contracts, titles, etc.?
2. Is it common to use the buyers attorney?
3. Can anyone recommend me any good real estate attorneys in the Massachusetts area?
4. Are there any fee's that I will have to pay at closing as the middle man assigning a contract to a buyer?
1. What is the attorney responsible for in terms of closing, contracts, titles, etc.?
The Attorney on the buy side is typically loyal to the bank if their is lending involved. This changes per attorney but the ones I use, their fee includes: Writing or Reviewing the Purchase and Sale (MA is a 2 contract state), searching to ensure the title is clear, setting up and executing all closing documentation
2. Is it common to use the buyers attorney?
Buyers Attorneys are commonly accompanied by a sellers attorney to protect both sides. If you are assigning I dont see why you would need another attorney. I would be curious to see what someone with wholesale experience would say here
3. Can anyone recommend me any good real estate attorneys in the Massachusetts area?
Shoot me a message. I have a few I trust. I will give you their information
4. Are there any fee's that I will have to pay at closing as the middle man assigning a contract to a buyer?
That depends on your negotiation skills :). In any negotiation you can pass off fees. For example a common one for new on market buyers is to write in the contract that the seller will pay all closing costs. I don't see why in your assignment you cant place in a clause that the end buyer will pay all fees associated with the purchase of the property. I would gladly pay the fees if the numbers still worked