Residential Real Estate Guidance
Our residential real estate practice department provides client services on all real property matters, including:
- Purchase and sale of residential real estate
- Mortgage lending services for banks and institutional and private lenders
- Nominee real estate trusts
- 1031 exchanges
- Tax implications and planning
- Condominium creation or conversion
- Developer representation and financing of commercial property
- Landlord-tenant matters, including leasing
Purchase And Sale Of Residential Real Estate
Our residential real estate practice department routinely assists buyers and sellers of residential real estate. We work closely with the client in reviewing the initial offer, reviewing or drafting the purchase and sale agreement, and negotiating the terms of the agreement with the attorney for the opposite party.
When our firm represents sellers of real estate, the attorney assigned to the matter will also prepare the deed required for the sale, coordinate with the lender’s attorney and the buyer’s attorney in preparing adjustments and finally, the attorney will attend the closing and supervise the sale.
When our firm represents the buyer, the attorney will also work closely with the lender’s attorney and the seller’s attorney in preparing adjustments. The attorney will attend the closing, supervise the purchase and explain the many documents to the client before the buyer signs them. Since our firm represents many lenders, we routinely represent lenders and buyers in the same transaction (without violating conflict of interest rules). In such cases, our firm will also be responsible for the title examination and review as well as the preparation of the documents necessary for a closing.
Ask about our fees for the above situations.
Mortgage Lending Services For Banks And Institutional And Private Lenders
Our residential real estate practice department represents many banks and institutional lenders as well as many private lenders. Our lawyers are familiar with the strict requirements of providing certifications in accordance with Massachusetts law. Services to these clients include obtaining and reviewing the title examination; obtaining information from the local tax collector on real estate taxes, water and sewer charges and municipal betterments; obtaining the lender charges; preparing adjustments; and reviewing the documents with both sellers and buyers or their attorneys.
Nominee Real Estate Trusts
Many clients seek to benefit from the creation of trusts such as nominee real estate trusts. Our residential real estate practice department works closely with clients to determine the need for such trusts as well as explain their advantages and disadvantages. Where necessary, our attorneys are versed in the preparation of these forms of trusts and the transfer of real estate to the trust to be managed by selected trustees.
Ask about the fee structure for the preparation of deeds and trusts and the recording costs.
1031 Exchanges
Our residential real estate practice department is aware of the rules and regulations involving 1031 exchanges, which allow tax relief for sellers who qualify for beneficial tax treatment. Our attorneys work with the client as well as opposing counsel to craft the proper documentation for a successful 1031 exchange transaction.
Ask about our fees for this service.
Tax Implications And Tax Planning
Our residential real estate practice department coordinates with our estate planning practice department to assist clients with questions involving taxation of capital gains in certain sales. Where necessary, our attorneys may recommend coordinating transactions and advice with the client’s CPA or tax adviser.
Condominium Creation/Conversion
The residential real estate practice department at Kajko, Weisman & Colasanti, LLP, assists our clients in condominium developments, including new condominium construction or conversion of existing buildings. The process includes strict adherence to the provisions of the law in Massachusetts allowing condominiums. The attorney at our firm assigned to a client’s project will carefully review the law, local zoning, and the client’s needs and desires. The attorney will work closely with the client in determining the feasibility of the condominium project. As the project moves forward, the attorney will work closely with architects, engineers and surveyors reviewing plans and preparing the necessary documents, which include a master deed, bylaws, rules and regulations, unit deeds for each unit to be created and an initial budget. The attorney will draft several other documents as the project nears completion.
Speak to one of our attorneys in the real estate department for the fees involved in a condominium development or conversion.
Developer Representation And Financing Of Commercial Property
Our residential real estate practice department coordinates with our commercial real estate practice department and the zoning and land use practice department in providing necessary assistance to developers in any residential or commercial development. The coordination allows the developer to receive advice and the formulation of a development program researching land use and zoning issues, appearances before public bodies in obtaining permits and approval of plans, negotiating with sellers of land, drafting of necessary agreements and assisting in the financing of a commercial project. Where necessary, local counsel is sometimes suggested to assist in municipal approval processes.
Ask about our fees for these services.
Leasing And Landlord-Tenant Matters
Our residential real estate practice department routinely prepares, reviews and negotiates leases for rental units or leasing of homes for both landlords and tenants. The attorneys in this department work with the trial practice department in matters involving all forms of litigation involving landlords and tenants, including the interpretation of lease provisions, mediation and arbitration of disputes between landlords and tenants, and prosecuting or defending eviction or ejectment cases.
Ask about our fees for the above situations.
Contact Kajko, Weisman & Colasanti, LLP, to schedule a confidential consultation.
