For example, the buyer may want to limit the period the seller has to cure any defect before the expiration of its mortgage commitment. Additionally, the agreement can limit the seller’s financial exposure in resolving title issues.įrom the buyer’s perspective, the purchase and sale agreement should include language that protects it if the seller cannot clear title, or if there are financial ramifications during the time it takes for the seller to resolve any issues. It should state that the seller is responsible for clearing up any title issues, but it can also provide a reasonable timeframe for the seller to cure any defects. This document governs the rights and obligations of the seller and buyer. In a sales transaction, the Purchase and Sale Agreement can provide ways for the buyer and seller to protect their interests in case title issues arise. Individuals who could potentially have a claim on the property, such as heirsĪ search and examination of the title can uncover any liens, encumbrances, or other problems that could cloud the matter of who has title.Possible title issues that could affect a conveyance and delay the closing of a transaction include: The buyer should ensure that the seller clears up any problems that could restrict the buyer’s ability to get a mortgage or sell the property later. In other words, he or she must be the owner of the property and have the right to sell it. In Massachusetts, a seller has to convey what is considered clear and marketable title. While many conveyances are relatively straightforward, others may be stopped in their tracks because of title issues. If that document raises any red flags, it could affect the buyer’s financing options and the seller’s ability to convey the property. It also involves the preparation and review of numerous documents, such as the careful drafting of a Purchase and Sale Agreement and a thorough examination of the title report. Whether in a purchase or the mortgage refinancing process, the conveyance of real property requires clear and marketable title, handling and distribution of the mortgage proceeds, recording of the mortgage, and the discharge of a previous mortgage. ConveyanceĬonveyance is the legal transfer of title or interest in real property from one person or party to another. Contact us today to discuss your concerns. Our real estate lawyers have significant experience with matters regarding conveyances in the Boston area. At Pulgini & Norton, we investigate and resolve issues related to these situations. Unfortunately, uncertainty about who owns the property could affect a conveyance. Experienced Real Estate Attorneys Assisting Boston ResidentsĪ smooth transfer from one party to another is a fundamental goal of most real estate transactions.
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