According to a recent article, trends in the Boston residential real estate market are shifting. An attorney that focuses on real estate law can help individuals and entities adapt to those changes.
Specifically, one source characterizes the current residential real estate market in Boston and outlying neighborhoods like Allston and Worcester as bullish, with demand high and supply low. Particularly in the categories of condos and single-family homes, there seems to be not enough real estate to cover the interest. An attorney who is familiar with Boston’s municipal planning decisions may have advice to offer individuals on how a bull market may adversely impact them.
For example, in real estate negotiations, a seller in this market may attempt to include additional provisions, such as the buyer’s responsibility for closing costs. Other areas traditionally allocated to the seller may also be shifted when a buyer has less negotiating leverage, such as inspections. However, an attorney knows that some terms and notification procedures may be required by law and thus cannot be waived or negotiated away. Consequently, it is important for a buyer to understand that he or she still has rights in a seller’s market.
An attorney can also offer advice regarding other potential disadvantages or challenges to buyers in this market, such as over-asks, bidding wars or mortgage agreements that contain unfavorable terms. Rather than acquiescing to conventional thinking, an attorney can offer the perspective of experience and legal expertise. From bidding negotiation to the review of purchase agreements and closing documents, an attorney can work to protect a buyer’s interest at every step of the way.
Source: boston.com, “The Five Trends Dominating Boston Real Estate Right Now,” Tom Acitelli, Aug. 25, 2014