Hill & Plakias P.C.

Real Estate

Representing the Interests of the Buyer in a Real Estate Transaction

If this is your first home purchase, the process may seem confusing. Our office can make the entire purchase process easy and enjoyable for you.

The lender's closing attorney represents the interests of the lender. Therefore, it is not the responsibility of lender's counsel to advise you on your rights and obligations regarding your new home purchase. Because of this we highly recommend that you retain your own attorney to represent your interests in this process. Our office can represent you, even if we are handling the closing for your new lender, for a reasonable fee and give you the comfort you need to proceed confidently toward the purchase of your new home. Some of the services we provide when representing buyers are:

  • negotiation and preparation of the offer to purchase and purchase and sale agreement to protect your interests and concerns;
  • resolving issues which may arise during the pendency of your purchase and assist you if you are selling real estate to purchase your new home
  • explaining the mortgage process and assisting you in understanding just what the lender’s commitment letter says
  • assisting in the coordination of the closing and representing you at the closing, reviewing all closing documents and explain their meaning and significance to you
  • answering questions you might have and resolving disputes that may arise at any time during the closing process

Please call our office to discuss how we can represent you and what our fees are for this service. We look forward to hearing from you.

What you should know about your closing – for Buyers and Borrowers

Insurance - At the time of closing, please bring with you a homeowner fire and extended coverage insurance policy or binder for such insurance either in an amount at least equal to the total of all new mortgages on the property or 100% of the replacement cost of all insurable buildings and other improvements on the land. IF YOU ARE GOING TO RELY ON THE 100% REPLACEMENT COST AMOUNT AS SUFFICIENT INSURANCE, THEN THE POLICY OR BINDER MUST STATE THAT 100% REPLACEMENT COST IS IN EFFECT. The insurance policy or binder must name all of the persons who will hold title to the property. The mortgage clause adding the mortgagee’s insurable interest to all policies MUST BE WORDED in accordance with the instructions listed in your commitment letter issued by the Lender.

Your insurance agent MUST fax or deliver to our office a copy of a binder for such insurance along with a receipt showing that the first year’s premium is paid in full, at least three (3) business days prior to closing. Please have them fax it to us at 781-326-8941.

Flood Insurance - If the premises are located within a specially designated federal flood hazard area then flood insurance is a mandatory requirement and you must provide a flood insurance policy together with a paid receipt for the full first year’s premium at or before the closing. Please note that if the premises are located within Zone B flood insurance is not required.

Rent Loss Insurance - If this transaction involves a loan on investment premises or a 2-4 family dwelling then rent loss insurance may be required and an appropriate binder to that effect will be required at or prior to closing. You should check with the lender for applicability of rent loss insurance to your loan.

Title Insurance - The lender requires that they be provided with a lender’s title insurance policy (loan policy) to protect their interest in your property up to the amount of the mortgage. While the premium for the loan policy is included in your closing costs, it does not protect you. Your ownership interests are insured only by an owner’s title insurance policy (owner’s policy). While the lender’s coverage under the loan policy decreases as the mortgage is paid down and terminates when the final payment is made, your owner’s policy remains in effect for as long as you and your heirs own the property. The owner’s policy is available for a one-time premium and at a discounted rate if purchased simultaneously with the loan policy at the time of closing.

The owner’s policy provides coverage for numerous matters which are not covered by the standard attorney’s certification of record title and which are not discoverable by searching the land records. Typical examples of such matters include forged documents, the incapacity of a grantor, undisclosed or missing heirs, missing signatures, mistakes in recording, unknown creditors and problems involving access to the land. The Eagle Policy available through First American Title Insurance Company provides additional protection for problems such as zoning and building permit violations, restrictive covenant violations, encroachments and defects in title. This enhanced coverage is available at a cost of 10% more than the standard owner’s policy. For more information on the Eagle policy please visit www.firstam.com. Because we believe that obtaining an owners title insurance policy is in your best interest we will plan to issue same and include the additional premium cost in the settlement figure you will bring to closing unless you advise us to the contrary. If you prefer to obtain the enhanced coverage offered by the Eagle policy, please notify the office prior to the closing.

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888 Washington Street Suite 302 | Dedham, MA 02026 | Tel: 781.326.8848 | Fax: 781.686.9129 | clientservice@hillplakias.com

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