K E L S E Y &  T R A S K, P.C.
attorneys at law
 

Real Estate Transactions in Massachusetts

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Below we have provided answers to many of the common questions that we are asked by our clients involved in a real estate transaction. If you would like more information please do not hesitate to call us at 508.655.5980 or e-mail us. Whether you are an individual buying or selling your home, a business purchasing office space, investing in real estate, signing a commercial lease, or participating in any other type of real estate transaction you should always have an attorney to look out for your interests. Invariably, these lengthy and complex transactions require you to read and sign legal contracts which you may be held to whether or not you understood them, and conducting any real estate transaction without a formal, written agreement should be unthinkable. A simple call to us can prevent you from making an irreversible mistake.

What is "specific performance"?

Specific Performance refers to a type of relief that a party can request in a lawsuit. Instead of requesting money damages, if a party requests specific performance they are asking the Court to force the other party to perform a particular action, usually as required by a contract. In the real estate context, this usually refers to a request that a person be forced to sell or buy property per a Purchase and Sale Agreement requiring such a transaction. The relief of specific performance is available in these cases usually because it is included in the contract language, and because when you are forming a contract to purchase a house, if the other party fails to perform you don't want to receive money damages, in most cases you want to receive the actual house.

What happens when a Real Estate deal goes bad?

Given the changes in the real estate market and the economy, the Courts are seeing an increase in lawsuits pertaining to real estate, such as foreclosures, as well as other lawsuits originating as a business dispute, contract disputes or other civil matters, which can later involve real estate as the subject of an attachment, lis pendens (a notice of a lawsuit concerning real estate which is filed with the County Clerk and makes it nearly impossible to sell a piece of property), or lien. Once a lawsuit involves real estate, the financial and legal risk to the owner of the property rises rapidly. Given the unique nature of real estate combined with the fact that real estate, even in a down market, can command a significant price, attempting to handle your real estate matter without an attorney can result in a serious impairment to the marketability of your property in the best case, and the loss of it altogether in the worst case. If you are involved in a lawsuit involving real estate you should consult with an attorney as soon as possible to assess your risk.

How can I avoid foreclosure?

In any case where the bank is bringing a foreclosure action, it is critical you seek the assistance of an attorney immediately. Waiting even a day can seriously and permanently affect your rights. Contact Kelsey & Trask, P.C. at (508) 655-5980 or via email for a no obligation one-hour consultation. We will work with you to examine your options to protect your property through various legal strategies, including litigation, settlement with creditors and/or Bankruptcy.



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