The Closing Timeline
Offer
Purchase & Sale Agreement
Mortgage Contingency
Buyer Representation
What Our Clients Say About Us:
Marc and the entire team at Canner Law are the best in the business! We’ve worked with them twice over the last 6 years and have been very pleased. They are efficient, organized, detail-oriented, knowledgeable, courteous and super helpful. We knew we didn’t have to worry about this piece of the process and that was a huge relief!
- Dina Smith
We have worked with Marc and his team on three separate real estate transactions over the last few years and cannot recommend them more highly. This team is very personable, knowledgeable, and efficient.It's obvious that they love what they do and you'll feel that in their great work ethic and communications. If you are looking for a group of people that can carry you through your real estate transactions easily while still ensuring you cross your t's and dot your i's this is the team for you!
- Madison Wetter
The Canner Law team is nothing short of outstanding. The entire group is beyond responsive, thoughtful, professional, and genuinely just nice to work with. We recently worked with their team throughout the home buying process. As first time home buyers, we didn't quite know what to expect. The Canner team made the process an absolute breeze! We cannot recommend working with this team enough.
- Courteney McDonnell
Our Blog
Rental Property LLC FAQs
FAQ: Can My Rental Property Be Held In A Limited Liability Company (“LLC”)? A single entity LLC provides numerous advantages for rental property owners, including reducing personal liability and allowing more costs to be tax deductible. Many rental property books and podcasts recommend that Buyers take advantage by purchasing their rental property in an LLC. Can Rental property Buyers purchase in an LLC? If paying cash for the property, then the answer is a clear “yes.” If financing the transaction, then Buyers need the lender’s authorization. Most residential …
How to Protect a Buyer When the Mortgage Contingency and Inspection Contingency Clauses are Waived
by Laura Cross Low inventory, multiples bids, waived contingencies, properties going for well over ask. This seems to be the new normal in our current market. A Buyer is naturally thrilled when a Seller accepts their offer in this competitive marketplace. Once the initial rush starts to subside, a Buyer can become nervous that they have waived their protections and assume the risk of losing their deposit if they back out of the transaction. Here are some strategies to protect a Buyer when they have waived contingencies. …
Mortgage Contingency FAQs
When financing a purchase transaction, the mortgage contingency date is the single most important pre-closing event after the Purchase and Sale Agreement (P&S) is signed. The mortgage contingency date typically occurrs three to four weeks afer the P&S execution. The lender needs to issue a "clean" mortgage commitment letter on or before the mortgage contingency date, or the buyer's attorney likely will seek an extension. What Is The Purpose Of A Mortgage Commitment? When financing a loan, a lender undertakes a lengthy review of the borrower and subject …
Will Condominium Lending Be Upended in 2022?
On January 1st, 2022, Fannie Mae rolled out a new Condominium Questionnaire (“CQ”) Addendum. This added layer that applies to condominium buildings with five or more Units requires in certain instances more detailed answers to CQs about deferred maintenance, the building’s structural soundness, and special assessments. This change has the potential to upend condominium lending. Many industry insiders believe the update is a result of the condominium collapse in Florida last year. Fannie Mae is now requiring in some circumstances broad certifications about the Association’s financial, legal and property status, …
A Guide To Navigating A New Construction Purchase
Buying a new home or condominium Unit can be a daunting process. Buying a new home or condominium Unit that is not yet built and only exists on paper is even more daunting. Below are some helpful tips to navigate a new construction purchase. Research the Builder To a certain degree, a Buyer is going into business with the builder. The Builder will determine the design and workmanship of the new property. The Builder also controls the timeline of the process. The Buyer will want to check the …
The Difference Between Recorded and Registered Land
Many times, we are often asked to explain the difference between Recorded and Registered Land, the two types of Real Property recordings in the Commonwealth of Massachusetts. Recorded Land makes up approximately 80% of real property recordings in the Commonwealth. It is based on a “buyer beware” concept and the registry accepts documents based on whether the document meets minimum recording requirements and not based on it relating to a certain property (i.e. this means it does not guarantee that the property in question is free from all liens, encumbrances, …
COVID-19 Closings
We are continuing to deliver closing services during the current market conditions. Please be aware that we are very mindful of Covid-19 social distancing requirements and related issues. To best work within these requirements and allow for your health and safety when signing the lending documents, we have developed “curbside” closing. For closings conducted at our Needham office location, the building management has designated an area of our underground parking garage to use for “curbside” closings. When arriving at our 200 Highland Ave. office please take a right (if travelling …
Response to Market Conditions
In response to the current market challenges facing the real estate industry due to the Coronavirus, please note our response: Many Registry of Deeds are now open for recording only. We have electronic recording capabilities through Simplifile to electronically record in Massachusetts. Some county Land Courts do not accept electronic recordings. We will work to record those files via a courier. We have “gap” coverage for our title insurance which will insure during any period between the closing and the recording of a deed and mortgage. Our entire team is …
Registry Recording Fees to Increase at End of 2019
Here is the link to the recording fee schedule increase: Registry of Deeds Recording Fees Effective December 31, 2019, the revised recording fees will be as follows: Mortgages will cost $205 to record. Deeds will cost $155 to record. Releases and discharges will cost $105 per instrument to record. Tax Certificates will cost $80 to record. …
The Massachusetts Real Estate Law Blog RSS Feed:
- Evictions Remain A “Lose-Lose” For Massachusetts Landlords: A Case Study
published: 06/02/22
- Boston Eviction Moratorium Will End On February 28, 2022, Appeals Court Single Justice Rules, But Questions Remain
published: 02/15/22
- Joint Housing Committee To Hear Controversial Housing Stability Act, Rent Control, And Other Tenant Protection Bills On Jan. 11
published: 01/06/22
- Specific Performance, Lis Pendens, and The Special Motion to Dismiss: Enforcing and Defending Real Estate Contract Claims
published: 12/28/21
- Judge Rebuffs Mayor Wu’s Attempt to Resurrect Boston Covid-19 Eviction Moratorium
published: 12/23/21
- Boston Eviction Moratorium Struck Down By Housing Court
published: 11/29/21
- Legal Challenge Filed Against City of Boston Eviction Moratorium
published: 10/29/21
- City of Boston Enacts Legally Dubious Eviction Moratorium
published: 09/02/21
- BREAKING: U.S. Supreme Court Strikes Down CDC Eviction Moratorium
published: 08/26/21
- Rising From The Dead, CDC Eviction Moratorium Extended Once Again
published: 08/04/21
- CDC Eviction Moratorium Extended One Final Time Through July 31, 2021
published: 06/24/21
- Judge Enjoins Paragliders Who Harrassed Homeowners On Peaked Cliff, Plymouth
published: 06/10/21