Real Estate Market Heats Up

As the economy slowly improves, the real estate market is heating up in Massachusetts. CNN reports that bidding wars are back, with an unbelievable 250 bidders on one Cambridge property. Advisor Vincent Costantini says that real estate markets are building strength across the country, and the Boston area is especially popular. Both rents and sale prices are rising.

If you are thinking of buying or selling your home or commercial property and would like to consult a lawyer, or if you are facing a property dispute, Glickman Turley offers real estate legal services throughout the Boston area. Click here for more details.

Obama to Unveil Refinance Program

Obama will discuss on Monday a new housing program to be implemented by the Federal Housing Finance Agency. "[T]he initiative will relax eligibility standards for a federal refinancing program, "allowing those who owe more on their house than it is worth to take advantage of loans with lower interest rates." The new rules will apply to homeowners with federally guaranteed mortages who are current on their payments. Obama will be disussing the initiative during a meeting with homeowners on Monday in Las Vegas. See Associated Press article.

Supreme Judicial Court Protects Consumers in Recent Decision

In response to a request by the U.S. Court of Appeals, the Supreme Judicial Court of Massachusetts opined that real estate closings are the practice of law and cannot be conducted by escrow companies. Clearing title and interpreting the status of title, as well as drafting and interpreting deeds and other documents by which legal rights are created, modified, surrendered or secured are acts which only an attorney should be doing in order to protect those bounds by these documents. "(W)e believe that a lawyer is a necessary participant at the closing to direct the proper transfer of title and consideration, and to document the transaction, thereby protecting the private legal interests at stake as well as the public interest in the continued integrity and reliability of the real property recording and registration systems. "

This decision will also have an effect on out of state immigration lawyers which have satellite offices in Massachusetts but no real presence for the consumers using their services.

When you call Glickman Turley, attorneys answer your calls. There is no one between you and your lawyer. We protect your interests.

The decision can be found on the website for the Supreme Judicial Court. It is Real Estate Bar Association v. National Real Information Services, 459 Mass. 512 (2011).