If youre selling your Boston area home or condo, and using the proceeds from the sale to purchase a new home or condo, you probablyhave questions about how to make the whole process work. Canner Law, a Massachusetts real estate law firm, has a well-written andinformative blog(quoted below) that explains how it can work:
Most clients who experience a smooth piggyback transaction attribute it to having good communication and coordination between the lender, attorney and real estate broker.
I couldn't agree more. I can't emphasize enough the value of having a competent and attentive team working for you.Back to back transactions often begin with a morning sale closing and an afternoon purchase closing:
This allows time for the sale closing attorney to conduct the closing, go to record (meaning recording the deed and mortgage with the appropriate county Registry of Deeds), and then wire the net proceeds to the purchase closing attorney. Once the purchase closing attorney has conducted their closing and received all funds, then they can go to record as well, completing the transaction.
Piggybacking of transactions happens more than you might imagine. To read more about how it works, here's Canner Law's full article.Having expert transaction management through selling and purchasing activities and during the closing process is invaluable. I have over 25 years experience helping people buy and sell Boston homes and condos, and I am committed to providing my clients with the best service and all the information necessary to make good decisions.If youhavequestions about buying or selling Boston real estate, please call me at617-584-9790, orsend me an email via the linkbelow.
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