Buying a Luxury Home in Massachusetts

Silveri & Wilson, LLC is a boutique law firm in Wellesley Hills, Massachusetts, in what has become one of the hottest luxury real estate markets in the United States. Nothing is more important to us than our clients, and we take pride in all aspects of the legal work that we do for them. While purchasing a luxury home, generally, requires many of the same steps necessary in any residential real estate transaction, understanding the many unique differences, is what separates us from our competition. Whether purchasing a luxury dream home on the beach or the golf course, a mansion in the country, or a luxury condominium in the heart of downtown Boston, we will work closely with you to ensure your transaction is a pleasurable, stress-free experience.

Some additional considerations for luxury real estate include the following:

• Restrictions and covenanants on the land: As for any residential real estate purchase, a title examination is necessary to reveal what liens or other encumbrances might exist on a parcel of land.  In some upscale neighborhoods, however, (i.e. gated communities) additional restrictions may often be imposed by the homeowner's association including what color you can paint your home, how many cars you can park in the driveway, what type of landscaping you can do, and what type of renovations you can make, etc. It is imperative to work with a real estate lawyer who is familiar with luxury home purchases and who can review these regulations and advise you about their effect.
• Zoning restrictions: It is important to know what types of businesses could possibly be established in the area in which you purchased. Is there a particular type of business that could depreciate market values? A neighborhood that has commercial restrictions to preserve its residential character will hold its value significantly better.
• Luxury Real Estate Financing: Will you be able obtain institutional mortgage financing, private financing, or are you paying cash for your home? Are your funds tied up in investments, or are the liquid enough? A cash transaction significantly streamlines the process, but if financing is being obtained from another source for your real estate purchase, proper contingencies must be included in the purchase and sale agreement to protect any deposits. Even though the demand for luxury homes remains strong overall, a buyers market still prevails and deposits should be negotiated as low as possible.
• Luxury Condominium Purchases: When purchasing a luxury condo, it is extremely important to be sure all prior condo fees and assessments have been paid. Any unpaid condo fees result in an automatic lien against the unit and can become the new owner's responsibility if not discharged before closing. Because luxury condominiums have higher than usual condo fees, it is increasingly important to carefully review what is called a "6(d) Certificate" (referring to the relevant provision in the Massachusetts Condominium Statute G. L. 183A) to be sure that all prior charges have been reported as paid.

Shown below is just a small sample of cities and towns close near Wellesley office where luxury home buyers typically purchase.  We do, however, cover the entire state of Massachusetts.

• Boston - Back Bay
• Boston - Beacon Hill
• Boston - Charlestown
• Boston - South End
• Brookline
• Chestnut Hill
• Concord
• Dover
• Lexington
• Needham
• Newton
• Subury
• Weston

Contact our Real Estate Lawyers in Wellesley, Massachusetts

Contact us today to learn more about how our real estate attorneys can help you with you luxury home purchase.