Additional Information: While preparing to close on my non-mortgaged home in Newton, the buyer’s title search found a lien on the property.  Apparently the closing attorney had not paid back the monies owed by previous owner. What do we do now in order to close? ATTORNEY ANSWER: Since your question does not specify what type of lien was found on the property, I will answer in general terms.  Before one can have a closing or refinance

Additional Information: What are allowable damages for real estate misrepresentation under Massachusetts law? We signed a P & S for our first home in Belmont.  The P & S had multiple items that were supposed to be completed by the seller prior to closing. They did not complete the work and now refuse to return our deposit money.  What are our legal rights? ATTORNEY ANSWER: When the P&S specifically states that the Seller is to make

Additional Information: I am considering a short sale on my home in Sherborn.  What are the resulting tax implications of a short sale? ATTORNEY ANSWER: Because a short sale involves the forgiveness of debt (in this case the unpaid balance of the mortgage) the seller may get a 1099-C for the amount of the mortgage deficiency.  There are options available which include bankruptcy or relief if you can be considered insolvent.  Also the Mortgage Forgiveness Debt

Additional Information: While preparing our 2011 taxes I realized that there has been an error in the past few year’s MA tax returns (in the government’s favor) related to our Waltham home’s property tax.  What’s the likelihood we will get audited?  What’s our obligation to amend the prior year’s taxes and  how would we go about doing it? ATTORNEY ANSWER: The likelihood of audit is hard to judge, but States have been getting more aggressive as

Additional  Information: How do I know if I have a claim? We paid for a title search/insurance, but found out after buying our Waltham property that the title was never clear.  After we moved to MA and moved in, we received a certified letter in the mail stating that our property had been auctioned off for back taxes and would no longer be ours if we did not pay over two years worth of back taxes,

Additional Information: The contract has been signed by both parties. I’ve already closed on my new home in the South Boston area and I was counting on this closing. I can’t afford to carry both properties any longer. What are my rights, and what are my options? ATTORNEY ANSWER: If the buyer defaults on the Purchase and Sale Agreement by not going through with the purchase (not because he has been denied a loan), then he

Additional Information: We had a C Corporation which we sold in 2009. The IRS wants to audit the corporation for tax year 2008. They contacted us. We explained we have given all paperwork to the new owner. It was an entity sale and the new owner took responsibility of all past liabilities. The IRS person said they could not get a hold of the new owner. He has disappeared. So they want all 2008 tax paperwork

Additional Information: I agreed to buy a condo in Naples, FL and now I’ve decided that it’s not what we want, we’d be making too many concessions.  How do I cancel with the least financial expense? ATTORNEY ANSWER: When a buyer enters into a Purchase and Sale Agreement, the buyer needs to be aware that the only reason he or she can get out of the agreement is if the mortgage is denied, the property is

Additional Information: We are in the process of buying a home in Danvers, MA but the seller is unable to find a replacement property by the time the sixty day escrow closes. They have requested an extension of thirty days. If we do not agree to that extension, what will happen?  Will we lose the appraisal fee, the home inspection fee, and our deposit?  If we do agree, do we get any thing in return? ATTORNEY

Additional Information: My wife and I are working on our estate planning.  If there is a Federal or MA state gift tax exemption can you please explain it to me?  How do I give gifts to our grandchildren with this tax benefit? ATTORNEY ANSWER: There is only a Federal Gift Tax; Massachusetts does not impose a transfer tax on gifts.  Every U.S. Citizen has a cumulative lifetime gifting exemption that was $1,000,000 up until the passage