If you are purchasing a home in Massachusetts, you will need the assistance of a closing attorney. That attorney will provide services to both you and your lender to achieve a successful closing. The following is an overview of closing attorney responsibilities for MA home closings.
Closing attorneys perform property title searches. This involves pulling up records at the local Registry of Deeds, tracing back chain of title over a certain number of years, confirming release of liens, and more. Lender require a title search and clear title before issuing a loan on a property.
Closing Package Prep & Signing
Once your loan is cleared to close, a packet is sent to the closing attorney. The attorney prepares the paperwork and presents them to your for signing. They are able to explain individual forms and answer any questions that you may have. Upon execution, they also return certain paperwork to the lender and record others into public record at the Registry of Deeds.
Closing Disclosure Preparation
Part of your closing paperwork is a closing disclosure (CD) statement. It’s essentially an accounting of charges to/from both buyer and seller. The closing attorney is responsible for preparing this document and submitting it to all parties for review and approval.
One of the most important closing attorney responsibilities for MA home closings is to manage and disburse funds. Lenders send funds to the closing attorney. Those funds are then used for mortgage payoffs, broker fees, final utility bills, tax payments, recording fees, seller profits, etc. The closing attorney is responsible for properly disbursing those funds once the sale goes on record.
Other Closing Attorney Responsibilities for MA Home Closings
The above is a summary of the most common closing attorney responsibilities for MA home closings. Many also assist with the review of Purchase & Sales agreements. They also gather supplementary information prior to closing, such as mortgage payoff information, deed preparation or review, etc. For a comprehensive list of closing attorney services, contact Martino Law Group.