A closing represents a culmination of all the steps and documentation in the home buying process. It is when a buyer becomes the owner of a piece of real estate. A closing attorney manages the closing and is responsible for certain items prior to the closing date. This blog details MA closing attorney responsibilities.
What Is a Closing Attorney
A closing attorney is ordinarily chosen by the lender to compile documents and other activities for a closing. The attorney actually represents the mortgage company although the purchaser is accountable for paying the fee as included in closing costs. Some home buyers opt to use that same person to analyze documents such as the Purchase and Sales Agreement on their behalf. However, they do have the right to get assistance from an attorney of their choosing.
Closing Attorney Functions Prior to Closing
The closing attorney is responsible for many tasks pertaining in a home transfer. One of the first is a title search. This is a review of public records on the property to confirm that the title is suitable for transfer to a new owner. The second is preparing legal records for the property transfer and financing. Finally, they are required to also draw up settlement forms that list the figures for all individuals in the agreement. Each of these important for a successful closing.
The closing attorney completes the actual closing by making sure the documents are executed and money is exchanged. The purchaser and seller are accountable for signing specific documents, although the majority need solely the signature of the buyers. Some documents are filed into public record while others are retained by the mortgage company. The other critical aspect of a closing is the transfer of funds. All charges and calcualtions are detailed in a settlement statement provided to both purchaser and seller. In most closings, money is channeled from the lender to the closing attorney for appropriate disbursement.
MA Closing Attorney Responsibilities
The official duty of a closing attorney usually begins with a title search, but may at times also involve review of paperwork such as condominium contracts or purchase contracts. It is important to keep in mind that they represent the mortgage company in the transaction no matter who pays their fee. Purchasers, Sellers, and real estate professionals must all act closely with a closing attorney to lead to a successful closing.