The closing is the culmination of all the work and documentation in the home purchase process. It is when the purchaser gets keys and officially becomes the new owner of a piece of real estate. A closing attorney performs the closing and is responsible for certain items before the closing date. This blog describes MA closing attorney responsibilities.
What Is a Closing Attorney
A closing attorney is usually assigned by the mortgage company to complete documents and other activities for a closing. The attorney really acts on behalf of the mortgage company although the home buyer is responsible for the fee. Some home buyers elect to employ that same company to examine paperwork such as the Purchase and Sales Agreement on their behalf. However, they do have the freedom to find a different attorney to act on their behalf.
Closing Attorney Responsibilities Prior to Closing
The closing attorney is responsible for a series of duties required in a real estate purchase. One of the first is a title search. This is an analysis of town records on the property to confirm that the title is able for transfer to a new owner. The second is arranging legal records for the closing and loan. Finally, they must also prepare settlement forms that detail the amounts for all individuals in the agreement. Each of these helps lead to a proper closing.
The Day of Closing
The closing attorney conducts the actual closing by ensuring the paperwork is executed and money is transferred. The buyer and seller are responsible for signing certain paperwork, although the majority require solely the signature of the borrowers. Some documents are filed into public record while others are kept by the mortgage company. The other critical part of a closing is the exchange of money. All fees and figures are included in a settlement document given to both buyer and seller. In many cases, money is transferred from the mortgage company to the closing attorney for proper distribution.
MA Closing Attorney Responsibilities
The official job of a closing attorney normally begins with a title search, but may sometimes also involve review of documents such as condominium documents or Purchase and Sales Agreements. It is important to remember that they represent the mortgagor in the transaction irrespective of who pays their fee. Purchasers, Sellers, and real estate brokers must all work well with a closing attorney to ensure a successful closing.
