A closing represents the conclusion of all the work and documentation in the home purchase process. It is when the buyer becomes the owner of a property. A closing attorney performs the closing and has duties prior to the closing date. This article details Burlington MA closing attorney responsibilities.
Role of a Closing Attorney
A closing attorney is typically chosen by the mortgage company to compile paperwork and other activities for a closing. The attorney really acts on behalf of the mortgage company even though the buyer is responsible for paying the fee as included in closing costs. Some borrowers choose to employ that same individual to analyze paperwork such as purchase contracts on their behalf. However, they do have the freedom to find a separate attorney to act on their behalf.
Closing Attorney Duties Prior to Closing
The closing attorney is in charge of many tasks required in a real estate transaction. The first task is a title search. This is a review of town records on the real estate to confirm that the title is clear for transfer to a new owner. The second is compiling legal records for the property transfer and loan. Finally, they are required to also prepare settlement statements that detail the amounts for all individuals in the agreement. Each of these ensures a successful closing.
The Actual Closing
The closing attorney manages the actual closing by making sure the paperwork is signed and money is exchanged. The purchaser and seller are responsible for endorsing a series of paperwork, although the majority require solely the signature of the purchasers. Some documents are submitted into public record while others are retained by the lender. The other critical aspect of a closing is the transfer of funds. All charges and calcualtions are included in a settlement form supplied to both purchaser and seller. In many circumstances, money is channeled from the mortgage company to the closing attorney for appropriate accounting.
Burlington MA Closing Attorney Responsibilities
The official role of a closing attorney normally starts with a title search, but may at times also include review of paperwork such as condominium contracts or Purchase and Sales Agreements. It is important to keep in mind that they represent the lender in the transaction irrespective of who pays their fee. Buyers, Sellers, and real estate professionals must all work closely with a closing attorney to secure a successful closing.