Thursday, July 15th, 2010
Real Estate Attorney’s Do Much More Than Conduct Your Closing
Massachusetts Real Estate Closing Attorney’s do much more than simply conduct your real estate closing. Most of the closing attorney’s work is done behind the scenes. There are numerous steps the attorney must perform before and after your closing.
Prior to the closing, a title examination is performed on the property. This is done to check that the Seller is really the property’s owner, and not an imposter trying to defraud you. The examination also reveals what mortgages and other liens exist on the property.
The title examination is extremely important. All mortgages and other liens on the property must be paid by the Seller at closing. If any of the Seller’s debts are not paid at closing, then they become your responsibility. The Seller’s creditors can foreclose on your property if they are not paid.
Prior To The Closing
Prior to the closing, the attorney must prepare all documents necessary for your transaction. This may include your Deed, Offer to Purchase, and Purchase and Sales Agreement. The attorney must order any payoffs from existing mortgage holders on the property, contact the City/Town for the balances on all taxes and utilities, and fix all title problems. The attorney must also work closely with your lender and real estate agent to coordinate all aspects of the transaction.
At the closing, the attorney will carefully review and explain dozens of legal documents to you, and answer all questions that you may have. The attorney will also make sure that all documents are properly signed and notarized.
After The Closing
A significant portion of the real estate attorney’s function is performed after the closing. At this time, all checks are written to pay off any liens on title. The checks are sent to the creditors, so that the liens will be taken off of the title.
Your Deed and mortgage are brought to the Registry of Deeds to be recorded. This requires a second title examination that will check for any liens recorded after the first title examination.
When the Deed is recorded, you become the lawful owner of the property. At this time, you will be allowed to move into your home.
After recording the Deed, the attorney prepares your Massachusetts Title Insurance policy.
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