A closing represents a culmination of all the steps and paperwork in the home purchase process. It is the day a purchaser becomes the owner of a property. A closing attorney performs the closing and has functions before the closing date. This article details North Reading MA closing attorney responsibilities.
Role of a Closing Attorney
A closing attorney is ordinarily assigned by the lender to complete paperwork and other tasks for a closing. The attorney really acts on behalf of the mortgage company although the home buyer is responsible for paying the charges as part of closing expenses. Some buyers elect 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 Duties Before the Closing
The closing attorney is in charge of several duties related in a property purchase. The first task is a title search. This is a review of town records on the real estate to make sure that the title is suitable for transfer to a new owner. The second is preparing legal records for the property transfer and financing. Lastly, they are required to also prepare settlement forms that describe the figures for all individuals in the transaction. Each of these ensures a proper closing.
The Day of Closing
The closing attorney conducts the actual closing by making sure the documents are endorsed and money is exchanged. The buyer and seller are responsible for endorsing certain paperwork, although the majority need only the signature of the borrowers. Some documents are filed into public record while others are retained by the lender. Another critical aspect of a closing is the transfer of money. All fees and figures are included in a settlement document provided to both buyer and seller. In many cases, money is transferred from the mortgage company to the closing attorney for proper accounting.
North Reading MA Closing Attorney Responsibilities
The official capacity of a closing attorney usually starts with a title search, but may often also include examination of documents such as condominium documents or purchase contracts. It is important to remember that they act on behalf of the mortgage company in the transaction regardless of who pays their fee. Buyers, Sellers, and real estate agents must all work well with a closing attorney to ensure a successful closing.