In the real estate industry, a lot of terms are used under the assumption that everyone already knows what it is. “Closing attorney” is one such term. If you’re unsure what the responsibilities of closing attorneys in Massachusetts are, this information might help.
Responsibilities of Closing Attorneys in Massachusetts
As the title implies, a closing attorney performs the actual closing for your home. However, their responsibilities go beyond simply facilitating the signing of documents.
- Title Search
Prior to the closing date, the closing attorney performs a title search on your property and submits a report back to your lender. If issues are uncovered, the attorney will often provide some level of assistance in explaining what the problem is and maybe even help in getting it resolved.
- Gathering Information
Closing attorneys often help gather necessary information for the lender. This includes payoff figures for the seller’s loan.
- Purchase & Sales Agreement Review
In many cases, a buyer may ask the closing attorney to help review the Purchase and Sales agreement.
- Deed Preparation
Sellers may ask the closing attorney to prepare the deed for the closing. This is an important legal document that passes ownership/title from seller to buyer.
- Closing Documents
The closing attorney prepares the closing documents based on a packet provided by the lender.
- Settlement Statement
The closing attorney actually prepares the settlement statement outlining the charges to both buyer and seller. This document is then submitted to the lender for approval prior to closing.
- Document Signing
The most well known responsibility of a closing attorney is to sit down with both buyer and seller for the signing of closing documents. The attorney will explain documents as needed and notarize essential forms within the packet.
- Disbursement of Funds
Closing funds from the lender are received by the closing attorney. He/she will then disburse said funds to the appropriate parties. This includes county fees for the recording, attorney fees, taxes, commissions, and seller proceeds.
- Recording the Closing
The closing attorney will manage the submission of the deed and mortgage to public records. This step is what makes your home sale or purchase official.
Real Estate Closing Attorneys in Massachusetts
As you can see, the responsibilities of closing attorneys in Massachusetts is quite comprehensive. It involves critical steps in getting a property transferred from one party to another. It is important to have good communication with closing attorneys to ensure a smooth closing. In many cases, a lender will allow a buyer to select a closing attorney to use for their home purchase. Please contact us if you would like assistance with your Massachusetts home purchase and closing.