A closing is a conclusion of all the actions and paperwork in the home purchase process. It is the day a buyer becomes the new owner of a home. A closing attorney manages the closing and is responsible for certain tasks before the closing date. This blog details Boston closing attorney responsibilities.
Definition of a Closing Attorney
A closing attorney is usually chosen by the lender to complete documents and other tasks for a closing. The attorney actually represents the lender although the home buyer is responsible for the fee. Some home buyers elect to employ that same person to review paperwork such as purchase contracts on their behalf. However, they do have the right to find a separate attorney to represent their exclusive interests.
Closing Attorney Functions Before the Closing
The closing attorney is responsible for a series of tasks needed in a home transaction. The initial duty is a title search. This is an examination of town records on the property to make sure that the title is able to convey to a new owner. The second is preparing legal paperwork for the closing and loan. Lastly, they must also produce settlement forms that describe the amounts for all parties in the agreement. Each of these contributes to a proper closing.
The Actual Closing
The closing attorney manages the actual closing by ensuring the documents are executed and funds are exchanged. The purchaser and seller are accountable for signing a series of paperwork, although most require solely the signature of the buyers. Some paperwork is submitted into public record while others are kept by the mortgage company. Another critical aspect of a closing is the transfer of funds. All fees and calcualtions are included in a settlement document provided to both buyer and seller. In most circumstances, funds are transferred from the lender to the closing attorney for proper accounting.
Boston Closing Attorney Responsibilities
The official role of a closing attorney normally starts with a title search, but may at times also include review of documents such as condominium documents or Purchase and Sales Agreements. It is important to note that they act on behalf of the mortgagor in the transaction irrespective of who is responsible for their fee. Purchasers, Sellers, and real estate professionals must all work closely with a closing attorney to ensure a successful closing.