At the time of purchasing a new house or refinancing your mortgage, you will come across the need to seek the assistance of a closing lawyer. Before going ahead with the decision, it is better if you can remain aware of what a closing attorney do and how you can get the help of a one. Here are some of the responsibilities of a closing attorney.
Examining the title
A clean title to the property is desired by both the buyer and the lender. The sale might become considerably more difficult if the title is unclear. The closing attorney will begin checking the title to the property being sold after receiving a purchase agreement for real estate. The purpose of a title examination is for the buyer and the lender to assess the property’s title. If the seller wishes to transfer the title to purchaser, the purchaser will need to know if there are any limitations on usage, easements, or encroachments, as well as if the title is marketable and clear.
Assisting with title insurance
In the event that a future issue with the title is discovered, title insurance protects both the buyer and the lender. Following the title examination, the closing attorney produces an opinion on the title, which is presented to a title firm in exchange for the issue of a title binder, which is required before title insurance can be obtained. When buying or refinancing a home, title insurance is an alternative for the buyer if he or she does not need to acquire financing from a bank or mortgage broker. It is a necessity for almost all lenders as they purchase or refinance. From the buyer’s standpoint, title insurance is strongly recommended to protect the buyer’s interests, rights, and liens against acquired property.
Coordinating the transaction
The closing attorney establishes communication channels for all parties engaged in the real estate transaction. The closing attorney may coordinate with real estate brokers, surveyors, merchants, or parties who hold judgments that have attached to the real estate, the seller’s mortgage holder (payoff request), the purchaser’s prospective homeowner’s country tax department, insurance company, contractors, home inspectors, adjoining property owners, and others in addition to lenders, buyers, and sellers. The closing attorney must be aware of any concerns that must be resolved in order for the real estate closing transaction to proceed successfully.
Reviewing all documents to ensure their correctness
The closing attorney is there on the day of the closing to go over all of the documents related to loan closing and real estate transaction. The closing attorney can explain papers including the deed, the deed of trust, the note, settlement statement, the payout at the conclusion of the transaction, and the lender’s loan documentation.
Recording all events
The closing attorney is solely responsible for the transaction’s completion and distribution of funds. The closing lawyer you select checks the local register one last time to update the title and documents the deed and/or deed of trust after reviewing and signing the appropriate papers for a real estate or loan closing. The closing lawyer then provides the title company with a final opinion and pays the premium.
You can also expect the closing attorney to work on the other fees associated with your real estate transaction. For example, you can expect the attorney to help you with making county tax payments, real estate brokerage fee, payoff monies for the loans that you have obtained and the homeowner insurance premiums.
If you want to get all these benefits, you just need to find the most reputed closing lawyer out there.