23 Mar Five duties of the attorney during a mortgage closing
An attorney plays an important role when you’re closing a loan on a piece of property. Here are some of our key duties, to ensure a legal, accurate and efficient transfer of property through a commercial loan or a mortgage.
- Review of documentation: Your attorney can answer any questions you have and make sure all the documents are in order and in your favor for the loan closing. Remember, even if the lender or seller’s attorneys are present, they do not represent your legal interests
- Title review: Your attorney will make sure there is a clear title to the property. The attorney can also let you know if there are any restrictions on how you are allowed to use the property, any easements or encroachments. Any existing mortgages have to be satisfied during the closing for the title to be transferrable.
- Title insurance: The closing attorney prepares an opinion on the title that is offered to the title company so that title insurance can be issued. The title insurance protects you as the purchaser in the event that any future problems are found with the title. Most lenders require title insurance when purchasing or refinancing real estate.
- Communication liaison: The attorney keeps the lines of communication open between the lenders, the seller and the buyer during the mortgage closing process. He also can help coordinate with third parties, such as lessees, brokers, surveyors or others who hold a financial interest in the property. Open lines of communication between all parties will help the closing process flow smoothly.
- Execution: Distribution of funds, including any payment of taxes, brokerage fees or payoffs on existing loans is made by the closing attorney after the review and execution of documents at the loan closing. He will also take care of recording the deed and/or the deed of trust.
As you can see, the closing attorney has a huge role that is vital in the closing process. Barsh & Cohen is a full-service real estate law firm and title company that can help with any mortgage closing services you need. Contact us to schedule a consultation. We will evaluate your needs and make sure you have proper legal representation.