You have found the perfect property. Now you are ready to close the deal. If you want to make sure that the real estate transaction goes smoothly, you need assistance from an experienced real estate lawyer. Many buyers do not realize that they can select the closing attorney instead of working with the attorney from the bank.
Initiating the Closing Process
When a title order comes from a lender, residential property lawyers in Cleveland, TN start taking immediate action. During this part of the process, an attorney will order a municipal lien certificate. Payoffs for the mortgage and insurance binders are ordered as well.
Looking for Defects
During the closing process, residential property lawyers are responsible for examining the property’s title. For purchase transactions, the research goes back 50 years. The title is examined to make sure that no defects exist. If any defects are indicated, the attorney will work with all the parties involved to resolve the situation.
Securing the Title Insurance
Residential property lawyers who are involved in closings also coordinate the issuance of the title insurance with the buyer and the lender. Lawyers recommend that buyers obtain their own title insurance as concealed defects can affect refinancing or selling at a later date.
Closing Documents
As the closing date approaches, the closing lawyer works with the lender to prepare and deliver a number of documents, each of which will be signed. Some of these documents include the mortgage, truth-in-lending disclosures, and promissory note. The lawyer also works with the seller to obtain the property deed and utility bills.
Closing Activities
Some of the activities handled during a closing include the following:
• The
payoff for the mortgages
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Payment and disbursement of real estate taxes and utilities
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Payment of commissions to the realtors
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Disclosure and remittance of lender charges and closing costs
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Funding of escrow for the mortgage
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Distribution of the proceeds from the sale
Closings can become rather complex without the needed assistance. That is why we invite you to contact us if you need a closing lawyer for your real estate transaction. Contact Chancey-Kanavos for more information.
