There are four prime functions handled by the closing attorney during a real estate transaction:
1. Conduct Title examination: The buyer and lender will both want clean title for the property. Without this, the sale may become much complicated. Upon receiving real estate purchase agreement or a request from a bank or mortgage broker, the Closing Attorney Boca Raton will begin to check the title to the property being sold. The title examination is primarily for the purchaser and the lender to evaluate title to the real estate. The purchaser gets to know whether there are certain restrictions of use, easements, encroachments and if the title is marketable and clear for the seller to transfer the property to the purchaser. The attorney will identify any existing mortgages against the real estate that will need to be satisfied at closing in order to transfer clear title. The lender will want to have an outline of what liens, judgments and mortgages, if any, exist that should be addressed prior to closing.
2. Obtaining Title insurance: Title insurance secures the buyer and the lender in the event a future problem is found with the title. Once the title examination is done, the attorney prepares an opinion on the title that is offered to a title company for the issuance of a title binder, which is done before obtaining title insurance. Title insurance is optional for the purchaser in a real estate closing if he does not have to get financing through the bank or mortgage broker. From the buyer’s prospective, title insurance is highly recommended to insure the purchaser on the title. While from the lenders perspective, it is required so that the lender seeks every assurance that it has secured its first lien position on the property.
3. To Coordinate the Process: The closing attorney establishes lines of communication between all
parties involved in the real estate closing. He not only talks with lenders, buyers and the seller, but may coordinate with property brokers, surveyors, merchants and parties that hold judgments that have attached to the real estate, the seller’s mortgage holder, the county tax department, adjoining property owners, home inspectors, contractors, homeowner associates and the seller’s attorney.
4. Review of documents: On the day of closing the attorney is present to review the various instruments associated with the property and loan closing.He is available to explain documents such as a deed, a note, a deed of trust, a settlement statement, disbursement at the end of the transaction and loan documents needed by the lender.
From the overview mentioned above, the role of Closing Attorney Boca Raton is vital to the real estate transaction. Selecting a closing attorney may prove important, and it is advisable to seek a closing attorney who is organized and attentive to information. Contact us now if you need a closing attorney for a real estate transaction.