Typically, it takes several real estate professionals to complete a property purchase involving a mortgage. Do you need a lawyer among them? If you’re interested in buying a home, there are a few facts you should know about legal mandates, as well as the advantages of having seasoned representation. 

Legal Representation at a Mortgage Closing

State Law Requirements

Massachusetts requires attorneys to conduct residential real estate closings, including transactions for purchasing and refinancing property. Closing lawyers help buyers receive a marketable title, transfer the mortgage funds, and record it with the Registry of Deeds. In closing refinances, these professionals also ensure the proper discharge of previous mortgages.   

Right to Choose a Real Estate Lawyer

The law allows individuals to choose a real estate lawyer for their mortgage closings. It’s beneficial to hire them before signing purchase and sale agreements, as the attorney will review them and recommend modifications to protect your interests.

Lawyer’s Role in Closings

Before closing, an attorney will verify the mortgage payoffs, real estate taxes, and other charges owed on the property. They will also order title insurance and conduct a search, going back as far as 50 years, to correct any defects.

Your lawyer will also explain the numerous activities that occur at closing, including the HUD-1 Settlement Statement, loan documents, and other paperwork. They’ll coordinate transfers for loan funds, real estate broker commissions, and additional charges. Once the process is complete, your attorney will record the mortgage and deed and deliver the documents to the lender and buyer.  

At Bernardini Law PC in North Andover, MA, purchasers and sellers receive dedicated and professional services from an experienced lawyer throughout their real estate transactions. Before you buy or sell property, contact the team at (978) 794-5525 to schedule an appointment. They’ll provide quality legal counsel through every step of the process.