Many buyers and sellers often wonder what a real estate closing attorney does other than conduct the closing. As the closing attorney, Thomas F. McGuire will perform many time consuming tasks preparing a transaction from intake to closing.
When the title order arrives from the lender, he will order a municipal lien certificate, which verifies the real estate taxes and other municipal charges on the property. Insurance binders and payoffs of mortgages are also ordered.
As the closing attorney, Mr. McGuire is responsible for examining the title to the property. For purchases, the title is researched going back 50 years. He will carefully review the title examination to ensure there are no title defects; if there are any issues, he will work with all parties to resolve them. Some title defects are extremely difficult to resolve. (By law, the closing attorney must provide new homebuyers with a certification of title).
Mr. McGuire will also coordinates the issuance of title insurance to the lender and the new home buyer. It is always recommended that buyers obtain their own title insurance policies because even with the most accurate title examination, there can be hidden title defects that could derail a later sale or refinance.
As the closing day approaches, Mr. McGuire will coordinate with the lender for the preparation and delivery of numerous documents to be signed at closing, including the mortgage, promissory note, truth in lending disclosures, and most importantly, the HUD-1 Settlement Statement. As outlined in the Settlement Statement, the closing attorney is responsible for (among other things):
- Payoff and discharge of mortgages
- Payment and allocation of real estate taxes and utilities
- Payment of realtor commissions
- Disclosure and payment of lender fees and closing costs
- Funding of mortgage escrow account
- Payment of transfer taxes and recording fees
- Payment of pre-paid interest
- Distribution of sale proceeds
Mr. McGuire will then conduct the closing. He will explain the numerous loan and closing documents signed by buyer and seller, collect and distributes all funds, and otherwise ensure that the closing is properly conducted. After the closing, the attorney processes the loan funding, performs a title rundown to ensure there are no changes in the title, then records the deed, mortgage and other recordable instruments.
Thomas F. McGuire has been practicing law for more than 14 years. He is highly experienced in all matters of the real estate closing process. It is extremely important that you engage a qualified attorney to protect your interests when buying a house and support you through the complex closing process.