Why You Need a Closing Lawyer

If buying a home is the single largest business transaction you will ever do, why not ensure that all your bases are covered by retaining a closing lawyer to represent your interests and rights during a process that can be confusing and daunting.

In Massachusetts, a lawyer is required to be present during the closing of a home. Having your real estate lawyer represent you from start to closing can only enhance the experience while giving you a hefty dose of relief in knowing that your best interests were protected.

How a Closing Lawyer Can Help

If you have never bought a house, you may be overwhelmed by the paperwork involved, the disclosures that need to be made, inspections, loan documents, title insurance and affidavits, and unforeseen issues that can suddenly turn a sure sale into a disaster. The following are some examples of how a closing lawyer can help.

• Disclose All. Anything you say to your real estate lawyer is confidential and will not be disclosed to anyone else so you should tell your attorney anything that in your mind may seem irrelevant or inconsequential to you but which are of vital importance in a real estate matter. If you are concerned about certain repairs on the house or are reconsidering selling, do not wait until the last minute or after a bid has been accepted before finally disclosing this to your attorney.

• Getting the Loan. Even if you qualify for a loan, unforeseen circumstances can arise that can cause your loan application to be denied and you could lose your earnest money deposit. Having a real estate lawyer advising you every step of the way can prevent certain situations from occurring and can save you from losing your deposit. Also, your attorney can advise you on alternate ways of getting loans that can save you thousands of dollars if you qualify.

• Title Issues. Although not common, there are times when title issues arise that can delay a closing or cause one of the parties to back out of the transaction. Your closing lawyer will examine the title to look for defects and if any exist, will work to resolve them. In such cases, the attorney is required to provide the buyers with a certification of title.

• Handling the Documents. Before and at the closing, your attorney is responsible for preparing and delivering all relevant documents including promissory note, mortgage documents, disclosures, the HUD-1 Settlement Statement and others. He or she will also ensure the following:

• Fund the loan
• Pay transfer taxes and recording fees
• Pay off mortgages
• Disclose and pay lender fees and closing costs
• Fund the escrow account
• Pay any prepaid interest
• Pay commissions
• Distribute sale funds

All transactions, payments and disclosures will be fully explained so that you understand what is being paid and for what reason. When the closing is completed, your attorney must still ensure that there are no changes to the title before recording the deed and other documents.

Having a diligent Revere real estate lawyer on your side could save you thousands of dollars and from considerable headaches and anxiety. For example, a seller may have certain obligations that were not fulfilled or find that certain documents had not been filed that can derail the sale or delay the closing to your financial detriment.

Retain Closing Lawyer Deborah Gold-Alexander

Deborah Gold-Alexander is a Revere real estate lawyer who has handled scores of closings during her over 25 years of practice. She has dealt with any possible issue that may arise in a real estate transaction and will advise you regarding your selling or purchasing of a home during each step and phase of a real estate transaction. Call her today if you plan to sell or buy a home in the Revere or surrounding areas at (781) 289-4235.



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