REAL ESTATE CLOSINGS

Real estate closings involve the execution and delivery of all the necessary documents, payment of the purchase price and settlement costs of buying or selling residential and commercial real estate.  While this may seem like a simple process, conducting a real estate closing is a complicated matter and requires a thorough knowledge of the law.  Accordingly, sellers and purchasers often turn to lawyers.

The closing attorney's role can be summed up as follows:

For Buyers, attorneys:

• Review and negotiate the specific terms of contracts
• Help assess financing options and explain the terms of loans
• Evaluate all legal documents, i.e. the deed, mortgage, survey, closing statement, title policy and seller disclosure statement
• Attend the closing and make sure clear title is transferred
• Analyze charges to make sure that they are consistent with estimates
• Provide updates of any facts that affect the property interest
• Provide counsel

 For Sellers, attorneys:

• Review and negotiate the specific terms of contracts
• Request title searches, surveys, mortgage payoff letters, condominium documents and any/all other documents necessary for closing
• Prepare the deed, all closing documents, and closing figures
• Arrange for the closing at a convenient time and place
• Attend the closing and insure that clear title is conveyed
• Review charges for consistency with estimates
• Provide updates of any facts that affect the property interest
• Provide counsel