The closing represents a conclusion of all the work and paperwork in the home buying process. It is when a purchaser receives keys and is recognized as the owner of a home. A closing attorney performs the closing and is responsible for certain items before the closing date. This blog explains Franklin TN closing attorney responsibilities.
What Is a Closing Attorney
A closing attorney is commonly chosen by the buyer and seller to complete paperwork and other tasks for a closing. Some home buyers elect to employ that same person to analyze documents such as purchase contracts on their behalf. However, they do have the right to get assistance from an attorney of their choosing.
Closing Attorney Responsibilities Prior to Closing
The closing attorney is in charge of many duties pertaining in a home purchase. One of the first is a title search. This is a review of public paperwork on the property to ensure that the title is clear for transfer to a new owner. The second is arranging legal records for the property transfer and loan. Lastly, they must also produce settlement forms that outline the amounts for all individuals in the transaction. Each of these ensures a proper closing.
The Day of Closing
The closing attorney conducts the actual closing by ensuring the documents are endorsed and money is exchanged. The buyer and seller are accountable for signing a series of documents. Some documents are submitted into public record while others are held by the mortgage company. Another important aspect of a closing is the transfer of money. All fees and figures are detailed in a settlement document provided to both buyer and seller. In most cases, funds are channeled from the lender to the closing attorney for proper distribution.
Franklin TN Closing Attorney Responsibilities
The official role of a closing attorney usually starts with a title search, but may at times also involve review of paperwork such as condominium documents or Purchase and Sales Agreements. It is important to remember that they act on behalf of the lender in the transaction no matter who is charged with their fee. Buyers, Sellers, and real estate agents must all work well with a closing attorney to lead to a successful closing.
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