When dealing with buying or selling a home, the closing attorney might be the last thing on your mind.
While it can be easy to throw caution to the wind and let the experts handle it, the right contractors can make or break your deal. This goes doubly for closing attorneys, who handle the legal side of the transaction. Not having a good one means you could be in serious trouble when it comes to the paperwork.
Not a good look for finding your dream home!
Here’s a few ways that the wrong closing attorney can cause things to crash and burn:
- The closing date might be delayed or fail due to missed deadlines
- Title issues can arrive after the closing if they weren’t previously caught or resolved
- Funds can be mishandled
- Recordings of deeds can be filed incorrectly, causing ownership or title issues
- Legal documents can have errors
- Lack of communication can cause extra stress and confusion
So that’s why we take extra care to find a solution for you.
As with many essential contacts in the real estate process, The Zachos Team is connected to closing attorneys and many more people who we trust to take care of our clients. This leads to a smooth experience where our contractors work for you, and not the other way around.
And pretty soon, your transaction will be working for you as well.
Here are some of the ways a good closing attorney can help:
- Handles cash flow during the transaction through an escrow account. They can collect and distribute earnest money deposits, funding from the new lender, payoff of the current mortgage, proceeds to or from the buyers and sellers, vendor invoices, realtor compensation and more
- Reviews all documents to ensure legal compliance
- Keeps up with deadlines and notifies the appropriate parties when something hasn’t been completed
- Represents the lender and works closely with them on all mortgage documents and the closing statement
- Runs title search to make sure the seller actually owns the property. They also ensure that the property does not have liens, unpaid taxes or judgements. If the property has title issues, the closing attorney's office works to resolve the issues in a timely manner to get clear title before closing
- Arranges title insurance for the buyer
- Communicates with the seller's current lender and handles the payoff of the mortgage at closing
- Communicates with the HOA and ensures that the HOA Release Letter is received timely in order to close
- Communicates with all parties to schedule and complete the actual signing and closing
- Prepares and reviews the closing statement and documents
- Explains documents at closing as the buyers and seller sign
- Files the deeds with the appropriate government office
That’s a lot to handle!
The most important thing to know is this: the closing attorney is an essential part of the legal side of the transaction. Without their help, you’re looking at transaction delays, legal troubles, or even worse. That’s why The Zachos Team prioritizes this more than you might expect.
Ready to have smooth sailing through the documents and paperwork? Contact The Zachos Team, and we’ll make sure your experience feels more like a decision made with a friend rather than a complicated affair.
Written by Paul Zachos III