7 Things You Can Expect Your Attorney To Do At A Real Estate Closing | Summary and Q&A

TL;DR

A closing attorney in a real estate transaction checks the property owner's title, establishes the chain of ownership, examines out conveyances, searches for liens and encumbrances, and prepares loan documents, but does not perform inspections, order surveys, determine property values, or certify environmental conditions.

Key Insights

• 👽 Closing attorneys check property titles, establish ownership chains, examine out conveyances, and search for liens and encumbrances.
• 🤱 They prepare loan documents and ensure accurate accounting of charges and fees on the closing statement.
• 🎭 Closing attorneys do not perform inspections, order surveys, determine property values, or certify environmental conditions.
• 🪈 Buyers should order inspections, obtain surveys, determine property zoning, and procure hazard insurance independently.
• ❓ Appraisers are responsible for determining property values.

Transcript

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Questions & Answers

Q: What does a closing attorney do in a real estate transaction?

A closing attorney is responsible for checking the property title, establishing the chain of ownership, examining out conveyances, searching for liens and encumbrances, and preparing loan documents.

Q: Do closing attorneys perform home inspections?

No, closing attorneys do not perform home inspections. Buyers should order all necessary inspections to ensure the property is suitable and free from any structural or other damages.

Q: Does a closing attorney determine property values?

No, closing attorneys do not determine property values. Appraisers are responsible for determining the value of the property.

Q: Is it important to order a survey in a real estate transaction?

Yes, ordering a survey is crucial to ensure accurate property boundaries and identify any encroachments or issues. A closing attorney cannot certify the property lines without a survey.

Q: Can a closing attorney certify environmental conditions on the property?

No, a closing attorney does not have the expertise to certify environmental conditions. Buyers should obtain inspections to identify any contamination or environmental issues.

Q: Does a closing attorney determine the zoning of a property?

No, closing attorneys do not determine property zoning. Buyers should contact the local government or consult the property listing for zoning information.

Q: Who is responsible for procuring hazard insurance?

Buyers are responsible for shopping for and obtaining hazard insurance. The closing attorney requires proof of insurance before closing.

Q: Can a closing attorney determine the property's value?

No, determining the property's value is the appraiser's responsibility. The closing attorney does not make any representations regarding property value.

Summary & Key Takeaways

• A closing attorney checks the property owner's title and researches the chain of ownership to ensure a clear title.

• They examine out conveyances and search for any liens or encumbrances on the property.

• A closing attorney prepares loan documents and ensures all charges and fees are accounted for on the closing statement.