Do I need a real estate attorney in MA to close a mortgage loan and buy a home?
Massachusetts state law requires a real estate attorney for property transactions involving home loans or mortgages. While this is a requirement having an experienced individual who understands all the rules and regulations surrounding home buying can be reassuring for those looking to buy, especially first-time homebuyers who may not be familiar with the process.
What exactly does a real estate attorney do?
Legal advice
Unless familiar with the law themselves, most people will find aspects of the legal system daunting and challenging to understand. Having a real estate attorney present allows you to have an individual supporting you who does have a deep understanding of the law surrounding homebuying. In addition, individuals who hire a real estate attorney have professional guidance and advice to make navigating homebuying more manageable.
Prepare, review and manage legal documents
Real estate attorneys have a deep understanding and legal authorization to prepare and review legal documents and contracts involved in buying and selling a home. In addition, an attorney will likely be the individual responsible for conducting the closing on your home. A closing is another way of saying transfer of title or transfer of ownership.
Resolve transactional conflicts
If anything goes wrong during the home buying process, having an attorney present will allow for a quick response to any issues. Real estate attorneys can aid if any legal issues or problems with the actual property transaction transpire.
Conclusion
In Massachusetts, a real estate closing is considered a legal transaction. For example, if the purchase of a home involves a lender and obtaining a mortgage, then a settlement agent is required to conduct the closing. The closing is another way of saying the transfer of title. A settlement agent is a lawyer who specializes in real estate transactions. The legal fees for a closing attorney are part of the closing costs associated with a mortgage that a homebuyer is required to pay. For first-time homebuyers especially, the guidance and reassurance of a real estate attorney are essential to being confident in one’s home buying decisions and navigating any potential roadblocks that arise. Homebuyers are free to choose the settlement agent or accept a recommendation from their lender.
