Massachusetts Real Estate Closings
In Massachusetts, a real estate closing or mortgage closing may involve several different types of transactions, from purchasing a home or commercial property, such as income property or the refinance of a mortgage. Except in the case of an all cash closing, the documentation required to successfully complete a mortgage closing or real estate closing are nearly identical, except for a few additional documents required within the purchase of real estate.
Typically, most mortgage closings are simply the refinance of an existing mortgage on the property. Most people do this to obtain a lower rate or to borrow money against the equity that that property holds. In Massachusetts, the law allows the person who is obtaining a mortgage for the purchase of a home, property or for the refinance of a mortgage to pick the mortgage closing attorney of their choice. Traditionally the banks have a list of attorneys that you could choose from, but now it is your right in Massachusetts to pick whatever qualified mortgage closing attorney you wish to choose.
Our mortgage closing attorneys at the Botelho Law group, have closed thousands of mortgages on various types of property around the Commonwealth. Our law firm is experienced with closing modest to luxurious homes, condominiums and commercial real estate property. Our staff has over 20 years’ experience in closing real estate transactions and mortgage refinances in the Commonwealth of Massachusetts and the state of Rhode Island.
Our team of mortgage closing lawyers provide our clients with services such as:
- Title Examination services – the purpose of a title examination is to determine who holds title to the property as recorded with the Registry of Deeds and to determine if there are any judicial liens or tax liens on the property, or to determine if there are any defects of title;
- Municipal Lien Certificate, otherwise known as the MLC, this provides an attorney with information such as current taxes due on the property, delinquent taxes, tax liens or other liens, such as unpaid utility bills;
- Ordering and reviewing of the Mortgage Inspection Plan, otherwise known as a plot plan. This service is needed to determine if there are any possible boundary issues, such the encroachment of your building beyond the boundary lines of an abutting neighbor, commo fences, sheds or other structures;
- Preparation of Closing Documents, such as the Closing Disclosure (the “CD”, which use to be called the HUD-1 Settlement Statement), Deeds, various mortgage documents, and preparation of the lenders closing package;
- Record all mortgage and title documents with the Registry of Deeds for the proper county in the Commonwealth of Massachusetts or with the Records of Land Evidence within a city/town hall in the State of Rhode Island;
- Preparation of Title Insurance Policies, for both the lenders and the owners of the property;
- Paying off previous mortgage, obtaining the mortgage discharge from the previous lender and recording the discharge in the Registry of Deeds to release any pre-existing mortgages;
- Settlement of all distributions listed on the CD/HUD-1 settlement statement.
Contact a closing attorney at our office, to learn more about how one of our real estate mortgage closing lawyers can better serve you with regard to your property purchase or refinance.