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Lender's
Legal Counsel Duties
 Perform
a title search and certify clear title:
- 50 year title search at the Registry of Deeds
- Review all documents
- Write opinion letter
- Inform the seller of what needs to be done to clear title
problems, if applicable.
- Order and review the Municipal Lien Certificate
- Obtain from buyer proper evidence of insurance
- Request payoff information from the seller's mortgagees (usually
banks and mortgage companies)
- Obtain information for closing adjustments/apportionments
- Prepare the loan documents (Note, Mortgage, Settlement Statement
and other required documents)
- Call borrower or borrower's attorney with itemization of
closing costs
- Call seller or seller's attorney with itemization of closing
costs
- Coordinate the closing with the lender (mortgage company
or bank):
- Call borrower's attorney for closing date and location
- Call seller's attorney for closing date and location
- Call listing broker with closing date and location
- Call selling broker with closing date and location
- Collect evidence of compliance with smoke detector law and
Carbon Monoxide, Title V, and other applicable statutes
- Attend the closing, interpret closing documents, review signed
documents and review the deed
- Record deed, mortgage and other title documents with the
Registry of Deeds
- Disperse proceeds
- Issue certification of title and title insurance policy(s).
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| 94 Highland Street | Worcester, MA 01609 | Tel: (508) 753-5933 | Fax: (508) 755-1244 | contact@kotseas.com |
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