What Does a Real Estate Attorney Do During Closing? A Step-by-Step Guide
Closing on a property marks the final and most critical phase of any real estate transaction. It’s the point where ownership transfers and legal precision becomes essential. A real estate attorney plays a vital role in protecting your interests and ensuring the process is smooth, compliant, and secure. Whether you’re closing on your first home or managing a complex deal, here’s a step-by-step breakdown of what a real estate attorney does during closing.
1. Reviewing the Sales Contract
The process begins with a thorough review of the sales contract. The attorney checks that all terms are fair, legally sound, and reflect their client’s best interests. They’ll identify and help renegotiate any vague or risky clauses to prevent future disputes.
2. Conducting a Title Search and Addressing Issues
An attorney performs a detailed title search to confirm that the seller has clear ownership and that there are no liens, encumbrances, or legal claims on the property. If issues arise, they work to resolve them and secure title insurance to protect against future claims.
3. Preparing and Reviewing Closing Documents
From deeds to mortgage notes and affidavits, real estate closings require an array of legal documents. The attorney prepares or reviews all paperwork for accuracy and legal compliance, ensuring the client understands what they’re signing and why it matters.
4. Coordinating with All Involved Parties
A closing involves multiple stakeholders—buyers, sellers, agents, lenders, and title companies. A real estate attorney acts as a central point of communication, ensuring everyone meets deadlines and that funds are ready for closing day.
5. Managing Escrow Funds
Attorneys often act as escrow agents, holding earnest money and other funds in a neutral account. These funds are only released when all sale conditions are met, ensuring security for all parties involved.
6. Explaining Documents and Ensuring Legal Compliance
Documents like the settlement statement and Closing Disclosure can be complex. A real estate attorney explains them in plain language, ensures legal compliance, and confirms that federal and Connecticut-specific regulations are followed.
7. Facilitating Closing Day Activities
On closing day, the attorney oversees the signing of all documents, verifies identities, ensures accurate disbursement of funds, and finalizes the transaction. This includes handing over property keys and the deed.
8. Handling Post-Closing Matters
Even after closing, an attorney’s job isn’t finished. They file the deed and other documents with the appropriate county office and address any issues that might emerge, such as title discrepancies or disbursement adjustments.
Why Hire a Real Estate Attorney?
Hiring an attorney for closing offers key advantages:
- Legal Protection: Avoid potential legal pitfalls with professional oversight.
- Document Accuracy: Ensure all paperwork is legally valid and error-free.
- Peace of Mind: Navigate complex transactions with confidence.
From first-time buyers to seasoned investors, having an attorney at closing helps ensure that your property transaction is completed correctly and confidently. And if you’re also exploring long-term planning, it’s wise to consult with an estate planning lawyer near you to align property decisions with your broader legacy goals.
About Weber Carrier Chace LLP
At Weber Carrier Chace LLP, our experienced real estate attorneys guide you through each step of your property transaction with precision and care. We also offer integrated estate planning services to help you plan for the future. Contact us today to get expert support for your next real estate or estate planning move.