LENDERS
The main function of the Lender's attorney is to protect the Lender's interest by insuring that the title is clean and marketable. In order to accomplish this, the Lender's attorney:
- Orders the title exam and works with the seller's attorney to resolve any title issues that are discovered
- Orders a Municipal Lien Certificate from the city/ town where the property is located to check for past due taxes and water and sewer charges on the property
- Orders a plot plan for the property that outlines the lot dimensions
- Coordinates with all parties involved to schedule the time and location of the closing
- Records the new deed, mortgage, and any other relevant documents at the appropriate Registry of Deeds
- Pays off the existing mortgage and any liens from the Seller's proceeds
- Files IRS disclosures related to the transaction
- Certifies clean title to the Lender and issues title insurance policies to the Lender and the new owner
Note: The same attorney may represent both the Lender and the Buyer in
a purchase transaction.