Lender’s Counsel
Lender Legal Counsel Duties
The lender’s legal counsel will prepare all of the mortgage loan financing documentation and coordinate the closing which will involve the following:
- Fifty-year title search at the Registry of Deeds
- Review all documents
- Write an 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)
- Contact borrower or borrower’s attorney with itemization of closing costs
- Contact seller or seller’s attorney with itemization of closing costs
- Coordinate the closing with the lender (mortgage company or bank):
- Coordinate with borrower’s attorney for closing date and location
- Coordinate with seller’s attorney for closing date and location
- Coordinate with listing broker with closing date and location
- Coordinate with 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)