Lender’s Counsel

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)