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Lender’s Counsel

Last updated on July 28, 2020

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)