Residential Real Estate Closings Attorney in Rhode Island, Massachusetts and Connecticut
Buying and selling real estate is a complex process with many moving parts. To those less familiar with the process, real estate transactions can feel overwhelming. The real estate transaction, particularly closing, is like an orchestra: many individual pieces comes together to form a beautiful musical experience. In the case of a real estate transaction, the closing attorney is the conductor – ensuring that all musicians are playing the proper tune and in sync with one another. Whether buying or selling residential or commercial real estate, a closing attorney is imperative for a pain-free and secure process.
At PALUMBO LAW, we represent buyers, sellers, and financial institutions in real estate closings including both residential and commercial real estate.
What is a Real Estate Closing?
A real estate closing is the final execution and exchange of documents to complete the buying and selling process, whether in a commercial or residential context. Closing is when the buyer, seller, lender, and any other interested parties come together to sign the documents to finalize the transaction. This is when legal ownership changes hands, and for many, when the keys to the property are handed over.
What Does a Real Estate Closing Attorney do?
A real estate closing attorney does much more than show up and ensure that the documents are signed. Closing attorneys have an active role throughout the transaction, ensuring that documents are properly drafted to reflect the terms agreed to, that all legal formalities are complied with, etc. More specifically, real estate closing attorneys may:
- Coordinate the gathering and dissemination of information to the relevant parties.
- Conduct title searches to ensure that the property’s title is unencumbered by previously unknown issues, such as an easement or a break in the chain of title that could present an opportunity for someone to challenge ownership.
- Draft and review transaction documents, such as the deed, the purchase and sale agreement, and the settlement statement.
- Answer last-minute questions prior to official closing.
- Ensure proper execution of all transaction documents and legal forms.
- Disburse funds and pay fees accordingly after closing.
- Record the closing as required by local and state law.
The role of the closing attorney is dependent upon the specifics of a transaction. In some cases, these roles may be performed by other parties such as the title company, the title insurance company, or an escrow company. In many cases, the greater the complexity of the transaction, the more specialized of a role each party will have.
Do I Need an Attorney for Real Estate Closings?
A real estate lawyer should be present at real estate closing in Rhode Island, Massachusetts and Connecticut. While not all states require that an attorney be involved in the real estate closing, Massachusetts has recognized the importance of attorney involvement and now requires that a closing attorney be present at closing and take an active role in the transaction. A real estate closing attorney ensures that all of the documents are in order, from title insurance to the purchase and sale agreement. During closing, a real estate attorney can answer final questions from the buyer and seller and provide last-minute alterations to the documents. Without a real estate closing attorney present, these last-minute changes and questions may not be resolved in a timely manner – resulting in a delayed closing.
In addition to transaction-specific issues such as documentation, a closing attorney provides safe hands for dealing with issues that arise during the buy or sell. What if a landlord-tenant issue arises during a commercial property transaction? What if someone makes a claim to have an interest in the property? As your real estate closing attorney, we can provide the legal advice that you need to navigate these unforeseen issues. Having been involved from the beginning, we are able to quickly analyze the issue and present a solution tailored to your needs in a timely manner.
Real estate closing attorneys provide much more than just a presence at closing, they ensure that the entire transaction runs smoothly and on time – protecting your interests, and saving you time and money.
The PALUMBO LAW Advantage
At PALUMBO LAW, we specialize in business and real estate. We do not dabble in personal injury or other areas of law; instead, our primary focus is on offering the individuals and businesses the best legal service possible for business and real estate matters. As a full-service real estate transaction law firm, we offer the following real estate closing services:
- Standard and custom drafted purchase and sale agreements;
- Negotiation and drafting of commercial purchase and sale agreements;
- Option agreements;
- Right of first refusal agreements;
- Title searches, commitments and certifications;
- Chain of titles;
- Municipal lien certificates;
- Escrow services;
- Title clearing and quiet title actions;
- Preparation of closing disclosures, HUD statements and settlement statements;
- Closings at our locations or the location of your choosing;
- Power of Attorney services;
- Title update and recording services; and
- Counsel for all aspects of complex commercial closings.
Real Estate Closing Lawyer in Rhode Island, Massachusetts and Connecticut
At PALUMBO LAW, our team makes the difference. We understand the needs of our clients based on our personal experiences. At PALUMBO LAW, we use our real world experience to produce real results. As a real estate investor, senior attorney Richard Palumbo has bought, sold and managed hundreds of properties. Attorney Palumbo understands what individuals, investors and businesses are experiencing and what they need from a real estate law firm. Similarly, senior paralegal Julie Aldrich is one of the most experienced real estate paralegals in Rhode Island. Julie brings nearly 25 years of experience to ensure that real estate transactions are painless and close on time. Additionally, our real estate attorneys, such as Senior Attorney Glenn Robinson, offer multi-faceted real estate experience that is second to none. At PALUMBO LAW, we are more than one attorney – we are a team of real estate professionals protecting your interests, time and money.