Tien Law Firm’s real estate attorneys have assisted buyers, sellers, investors, and companies with the sale or acquisition of real estate, including serving as the real estate closing attorney. If our real estate closing attorneys represent the buyers and a lender is involved, for example, below is a brief overview of the process that our real estate lawyers go through to get things in order for a real estate closing. We usually review the fully executed contract at the outset. Our real estate attorneys conduct a title search and examination to check the information on the property, the buyer, and the seller to see if any liens affect the property. Our real estate closing lawyers look for deeds of trust, judgments, past due taxes and information to make sure the sellers are the owners of the property to ascertain anything that might affect the buyer’s ownership of the property or an issue that clouds the title.
Once the title search is complete, our real estate closing attorneys prepare a title report and determine if any title defects need to be resolved. Next, our Preliminary Attorney Title Opinion Letter is submitted to a title insurance company. This Attorney Title Opinion Letter will disclose, among other things, who owns the property, whether the taxes have been paid, whether there are any liens or judgments against the property, whether there is roadway access to the property, public or private, and address easements and/or restrictive covenants.
Once a Preliminary Attorney Title Opinion Letter is submitted to the title company, the title company will issue a binder. A copy of this binder is submitted to the lender for review to raise questions or concerns prior to closing. If the lender does not have any concerns, then the loan will continue to process and preparation of the loan package with ensue. Upon receipt of the loan package and necessary seller documents, our real estate closing attorneys are ready to proceed with conducting the closing.
After the closing, we send the signed loan documents to the lender, record the Deed and Deed of Trust with the Register of Deeds, disburse the proceeds, including paying applicable liens on the property, recording cost, lender fees, and repairs and commissions to agents, if any. After the proper documents have been recorded to convey title as the parties intended, we issue a Final Title Opinion and issue the title insurance premium to the title company, addressing the requirements they may have included in the title binder. The title company then issues the final title policy and sends it to the buyer and to the lender.