In the state of Massachusetts, anyone looking to refinance a home will need to follow certain steps in order to comply with state law. Anyone who is looking to either purchase, sell, or refinance a mortgage in the state of Massachusetts will need to hire an attorney who specializes in real estate law.
A real estate attorney is able to provide homebuyers and homeowners with assistance in many things pertaining to the buying and refinancing process. According to this blog post, a real estate attorney in Massachusetts is responsible for completing tasks such as helping you pay off any outstanding balances of a mortgage, ensuring payment of real estate taxes, and disclosing the lender fees and closing costs in refinancing a mortgage. The real estate attorney is responsible for overseeing the entire closing process for the homeowner who is looking to refinance their mortgage.
When choosing a real estate attorney to handle a mortgage refinancing transaction, it is important to hire an attorney who you can depend on. Homeowners who refinance their mortgage will want to look for a number of characteristics in their real estate attorney who will provide them with the services they need. For instance, you will want to hire a real estate attorney who has a reputation for being honest, ethical, and dependable. It is important to look for a real estate attorney who is very experienced in handling mortgage refinancing transactions. Lastly, it is a good idea to look for a real estate attorney who is efficient and completes the essential tasks of a mortgage refinance in a timely manner. Homeowners will want to get more details on how a reputable real estate attorney can help them refinance their mortgage.
Review Title Report to Certify Title to the Property
One of the reasons why the state of Massachusetts requires a real estate attorney to oversee a mortgage refinance is because an attorney will be able to properly review the title report and certify that the homeowner actually owns the home. With a clear title, the homeowner can then complete the process of refinancing their mortgage. It is required by state law to have verified ownership of a property to refinance a mortgage and an attorney can ensure this step of the process is completed.
Record the Deed and the Mortgage
Real estate attorneys are able to record the deed and the mortgage. In the state of Massachusetts, anyone who purchases or refinances a home will need to record the deed so that they can legally prove that they own the home. An attorney can help with this process as they are obligated to record the deed and the mortgage on behalf of the buyer.
Distribute Funds and Paying Off Any Prior Mortgage or Liens
During the process of completing a refinancing of a mortgage, certain funds need to be distributed between the lender and the homeowner. A real estate attorney oversees this process of making sure that the lender distributes the funds in a timely manner and that the homeowner receives the funding to complete the refinanced mortgage. Since this is part of the legal process, an attorney is necessary according to state law.
Represents Interests of the Homeowner
Another reason why real estate attorneys are required in order to refinance a mortgage is because they represent the interests of the homeowner and/or the lender. The state wants to make sure that both parties of a refinancing transaction are properly represented and that a trusted professional keeps their interests in mind at all times. With a real estate attorney, a homeowner will have a knowledgeable professional to guide them through the process and make sure that they never fall victim to any scams or fraudulent activity.
Complete a Title Search
In the state of Massachusetts, anyone who is looking to refinance a mortgage will need to have title to the property in order to qualify for this type of transaction. As a result, a title search must be completed. Real estate attorneys specialize in searching titles. An attorney can make the necessary contacts, go over all documentation related to the property, and verify the identity of the homeowner. By completing a title search, an attorney can ensure that a mortgage can be refinanced legally.
Protection Against Refinancing Schemes and Hidden Fees
Whenever you are looking to refinance a mortgage, it is important that you work with a reputable lender. At times, some mortgage lenders can offer schemes that are illegal or detrimental to the homeowner’s finances. They may also include hidden fees which can add extra financial strain to the person looking to refinance a mortgage. A real estate attorney can prevent such things from happening. With a real estate attorney, a homeowner can have a professional review the terms of the mortgage and all of the necessary costs. The real estate attorney will make sure that the terms are normal and legitimate and address any that aren’t. The state requires an attorney in order to make sure that homeowners are never victimized by predatory lending practices.
Simplify the Closing Process
All real estate transactions require a closing in order to finalize the entire process. When a home is refinanced, the homeowner and the lender will need to complete one last step in order to make the transaction final. Attorneys who specialize in real estate help with this process by completing it as quickly as possible. They inform the homeowner about the terms of the closing as well as when they will receive their funds. A real estate attorney files and submits all of the required documentation in order to ensure the closing gets completed when expected.
Obtaining the title
Real estate attorneys are also responsible for obtaining the title of the property according to state law. Since the title is a legal document, a lawyer will be necessary to make the required contacts and complete the research necessary that the title gets processed.
Process and prepare the closing documents
Massachusetts also requires all legal and closing documents to be prepared and processed in order to complete a mortgage refinancing transaction. Since these are legal documents that need to be prepared and submitted, a lawyer is necessary to complete this essential task.
When looking to refinance a mortgage in Massachusetts, it is important to get the guidance you need in order to ensure that you complete this transaction with ease and in a timely manner. A real estate attorney can help you navigate the process of refinancing a mortgage. This will allow homeowners to comply with state law and get all of the information necessary so that they know what to expect when refinancing their mortgage in the state. To learn more about how a real estate attorney can help you refinance your mortgage, reach out to us and schedule a consultation today.