You just bought a house and now it’s time to close on it. You walk into the room and wow, who are all these people?

Beyond your agent and mortgage lender, many others have been busy doing research on your behalf, reviewing and preparing documents. It is closing day when you will come face to face with some of these people. The main players involved in the closing are the title agency, the attorney, and the notary public.

The Real Estate Title Agency

The real estate title agency has many different roles in the closing process. It should be noted that the company and its agents are impartial service providers. One of the duties of the agency is to put together a summary of the property. The summary explains in great detail the location and history of the property. As part of this, a survey may be ordered. A title search is also performed which will identify any liens against the property, taxes owed, or other known issues.

Ultimately, it is the responsibility of the agency to ensure that all state and federal documents are filed correctly. If the real estate title company is also acting as the closing agent, a representative will review all paperwork with the buyer and seller. The agency will also receive and distribute all payments given and received by both parties. No matter how much work the real estate company does, it cannot provide legal advice.

Lawyer

Clients who wish to have a complete legal review of their closing paperwork can hire an attorney. These lawyers have specialized training in real estate law. The main job of the lawyer is to ensure that your interests and rights are protected and that your duties are clearly defined. They provide legal advice if needed. Your role can be as broad or as limited as the client wants it to be. They can review only the purchase contract or they can review all documents, from the title search to the survey, the purchase contract, and the loan document. An attorney can represent either the buyer or the seller. However, it is unlikely that the same attorney will represent both the buyer and the seller in the same transaction, as that would create a conflict of interest.

The Notary Public

A notary public will almost always be involved in the closing on a property. Notaries are public officials of the state in which they are licensed. They are accused of serving as impartial witnesses to the signing of legal documents. Notaries are impartial and neutral participants in the closing, whose job it is to ensure that all documents are legitimate and that no fraud is committed. Your primary responsibility is to make sure the correct person is signing the documents. A notary public does not have the ability to provide legal advice, nor can they prepare legal documents on their behalf. They can only legalize documents prepared by others.