Are you buying or selling a property? A "closing" is generally the time when the transfer happens. It can occur by mail or with all parties together.

Most Massachusetts real estate closings involve a bank as the buyer's lender with the bank's attorney representing the bank's interest and running the transaction. Since the bank is loaning the buyer the money, the buyer is charged for the bank's attorney's fees and costs. But just because the buyer is paying for the attorney, this doesn't make the lawyer the buyer's advocate. In fact, there are many issues that can arise that the bank has no interest in and the bank's attorney may pay no attention to.

Not necessarily. Documents can be signed ahead of time or an agent can go in your place. Generally this is allowed for a Seller who sends an agent with an acceptable designation or power of attorney. The agent can usually appear at the closing with a deed properly executed by the principal and then the agent can sign the other documents involved in a typical transaction. Buyers on the other hand almost always need to attend the closing unless the transaction doesn't involve a bank.

Regardless of whether you attend the closing or not, it is prudent to have an attorney at the table who's only job is to look out for your interests. At times it can seem like the real estate agents, brokers, and lawyers may all be speaking a different language. Everyone seems in a rush to just move on.

During a financial transaction this large do you want to be questioning yourself or unsure of what any of this dialog means? In these times it's a weight of worry that is lifted to have an attorney there who speaks the language, can translate for you in plain language, and ensure your rights are protected.

All too often something needs to be accounted for at the closing -- sometimes significant, sometimes not. Many times the buyer has a walk-through of the property just before the closing. It's not uncommon for disagreements to arise when seller left things behind or perhaps something got broken during the move. While many times you might be pressured to simply deal with it on your own after the closing, our experience is that having some leverage following the closing can be helpful. When it comes to on the spot contract drafting, you're likely going to fare better with someone who has done it before.

Sometimes a seller in the morning becomes a buyer in the afternoon (or vice versa) and the closings and exchange of funds must be closely coordinated. Regardless, much goes on after the closing occurs. Documents are recorded and sent to banks. Mortgages are paid from the sale's proceeds. Discharged mortgages need to get recorded. Final water and sewer or other liens should be taken care of and reporting requirements must be met. In addition documentation of the closing should be provided for tax reporting and other general purposes. There are other situations such as like-kind exchange or 1031 exchange where the steps that occur after the closing are crucial to defer the payment of taxes. It's good to know you have an attorney you can call after the closing who will take care of all the loose ends and save you headaches and problems later.