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MIG exists to serve the Memphis-area real estate investment community. Our mission is to provide our members the education, training, motivation and networking opportunities that will further the ethical investment in real estate.


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Attorneys and Closings

What does an attorney do in the closing process?
By Joseph T Kirkland
Posted: 2013-03-10T19:52:00Z

An attorney, and their staff, may provide one, or typically several of the following services, along 
with many additional services:

·        Provide advice concerning contract drafting.

·        Give advice on the legal implications of the contract and other documents.

·        Assist in negotiation for the purchase or sale where required.

·        Obtain and examine title evidence to assure good title to the property.

·        Order and review of a property survey.

·        Request payoff statements for any encumbrances.

·        Obtain or review a commitment for a title insurance policy.

·        Coordinate the closing with other professionals in the transaction.

·        Prepare a statement of closing costs including proration of taxes, etc.

·        Prepare and review loan documents.

·        Prepare or review deeds transferring the property.

·        Close the transaction and explain the documents involved in the closing.

·        Collect and disburse the funds required for closing.

·        Obtain releases of the Deed(s) of Trust and other encumbrances affecting the property.

·        Manage recording of the Deed, Deed of Trust and other documents.

·        See to the issuance of title insurance.

·        Follow up on post closing matters.

In a commercial transaction, many additional services may be included.