Buyer/Seller Conveyance

When we are the closing attorney, we usually represent both the buyer and the lender. Our law office will perform many tasks in connection with the mortgage loan process. The primary function of Black and Buono is to take care of all the arrangements necessary to close the mortgage transaction. We coordinate all of the efforts outside of the loan approval process that allows the closing to take place smoothly and efficiently.

Conveyance is transferring the title of a home from one person to another, as well as addressing and handling all of the documents and issues that may affect that transfer such as liens or outstanding mortgages.

A typical conveyancing transaction in real estate is the exchange of contracts –the title, and the completion of that exchange, -the title legally passes from one to another. Conveyancing occurs in three stages: before contract, before completion and after completion.

A buyer of a property must ensure that he or she obtains a good and marketable title to the property. In other words, the buyer must ensure that the seller is the owner, has the right to sell the property, and there is no factor which would impede a mortgage or re-sale.

Our conveyance services include:

• Obtaining a title and examining and reviewing the abstract of the title
• Obtaining municipal lien and tax information from the city or town in which the property lies
• Obtaining and reviewing a survey/plot plan of the property
• Obtaining and reviewing mortgage and lien payoff information
• Preparation of the loan documents, including the HUD I Settlement Statement
• Receipt of the proceeds of the transaction and maintaining them in a safe and separate IOLTA account
• Conducting the closing
• Recording of documents
• Preparing and delivering proceeds to pay off all outstanding mortgages and liens that affect the property
• Disbursing the proceeds