The Closing Process

Your application to your lender for a home mortgage loan leads you inevitably to the closing attorney’s office. You undoubtedly have questions as to what the role of the closing attorney is, what tasks the closing attorney will perform, and what will take place at the closing. First, understand that the closing attorney represents the interests of the lender. However, if your loan transaction is a common Fannie Mae/Freddie Mac/FHA transaction, the loan documentation and the promises and obligations you are asked to make are uniform throughout the state, and in most instances, throughout the country. Therefore, your interests are protected by the uniformity of the documents you will be asked to sign, and their regulation by state and federal agencies. In most situations in Connecticut, the Lenders’ attorney will also represent the interests of the Buyer/Borrower.

Our firm makes every effort to assist borrowers in the mortgage loan transaction. Sometimes issues arise regarding the record title to a borrower’s property. If there are title issues or issues involving inaccuracies, we work with the buyer/borrower and keep them informed of all relevant issues. When possible, we seek to resolve title issues and disputes as reasonably as possible.

The fees quoted to you by your lender include a variety of items. Those which involve our office may include the following, and are standard transactional items for representing the lender in residential loan transactions:

Legal Fee: May include any or all of the following: obtaining a title examination at the various Town Land Records, title review, loan document preparation, title certification, communications with borrowers, sellers’ attorney, broker, etc., conducting closing, payoff of all liens and other matters relating to the loan closing.

Title Search: A review of the title history of the property.

Title Insurance: - The lender requires a loan policy of title insurance for the loan amount in order to protect their interests from issues relating to the title to the property that could not be determined from an examination of the record of the title. Peck & Tuneski, P.C. will also issue a policy to protect your interests. Please review the section on this site regarding Title Insurance, or go to the link for First American Title Insurance Company.

Recording Costs/Courier & Certified Copy Fees: These include the cost to courier, the mortgage payoff, if this is a refinance, to your lender.  Seperate fees may be charged to deliver the loan documentation to your lender, who expects to have all executed documents to them within twenty-four (24) hours of closing.  These charges also include those to record the mortgage, and other transactional documents at the Town Clerk's office, and obtaining Town certified copies that may be required in certain transactions by your Lender.

This is a list of some of the items that you may be asked to pay in a normal residential loan transaction. In the case of a no point/no closing cost transaction, your lender will pay these costs. This explanation should serve as a brief overview of the items described above. For a further explanation, please contact your lender or our office.

The mortgage loan closing process may sometimes seem complicated and confusing. However, you will find that a few minutes of simple explanation can almost always relieve any anxiety or confusion about the process. We look forward to seeing you at your closing.