Providing Buyers with the knowledge, experience and information they need to understand the Rhode Island Title & Closing Process.
As a Rhode Island Real Estate Attorney, Rhode Island Real Estate Broker and a Rhode Island Real Estate Investor himself, Attorney Jared M. Tomassi understands the importance of a smooth, timely and cost-effective closing. We work closely with all parties to a transaction to coordinate the closing for you.
Among the many Rhode Island Real Estate Services we offer include:
Conduct Title Search/Examination
Issue Title Insurance
Conduct Settlement/Closing Services
Conduct Contract Drafting, Review, & Explanation
Answer Pre-Closing, At-Closing and Post-Closing Questions
You Have The Right To Select Your Own Title Attorney.
You have the legal right in the State of Rhode Island to select your own Rhode Island title attorney. Your bank cannot dictate who you use/select as your title counsel. In most cases, your bank will use the attorney that you select as your title attorney as the closing attorney as well. Even in situations where your bank will use their own attorney as the closing attorney you are well advised to select and utilize your own selected title attorney who represents you with regards to the title search and examination and represents you at the closing.
A BRIEF OVERVIEW OF A RHODE ISLAND REAL ESTATE CLOSING
Your Rhode Island Real Estate Attorney should review, advise and explain any/all documents requiring your signature including the Purchase & Sales Agreement BEFORE you sign it;
Your Rhode Island real estate title attorney will conduct a title search on the property in the city/town where the property is located to be sure that all liens and encumbrances are accounted for and that the seller can transfer clear, marketable and insurable title to the buyer;
Your Rhode Island real estate title attorney will provide you with a copy of the title commitment that will tell you what liens are on title and what encumbrances will transfer with the property such as easements, restrictions, covenants, etc... which may not have been disclosed to you by the seller and could affect the use and value of the property;
Your Rhode Island real estate closing attorney will draft and review all necessary legal documents for the closing;
Your title attorney will work on obtaining real estate tax information, a final water bill, a final sewer bill and any rent information to ensure that all financial items relating to the property are properly accounted for and prorated appropriately at the closing;
The closing attorney will coordinate with the buyers, sellers, agents and bank a time and place for the closing. Closings usually occur at the closing attorney's office;
The closing attorney will conduct the closing by presenting and explaining the various documents needed to effectuate the closing including the HUD-1/closing disclosure, loan documents, and other varies closing documents;
Following the closing, your Rhode Island title and closing attorney will record the deed and mortgage in the city/town where the property is located and will disburse the funds in accordance with the HUD-1/Closing Disclosure signed at closing;
Within 1 - 2 weeks from the closing, you will receive the original recorded deed and the title insurance policy from your Rhode Island title attorney.