In many transactions, we represent the bank or the mortgage company lending money to buyer(s) purchasing property. The Lender will hold the mortgage lien on the property until the morgage is paid in full. In some cases, however, we may be retained to represent the specific interests of a buyer or seller separate and apart from the bank or mortgage company. While it is our duty to ensure that every closing is conducted properly, in compliance with the law and according to the instructions of the bank or mortgage lender, it is our goal to make each closing efficient and hassle free.

There are costs associated with every purchase and sale of real estate, as well as with the refinancing of existing loads, that are paid by the buyer and seller or the individual refinancing their mortgage. Some costs are charged by a bank or mortgage lender in connection with the making or refinancing of a loan, such as fees for the loan application, processing the loan, obtaining credit reports and appraisals, document preparation, as well as prepaid interest. Lender's costs often include items to be paid through an escrow account, such as homeowner's insurance and taxes.

Other fees include those for examining the title of a property; recording deeds, mortgages and releases of mortgages in the records of land evidence or registry of deeds; municipal transfer taxes; attorney's fees; courier fees; commission to the real estate agent; and purchasing a title insurance policy. McGunagle & Reidy, Ltd. maintains a very competitive fee structure within the closing/settlement industry and all closings are supervised and conducted by attorneys.

Researching title at the land evidence records of a city or town or in a county registry of deeds confirms that the property being purchased, sold or refinanced is properly held and that the seller or person refinancing has a good, clear and marketable deed. This is important to both buyers of property as well as lenders who will be taking a mortgage on property.

Title insurance is insurance available to both property owner's and mortgage lenders. An owner's title insurance policy covers the title to the property, and insures up to the amount of the purchase price of the property that an owner's deed is good and proper and that the title held in the property is protected against certain title claims of third parties. Title insurance includes, for example, the cost of hiring an attorney and defending a claim brought against a property owner in court. Title insurance also pays for any loss covered by the policy.

A lender's title insurance policy insures up to the amount of the loan used to purchase or refinance the property that an owner's deed is good and proper and that the title held in the property is protected against certain title claims of third parties.

The attorney or law firm that examined the title is not liable for documents on record that are forged or otherwise fraudulent or for any defects in title that do not appear on record.