Finance
In Massachusetts, real estate closings are most commonly conducted by:
AA title insurance company officer
BA licensed real estate broker
CAn attorney✓ Correct
DA mortgage loan officer
Explanation
Massachusetts is an 'attorney closing state,' meaning real estate closings are conducted by attorneys. This is a distinctive feature of Massachusetts real estate practice.
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Key Terms to Know
Title Insurance
Insurance protecting against financial loss from defects in a property's title that existed before closing but were unknown at the time of purchase.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
Private Mortgage Insurance (PMI)Insurance required by lenders on conventional loans with less than 20% down payment, protecting the lender — not the borrower — against default.
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