Escrow & Title
In Massachusetts, the attorney conducting a real estate closing represents:
AThe buyer only
BThe lender only
CTypically the lender, with the buyer and seller represented separately✓ Correct
DAll parties equally as a neutral officer
Explanation
In Massachusetts closings, the closing attorney typically represents the lender. Buyers and sellers are strongly advised to retain their own attorneys for independent representation of their interests.
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Key Terms to Know
Proration
The division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Buyer's AgentA real estate licensee who represents the buyer's interests in a transaction, owing fiduciary duties to the buyer.
Seller's Agent (Listing Agent)A real estate licensee who represents the seller's interests, markets the property, and owes fiduciary duties to the seller.
Debt-to-Income Ratio (DTI)A lender's measure of a borrower's monthly debt obligations relative to their gross monthly income, used to evaluate loan eligibility.
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