By DAVID C. MINICOZZI, Attorney at Law (Branford, CT)
The trend lately is for banks and mortgage companies to perform “notary only” refinances. Homeowners are told it is convenient and cost-effective. What isn’t discussed is that someone needs to obtain the Release of the old mortgage, file it at the Town Hall, and clear your title. Failure to do so will impair your ability to sell or further refinance your home. You also may not be provided the option to obtain Owner’s Title Insurance. This protects you from future claims against your home due to a faulty title search, boundary disputes and other frightening scenarios. Attorneys are excellent at explaining these issues, facilitating the refinance process, clearing up lingering issues from the original purchase, and answering your questions along the way. A notary will not do this. The attorney will explain the legal significance of the important documents you sign. A notary will not (and by law shall not) explain them because they act only in the capacity of an official witness. Massachusetts has taken steps to mandate an attorney be used in residential refinance transactions. They recognize a refinance is an important transaction that affects your most important possession: your home.
In today’s world, an unfortunate trend exists to discount the use of an attorney in certain type of situations. People are told “oh, it’s just a simple transaction,” or “anyone can write that,” or my favorite, “you can save time and money by having a notary or a paralegal do it, or even do it yourself.” Maybe. But by the time you find out a mistake was made it may be too late.
Don’t let that happen to you. Call The Law Office of David C. Minicozzi 203-483-7069 or 203-804-0841 to schedule a consultation today.