Real Estate Closing
When you’re buying a home numerous documents will need to be signed. What is written in the documents could be detrimental to your future financial and legal obligations in the future if not carefully examined. To protect your rights in the future, a Real Estate Lawyer should be with you through the entire process. The Law Offices of Granda and Associates PA have a great deal of experience with real estate closings.
During the closing, many aspects of the deal are finalized: Mortgage, Note, Truth in Lending Disclosure, Closing Statement, Commissions, Final Inspections and Walkthroughs, and what will seem like a lot more.
It’s normal to let your emotions get the best of you during this rare and exciting occasion, but it is crucial to take a step back and examine every paper for what it’s worth. And having an experienced Real Estate Attorney by your side facilitates this process.
How Does It Work?
Closings are regularly held at the workplaces of a title organization, real estate financier, or at a real estate legal counsel’s office. The “closing date” will show up in the Purchase and Sale Agreement (otherwise known as the “contract”).
You will be faced with a stack of papers and may feel pressured to rush through them. The time you take to read over them determines how long the process will take. But do not let that deter you from examining each step. With an expert Real Estate Attorney by your side, you can feel confident with each signature.
Once the closing occurs and the buyer and seller have signed the closing documents, the Warranty Deed and other relevant legal documents are recorded at the county recorder’s office, and they are thereafter sent to the closing agent for the issue of the title policy. Therefore the next new buyer will receive the original warranty deed and the title policy of the property.
Steps in a Florida Real Estate Closing Transaction
Getting from the purchaser’s first introduction to the property to that end table can be an extensive and confounded process. Here are ten stages that most Florida purchasers and Florida sellers experience to get to closing:
- Earnest Money Deposited
- Apply for a Home Loan
- Appraisal of the Property
- Title Insurance
- Inspection for Termites and Damage to the Property
- Survey of the Property
- Hazard, Wind and Flood Insurance for Buyer
- Pre-closing Inspection of Property
- Closing Documents Prepared and Reviewed by Buyer and Seller
- Money Ready for Exchange
Why Should a Lawyer Conduct A Closing?
For weeks or even months, buyers and sellers negotiate through their agents. Things such as inspections, appliances and, of course, final price. When you finally get to the closing table, all might seem like it has been resolved.
But not all cases run so smoothly. If they do, who’s to say the paperwork will reflect what’s been agreed upon? Having a lawyer by your side during closing ensures that what’s been agreed upon verbally be transferred to paper and binding in the eyes of the law.
A good suggestion is to talk with an accomplished Florida real estate legal counsel to find out about your rights and figure out how they can help. Don’t hesitate to contact our compassionate and knowledgeable group of partners today to learn more about how we can help you. Call 305.595.4011 or Email us.