Real Estate Closings Attorney In Fort Lauderdale
A real estate closing is when a sale of property and transfer of funds takes place. The process can be confusing if you have never been through it before, but luckily a closing attorney at Magnolia Law can help walk you through the process.
However, without a qualified closing attorney, you may not be able to resolve issues that arise during your real estate closing. Title problems, lack of disclosure or unclear contract terms can delay or end the transaction altogether, costing you both time and money.
How The Real Estate Closings Process Works
A closing involves a series of events that take place over the course of at least one week or longer before the buying and selling process is completed. This includes signing important documents and getting everything ready for closing day. When you sign contracts with a real estate agent, they will often have papers on closing requirements in order to finalize the deal. These include things like deeds transfer agreements, mortgage releases and settlement statements.
Once a buyer and seller have finalized their purchase agreement, an initial escrow report is made by the buyer. After the escrow funds are deposited, the buyer’s lender (if purchase is being financed) or real estate agent (if a cash transaction) will seek the title information from the closing attorney selected by the buyer or seller (depending on the County).
A closing attorney will process the closing paperwork by ordering documents containing vital information about the property, including all relevant tax information, inspection reports, surveys, loan payoff statements, and more. Your closing attorney will then typically order an independent title search from an insurance underwriter, who will go on to verify that there are no encumbrances on the property that you are purchasing. Encumbrances may include such things as liens, judgments, divorce settlement agreements, or any other contracts that could interfere with the title transfer.
After receiving the report, the title inspection stage then begins. Your attorney will issue a title commitment to the buyer based on the information from the report. The seller will also be verified as the legal owner of the property if they are indeed the owner, and any outstanding debt will be noted.
A Closings Attorney Can Be Very Beneficial
Every closing handled by Magnolia Law is handled start to finish by a Florida Real Estate Attorney to ensure no title defects and clear title. Believe us when we say — there is a difference between a title agent and a closing attorney handling your real estate transaction — it’s about being proactive vs. reactive.
There are a few reasons closing attorneys may be beneficial to you. One is that they can help make sure all paperwork, as well as the signing process, goes smoothly and without any mistakes. Another reason closing lawyers can serve clients is by being able to answer all questions about closing day or real estate closings in general. The role of a closing attorney is vital to the real estate transaction. Choosing a closing attorney may prove particularly important, and it is important to find a lawyer that is both organized and attentive to details.
Your closing attorney is responsible for creating lines of communication between all parties involved in the real estate closing. Your closing attorney will not only talk with lenders, buyers, and the seller, but may also coordinate with individuals such as merchants, brokers, surveyors, or parties that hold judgments that have attached to the real estate, the seller’s mortgage holder, the purchaser’s prospective homeowner’s insurance company, the county tax department, home inspectors, contractors, adjoining property owners, contractors, HOA’s, and the seller’s lawyer. The closing attorney also has to remain aware of all issues that must be addressed in order for the closing transaction to go smoothly, but must also communicate with multiple different parties to coordinate a timely closing. Much of the coordinating and communicating occurs throughout the closing process, but is most significant when the closing attorney starts preparing the settlement statement for closing and must communicate with many people to finalize dates and dollar amounts for the closing.
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While it may not be required to have a real estate lawyer present during a closing, it would be smart to do so since they are specialized in this particular area of law and can assist you in checking that all procedures are properly followed for a smooth and timely transaction.
These Real estate closings can be very complicated, which is why having an experienced lawyer on your side is highly recommended during this process. If you miss a document or something is incorrect, it could delay finalizing your sale or purchase.
Hiring an attorney for your closing can also provide some peace of mind since they know how difficult this process can be, especially for sellers and buyers without any experience.
Magnolia Law specializes in handling all aspects of residential and commercial real estate closings. Whether you are purchasing a home, refinancing your loan or buying investment property, contact Magnolia Law today to speak with a closing attorney for your real estate transaction!