Real Estate Closing Procedure

Banner_NAT_Closing_ProcessIn Florida, the real estate sector is a large part of the local economy with a substantial number of residential and commercial real estate closings occurring on a continual basis. Although Florida real estate attorneys fully understand the real estate closing process as they are involved in real estate closings every day, many of the other participants in Florida real estate transactions often experience some confusion as to everything that happens between the time the purchase and sale contract is signed to the date of closing.

The processing stage of the transaction commences immediately after the closing attorney receives the request for title. As there are many third parties who must be coordinated with in order to obtain all of the necessary information and documentation in time for the closing date, an experienced Florida real estate attorney will commence the processing stage as soon as possible after the receipt of the request for title. The file processing stage includes ordering tax information that shows the status of current and prior years taxes, loan payoff statements, surveys, homeowner or condominium association stopple letters showing maintenance fees and any assessments, inspection reports, and certificates evidencing hazard insurance.

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How Real Estate Closings Lawyers Can Help You Close On Your Home

VisaThe American dream of home ownership is still one of the most significant goals in our lives. When you purchase a home it is a time of true happiness and a wonderful dream come true. Buying a home will be the largest purchase with in most people’s lives. There can be many obstacles to delay the home buying process, which is why many people recommend using real estate closing lawyers. Closing lawyers can make the home closing process a smooth and easy transaction. Having a closing attorney can stop many of the hurdles that today’s home buyer’s face. Your closing attorney has a thorough knowledge of your local real estate closing laws. Here are a few ways that your closing lawyer will facilitate the purchase of your new home. Here is a quick overview of what your closing attorney does for you:

  • They will be at the closing table with you to make sure your home and property title is free and clear to be transferred into your name.
  • They will look over the closing documents and negotiate any changes that you wish to make.
  • They will make sure you understand all of the terms of the mortgage financing documents.
  • They will scrutinize all documents to make sure you are getting exactly what you agree to.
  • If any problems arise your attorney will fix them for you.
  • The closing attorney is involved in your closing to facilitate the sale and make your life easier.
  • They will make sure there are no back taxes owed on the property that you wish to purchase.

Real estate closing lawyers will examine all of the title records to insure that the home has no judgments, liens or encumbrances that may delay the closing on the home and property. A closing attorney will make sure that the title is free and clear to be resold to you. A closing lawyer will then put together all of the closing documents and a closing attorney will tell you in layman’s terms what each document means before you sign them. A closing attorney will also disperse the funds, record all closing documents at the courthouse that will be a part of public record and put together title insurance documents. A closing attorney can make your home buying process a safe and easy process that will get you into your new home as soon as possible with no surprises that could delay your closing. Visit, where you can find legal advice and more information about real estate lawyers and the law.

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What to Expect at a Real Estate Closing

Successful financial plansA real estate “Closing” is the procedure by which the title to the property is transferred from the seller to the purchaser. If the purchaser has obtained a loan, the lender’s required documents are signed and executed at this time.

The closing attorney’s role at closing is to represent the lender’s interest and the closing attorney is not authorized to provide legal advice to the buyer or the seller. You are more than welcome to have your attorney with you at the closing. But most people in Florida do not feel the need. Feel free to consult with your own attorney, if you feel legal advice is needed.

Prior to the Closing

· You will need to obtain Homeowners Insurance and provide proof of intended coverage prior the closing. This must show the lender as loss payee. Have your insurance agent contact our office and we will be glad to supply them with the pertinent information needed.

· If the terms of the contract have changed make sure we have been made aware of these changes. This may affect the loan amount or fees that will need to be adjusted. Handle disputes regarding contract terms, price negotiations and repairs prior to the closing.

· Prior to the closing date the loan officer should advise you on the approximate amount of funds needed at the closing. We make every effort to provide an accurate amount needed to close the transaction. But please note that a “Good Faith Estimate” is merely an “estimate” and may not include some items that appear in the final calculation, such as owner’s title insurance, homeowners dues, adjustments to the per day pre-paid interest, funds needed for the escrow account and other fees.

· Contact your real estate and/or seller for any final details that need to be worked out prior to the closing.

At The Closing

For a typical closing, plan on spending about one hour’s time with the closing attorney.

· You will need to bring a photo identification and either certified funds or a cashier’s check made payable to yourself. You can endorse it over to the attorney at the closing. If it is made out for too much the attorney will refund the overage. If it is not enough you may write a personal check for the difference. You may also need to bring other items required by the lender.

· All parties will review of the HUD-1 Settlement Statement detailing costs and make any adjustments if necessary.

· You have a right to read all of your closing documents before you sign. The closing attorney will give you concise explanations of each document. The closing documents must be executed as written. No changes may be made to the wording of the lenders closing loan documents.

· A review of the termite clearance letter obtained by the seller indicating that the letter is not more than 30 days old and verifying that no active infestation was found and no structural inspection was required.

· The disbursement of the proceeds of the transaction and a payoff of all current liens against the property.

After the Closing

To complete the closing of the transaction, the attorney will do the following:

· Record in the county land records all documents such as the warranty and security deeds.

· Return to the lender the completed loan package.

· Disburse all funds in accordance with the HUD-1 Settlement Statement.
Real estate closings vary by state but this should give you an overview of what will take place. If you have any question speak with your loan officer prior to the closing,

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