Achieving the American dream of buying a home is one of the most satisfying accomplishments a person can experience. However, current homeowners know that going through a closing can be nerve-wracking. From contentious negotiations over unexpected expenses to signing contracts and transferring funds, the whole ordeal can be difficult for many. However, our Melbourne real estate closing attorney is here to help.
Hiring an Attorney for Closing
Under Florida state law, a seller and purchaser of real estate do not need an attorney to complete a real estate transaction such as a closing. However, real estate closings can be ripe with unforeseen issues that only an experienced Florida real estate closing attorney can handle.
These days, many closing documents have standard “boilerplate” language to ensure consistency. However, real estate agents are not equipped with the skills to identify significant property-related issues like easements, liens, and other encumbrances to ensure they are adequately addressed at closing. Further, an experienced real estate closing attorney can conduct due diligence to identify missing signatures, misspellings, loopholes, and other issues or errors contained in closing documents that many real estate agents cannot.
The Importance of Deadlines
Parties to a real estate transaction can often find themselves or their agent haggling over prices, expenses, dates, and other issues that slow the closing process. As many homeowners know, real estate transactions operate on tight deadlines to account for the issuance of a mortgage, transferring funds, and moving dates. A real estate closing attorney will adhere to these deadlines and ensure the process stays on track until completed.
Addressing Title Defects
Many properties, including older ones, may have all sorts of encumbrances that hinder a smooth transition of property from the seller to the buyer. A title insurance company’s role is to identify issues and protect the parties from unforeseen liabilities and determine whether a property’s title is free and clear for sale. Keep in mind, title insurance companies are not legal representatives. They act as independent third parties and will not provide legal advice to the seller or the buyer on addressing title defects. Further, understanding title defects can be difficult to understand without legal assistance. Only a real estate closing attorney can represent a party’s financial and property interests when addressing title defects.
A mortgage is nothing more than a loan to a buyer to purchase a piece of property from a seller. Regardless, mortgages can be incredibly complex, with hidden clauses and fees that a real estate agent or a home purchaser cannot readily see. For example, mortgage lenders typically require both the buyer and seller to meet specific legal requirements before transferring funds. Also, every lender offers multiple forms of mortgages that have different financial conditions. An experienced real estate transaction attorney can help a buyer parse through the endless clauses of a mortgage loan and help a seller ensure compliance to complete a fund transfer.