Real Estate Closing Attorney serving Tampa and the Surrounding Areas
REAL ESTATE CLOSING LAW FIRM TAMPA
REPRESENTING COMMERCIAL & RESIDENTIAL BUYERS & SELLERS
Buying real estate is often more complex than buying any other type of property. The legal and financial implications of a real estate transaction are far-reaching and can be one of the most important decisions in the lifetime of an individual or business. Therefore, it is very important to make sure that your legal rights and interests are protected by retaining a real estate closing attorney before you enter into any transaction for the purchase or sale of real estate. For more information about Florida law governing real estate purchase and sales transactions, visit this free legal resource. Chapter 475, Florida Statutes, regulates conduct for real estate brokers and associates.
Torrens Law Group, P.A. provides highly skilled counsel to individual and corporate clients across the South Florida area in residential and commercial real estate closings. Our real estate closing lawyers will make an invaluable part of your team by helping you navigate the closing process. A diligent real estate closing attorney will: (1) effectively communicate with lenders and ensure compliance with closing instructions provided by the lender; (2) analyze and review the closing documentation for both buyer and seller, including review the Deed, Bill of Sale, and Closing Affidavits; (3) ensure that funds are properly disbursed to seller, buyer, title insurance companies, inspection company, surveyor and lender; (4) explicate the closing process, the closing documents to be executed, and explain charges on the closing disclosure or HUD1 before monies are transferred and before the contract closes; (5) make sure the deed mortgage and other necessary documents are recorded in the Public Land records of the applicable county; (6) make sure the title insurance policy is properly issued post-closing.
Our real estate closing attorneys can also act as your closing agent, escrow agents, and title agents in any commercial or residential closing. There are numerous things that can go wrong with a real estate transaction, and our goal will be to help you avoid these fatal pitfalls while ensuring that the transaction is handled in your best interests and in accordance with your goals.
For a free consultation, call (813) 260-4883. Our team of real estate closing lawyers is ready to help you with your real estate closing.
OUR REAL ESTATE CLOSING ATTORNEYS DELIVER SKILLED & EXPERIENCED COUNSEL
In handling real estate transactions and closings, our team can assist you with any of the following services:
• Preparing and reviewing the purchase contract.
• Drafting and reviewing purchase offers.
• Preparing and reviewing the closing statement.
• Seller contingencies that may affect your interests.
• Evaluating and explaining all terms of the real estate closing contract.
• Resolving any title issues or clearing any liens or code violations on the property.
• Advising on the effective transfer of title.
• Preparing a bill of sale for any appliances or other items that will remain on the property.
• Preparing Quitclaim Deeds, General Warranty Deeds, or Special Warranty Deeds.
• Act as Escrow Agents; and
• Act as Title Agents for the buyer or lender to a transaction.
Real Estate Closing Process
The real estate closing process begins with the buyer identifying a property and making an offer for its purchase. This offer is normally memorialized in the form of a unilaterally executed standard real estate closing contract.
After the offer is made, if the Buyer is seeking a loan, the Buyer will find a lender to fund the purchase and mortgage the property. Most real estate purchase contracts provide that the contract’s performance is dependent upon the Buyer’s ability to obtain a loan. In most cases, if the Buyer cannot find a loan, the contract can be rescinded. If the Buyer is buying in cash, this step will be skipped.
If the Buyer is purchasing the property in cash, or if a lender has been secured by the Buyer, the Lender will then send an appraiser to the property. The Lender’s appraiser will then prepare an appraisal of the property’s value.
After the appraisal, the title insurance agent or company acting as “closing agent” will then issue what is known as a “title commitment.” The title commitment will identify whether there are any outstanding liens or other encumbrances that might affect the title/ownership of the real property. The title commitment will also identify all of the title insurance company’s requirements (i.e., requiring that the liens be satisfied) prior to the issuance of a final title insurance policy.
Further due diligence will be conducted at the property. The Buyer will inspect the property’s electrical, roof, pool, foundation, structure, etc to determine if the property is in good shape. Even if the property is sold in as-is condition, the buyer will still want to conduct a professional inspection during the due diligence period.
A surveyor will go out to the property and measure its boundaries to ensure that the legal description of the property matches its actual measurements. The surveyor will also determine whether there are any easements that affect the property, or whether there is any encroachment from neighboring landowners.
Next, the buyer will conduct a final inspection of the property just before closing. The Buyer should do a final walk-through to ensure that the condition of the property matches the terms of the contract and that any additional conditions of the purchase contract are satisfied prior to closing.
Finally, the title agent, Buyer, and Seller, and their respective lawyers will review the documents that are signed at the closing table. These documents include the closing disclosure, the HUD1, the promissory note, the applicable deed, bill of sale, and closing affidavit.
After the closing documents are reviewed, the closing agent will ensure that the deposit, the buyer’s monies, along with the loan monies are transferred from the closing agent to the seller once the Lender authorizes the Buyer to close on the contract.
During the entire process, we will be available to provide legal guidance based on our extensive experience as real estate closing attorneys. Your real estate closing lawyer will work closely with you to make sure all of your questions are answered, and that the transaction goes as smoothly as possible.