Real Estate Closings
Real estate transactions typically culminate with closings, where the parties act on their intent to transfer a property by finalizing and signing contracts and other documentation. What happens before and during the closing process can permanently impact the rights of everyone involved, which is one of the reasons why it is prudent for both buyers and sellers to be represented by an attorney. If you are interested in buying or selling commercial or residential real estate, the seasoned Cape Coral real estate lawyers of Lusk, Drasites & Tolisano, P.A. can advocate on your behalf to help you protect your rights and guide you through the process of completing your transaction. We routinely represent people in real estate closings in Cape Coral and in other cities throughout Florida.Pre-Closing Procedure
Before any closing occurs, there has to be an agreement between the parties to transfer the property. Typically, a buyer will make an offer to the seller and make an escrow deposit to demonstrate an intent to complete the purchase. The buyer will usually then obtain an inspection, survey, and appraisal to determine the value of the home and whether there are issues that need to be addressed prior to the completion of the sale. Most buyers obtain mortgages as well.
An attorney can assist with negotiating the terms of the sales contract, such as whether any repairs will be completed prior to the transaction and the terms of the mortgage. Lawyers can also conduct title examinations to make sure there are no defects in the chain of ownership and that no other party has a lawful claim to the property. If there are problems with the title, an attorney may be able to take the steps necessary to remedy them prior to completing the sale, like clearing the title of defects or liens.The Real Estate Closing Process
Once all negotiations are complete, and any necessary funding has been obtained, the parties will proceed to closing. The Florida Statutes define a closing as the finalization of the sale of a property, during which title transfers from the seller of the property to the buyer. While some states have enacted statutes that require lawyers to handle real estate closings, Florida is not one of them. However, as closings involve the signing of legally binding documents that affect the rights and obligations of both the buyer and seller, it is advisable for each party to be represented by an attorney regardless of whether it is mandated by law.
For example, the parties will have to review and sign a deed, which is the document that officially transfers the title of a property. Typically, the deed used is a warranty deed, which provides the greatest amount of protection to the buyer, but other deeds may be used in certain circumstances. After the closing is complete, the deed must be recorded in the public records in the county where the property is situated. A lawyer can help both buyers and sellers affirm that the correct type of deed is chosen prior to the closing and that it is properly recorded following the transaction.
The buyer will likely have to review and approve mortgage documents and a promissory note, which outline the terms of their financial obligations. In many instances, a lawyer can help the buyer negotiate favorable mortgage terms. Additionally, attorneys can obtain title insurance policies, which protects buyers and their lenders from third-party claims arising out of liens, encumbrances, or other defects in the title.Speak With an Experienced Lawyer in Cape Coral
Real estate closings are often complicated, and it is wise for people who want to buy or sell the property to seek legal counsel regarding their rights. The experienced attorneys of Lusk, Drasites & Tolisano, P.A. are skilled at navigating the complexities of buying and selling property, and if you hire us, we will work tirelessly to help you pursue a seamless and efficient transaction. We regularly aid people with real estate matters at our office in Cape Coral and also in our offices in Fort Myers and Naples. You can contact us at 800-283-7442 or via our online form to set up a conference regarding your legal needs.