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Real Estate Closings
Real Estate Attorney in Hollywood Assists Clients with Closings
DETAIL-ORIENTED LAWYER WORKS TO ENSURE A SMOOTH PROPERTY TRANSACTION
In a residential or commercial real estate transaction, every stakeholder hopes their concerns can be addressed and that the deal can close successfully. Although Florida law does not require an attorney for real estate closings, the buyer, seller and lender generally rely on a single attorney to shepherd the deal through its final stages. A closing attorney must be knowledgeable about the process and extremely detail oriented. When you retain the Law Offices of James Jean-Francois, P.A. for your real estate closing, you get my determined assistance and meticulous attention to each necessary item. For more than 15 years, I have managed commercial and residential real estate closings. I am ready to guide your transaction through to a successful conclusion.
THE ROLE OF A REAL ESTATE CLOSING ATTORNEY IN FLORIDA
A real estate transaction has numerous moving parts, which need to be assembled. In that sense, the closing attorney is like a chief engineer whose tasks include:
- Organizing documentation — There’s a great deal of paperwork involved in the sale of a home or commercial property. Documents include the sales contract, a real estate transfer deed, the mortgage contract, inspection reports, mortgage insurance, surveys and more.
- Title clearance and insurance — For the sale to go through, the title must be free of defects and encumbrances. The closing attorney receives a title abstract, conducts a title search, alerts the parties to defects, liens and other issues that need to be corrected, and ultimately issues an opinion on the state of the title. However, even if the title opinion clears the property for sale, the buyer should purchase title insurance as a hedge against the unexpected.
- Reviewing loan documents — Banks often make eleventh-hour adjustments to loan terms. The closing attorney must reconcile the loan documents with the numbers in the sales contract and other documentation and alert the buyer to any changes.
- Running the closing — While a traditional closing has all the parties gathered around a conference table signing all the necessary documents. this rarely happens today in a Florida closing. Instead, you might have a mail-away closing, where the attorney prepares a package of documents, carefully marked for you to sign, some of which you complete and mail back and others which you retain. This is often easier than getting all parties in the room at one time, but it requires a great deal of organization on the part of the attorney.
- Recording of documents — When the documents have been signed, they must be recorded in the appropriate office of public records. Failure to do this properly can present title problems down the road.
- Disbursement of transaction funds — The attorney oversees the funds that have been placed in trust for the transaction, making sure the appropriate parties are paid according to contract specifications.
A misstep at the closing can delay or invalidate the sale, causing frustration for all involved and financial hardships for one or more of the parties. Therefore, you should only trust your closing to a qualified and experienced real estate attorney. While Florida law does not require you to have an attorney for a home closing, a home purchase is likely the greatest financial commitment you will ever make. An experienced closing attorney lessens the chance that problems with the title, insurance or loan contract will upend the transaction.
CONTACT MY HOLLYWOOD OFFICE TO SCHEDULE A FREE CONSULTATION ON REAL ESTATE CLOSINGS
The Law Offices of James Jean-Francois, P.A. provides detail-oriented attention for commercial and residential real estate closings throughout the Hollywood area. To schedule a free consultation, call me at 954-780-8505 or contact my office online. My Hollywood office is conveniently located at 6100 Hollywood Blvd., Suite 211, between Florida’s Turnpike and South State Road 7.