How Do Real Estate Closings Work?
Having a Real Estate Attorney Who Knows the Process is Key
In the state of Florida, closing property sales is a process that can be a convoluted even for the most knowledgeable of agents. Hiring a real estate attorney is a great way to provide peace of mind to both parties and streamline what can be a lengthy process with a lot of moving parts.
The Process
Many pieces need to be put together carefully to ensure the deal isn’t hung up for weeks or worse. Let’s have a look at the process to better understand how a real estate attorney can help.
Firstly, both parties must enter into a contract. This can be a standard form or a customized contract suited to your needs, but it must be clear and comprehensive. Earnest money will then be deposited into an escrow account to confirm the contract. Next, in the majority of cases, the buyer will apply for a home loan. This can be a lengthy process in its own right, and real estate attorneys can be a real help to buyers at this point.
The property that is to be involved in the transaction must also be both appraised and inspected by a licensed professional in each field. It is very important to ensure that the property is in saleable condition – even if the contract states the property is to be sold as is. In this case, it is something of a confirmation.
At this point, a title examination is done. If there is a missing deed or a lien – there will undoubtedly be legal and subsequent financial issues. A good real estate attorney will conduct the most thorough of title examinations to ensure this step is completed and not a source of delay. Then a survey is performed.
This is often required by lenders and is done to confirm that property boundaries exist as stated in the description. This is another critical step for ensuring that there are no adverse conditions set to interfere with the ownership of the property.
Once this step is complete, the buyer will acquire all of the necessary insurance policies, and a pre-closing inspection should also be conducted. This ensures that the structure is cleared out and is in the state of repair agreed upon by both parties.
Once the closing documents are signed and executed the money can be exchanged. These documents include a closing affidavit and statement, loan documents, the warranty deed and bill of sale. Once the money is transferred this process is finally complete.
It is plain to see that this process has a lot of steps. If these steps aren’t followed to the tee at any point, the deal can be delayed for weeks or longer. In some cases, it can even lead to litigation, which is not the desired outcome.
Dedicated and Specialized
John Miller and his firm, Rock Solid Law, are highly experienced real estate attorneys. They are dedicated to helping their clients to navigate the sometimes turbulent waters of real estate closing in Jacksonville FL, and the surrounding areas.
They are committed to helping both first-time home-buyers and experienced investors through closings on all kinds of transactions. Rock Solid Law provides Jacksonville and the surrounding areas with comprehensive real estate closings services from residential or commercial purchase closings and refinances to contract preparation, negotiation, and review.
They will provide everything from escrow services to meticulous title searches through their vast network of search providers. Call Rock Solid Law today and find out how we can help you close your transaction sooner.