Real Estate Closings
Real estate closings are handled by most real estate lawyers. Real estate closings cover home and condominium transfers, the purchase of commercial and other residential property, and lease transactions. Other issues related to real estate closings include title insurance, survey issues, zoning issues, and boundary disputes. However, most people think of a real estate closing as only dealing with buying and selling a particular piece of real estate.
See: Search Property For Sale (MLS Search)
What is a real estate closing?
A closing refers to the final meeting between the buyer and the seller of the real estate. During this time, any remaining documents related to the sale are signed and finalized and the ownership of the property changes hands.
The closing process
- The buyer must deliver the remaining proceeds (cashier’s check or wire transfer) for the balance owed on the purchase price of the property.
- A closing statement (HUD-1) is prepared and signed by the buyer and seller reflecting all of the costs related to the transaction.
- The seller will then sign a Bill of Sale, Affidavit, and Deed and then the closing agent will record the deed with the local public records clerk.
- The buyer signs all of the mortgage documents.
- The realtor provides a commission letter.
- The seller receives a check for the sale of the property (minus closing costs and mortgage payoffs).
See: Broward County Closing Costs
Documents related to a closing include:
- A deed to the property: this is the document memorializing the transfer of the property from the seller to the buyer
- Title Insurance Commitment and Policy with Endorsements
- Mortgage and Note: during the closing, the buyer must sign all of the mortgage documents and then they are recorded in the public records
- Tax Proration Agreements: taxes must be transferred and, if applicable, paid to the state
- Bill of Sale: The buyer will also pay the seller for any other personal property that has already been agreed upon (such as furnishings or appliances)
Do you need an experienced real estate lawyer?
Buying and selling property can be an overwhelming task and the closing of this process is crucial. Real estate terminology and regulations can be difficult to understand, especially in matters related to the closing of a property. Consulting with an experienced local Broward County real estate attorney will ease the burden of the process and assist you in having a quick and successful property closing.