Florida Real Estate Law Firm Guides Clients Toward Closing

North Central Florida Real Estate Attorneys Understand the Closing Process

Closing refers to the act of signing the papers necessary to complete the purchase a piece of real estate. But before closing day arrives, a several important aspects governing the closing process must occur. Those would include:

• Escrow of the Deposit and Purchase Price – This protects all the parties to the transaction. The initial escrow deposit and remainder of the Purchase Price funds must be deposited into the Escrow Agent’s account and be held by the Escrow Agent until all the money and documents related to the transaction have been received and executed and the closing is finalized.
• Title search and title insurance – In order to safeguard and protect the Buyer from claims on the title and to prevent questions regarding ownership of title in the future.
• Legal representation – Experienced real estate attorneys like those at Dean & Dean, LLP assist the Buyer or Seller by spotting potential problems in closing paperwork and acting to correct them.
• Closing costs – The Closing Agent will prepare a Closing statement to enumerate the various costs or fees attendant to a closing. Those include: administrative fees, application review fees, ancillary fees, processing fees, recording costs, documentary stamp taxes, and settlement fees.
• Home inspection – Many Buyers choose to have a home inspection prior to closing. Although they are not required, they are highly recommended to ensure that the property is free of serious problems or defects.
• Pest inspection – The pest inspection is separate from a home inspection and is intended to make sure the property is free of wood-destroying organisms and insects like wood rot or termites.
• Revisit the offer – If the home or pest inspections reveal any problems, the Buyer may wish to renegotiate the purchase price to reflect the cost of necessary repairs.
• Interest rate – If you haven’t already done so, you’ll need to lock your interest rate since rates are unpredictable and may fluctuate multiple times in just a day.
• Final walk through – One more look at the property before you sign the closing papers.

Dean and Dean, LLP represents Florida clients in a wide variety of residential and commercial real estate matters, from negotiations through closing. Contact our firm online or call (352) 515-9221 to set up your initial consultation with one of our experienced real estate attorneys today.