February 18, 2023
Frequently Asked Questions About Real Estate Closings
A Lithia, FL real estate lawyer knows that purchasing a property can be an exciting time, but it can also be a confusing one. There are so many factors that are involved in the process and leading up to the closing, that it can feel overwhelming at times. Many clients who have never gone through this process often have questions about just what the closing will entail. The following are the answers to some of those questions. For more detailed information if you are planning on purchasing a property, contact Morton Law.
The real estate closing is the final step in a real estate transaction where ownership of a property is transferred from the seller to the buyer. During the closing, the buyer and seller sign all the necessary documents to transfer ownership of the property. The documents signed at a real estate closing can vary depending on the location and the specifics of the transaction. Some common documents include a deed transferring ownership of the property, a bill of sale, a promissory note, a mortgage or deed of trust, and various disclosures and agreements related to the sale.
Along with the signing of the documents, there are also the costs of fees that need to be covered. Common closing costs can include title insurance, attorney fees, appraisal fees, recording fees, and loan origination fees. Generally, the buyer pays for the bulk of these fees, but the specific costs that each party is responsible for can be negotiated as part of the purchase contract. For example, your Lithia real estate lawyer may be able to get the seller to agree to pay for a portion of closing costs in lieu of making a needed repair that the home inspection uncovered.
Title insurance is entirely separate from the homeowners’ insurance the mortgage company also requires you to purchase. Title insurance is a type of insurance that protects the buyer and lender in case there are any issues with the title to the property, such as liens or claims by other parties, that were missed in the title search that is performed before the closing takes place.
Working with a real estate lawyer throughout the purchase process and at the closing is important to ensure that all legal requirements are met and that your best interests are protected. If, after the closing, issues come up, your lawyer can take the steps needed to resolve those issues, including addressing them through litigation.
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