What is a Real Estate Closing Attorney?
A real estate closing attorney is a specialized attorney who plays a very important role in any real estate transaction. Closing a transaction is a lengthy process – especially in the state of Florida. There are many delicate steps that have to be done thoroughly by an expert.
any one of these legal phases of the deal is mishandled, it can lead to long delays in the transaction or no deal at all. It can even go as far as litigation depending on the nature and severity of the issue. Hiring a solid real estate closing attorney should be thought of as investing in the security of the deal. In this article, the primary roles and responsibilities of a real estate closing lawyer will be explained in detail.
Documentation
It is sensible to employ a real estate closing attorney to ensure you have dotted your i’s and crossed your t’s, so to speak.
Closing a real estate deal is a lengthy, complex process that is buried in paperwork full of important p’s and q’s. One of the primary functions that a real estate attorney serves in closing is to organize, manage and review all of the documentation associated with the deal.
There are numerous documents associated with closing a deal in Florida including a purchase and sale contract, real estate transfer deed, certificate of non-foreign status for tax withholding, a closing statement and more.
It is important to hire a lawyer to manage all of these documents in order to ensure that you don’t endure lengthy delays when selling or buying due to clerical errors. It is a real estate closing attorney’s job to make sure that these are all in order.
Escrow
Not all real estate closing attorneys provide escrow account services, but generally speaking, the good ones tend to. For those unfamiliar, an escrow is simply a deposit that is put down as an expression of interest and intent to buy. It is held by a 3rd party, which is why hiring an attorney to handle the escrow makes a good choice.
It is important to choose a firm that has great banking relationships in order to securely and professionally manage the funds that are entrusted. A solid real estate closing attorney will make sure that the money is safe while the transaction is being fulfilled and has it transferred to the seller at the end.
Title Searches
Title searches are one of the most important parts of the deal that a real estate closing attorney takes care of. A title search is the part of the transaction where the attorney will go through the deed history of the property and ensure that the seller has a marketable title and can actually sell the property. They ensure that there are no liens on the property that require payoff from a mortgage or other assessment.
Another reason why title searches are critical is that they will find out if there are any kind of restrictions or allowances that have been imposed upon the property – affecting the ownership.
A Solid Choice
It is without a doubt important to employ a real estate attorney for closing any transaction. It is arguably negligent not to. It is just as important to make sure you hire a reputable firm that has all of the connections to effectively fulfill their role. Rock Solid Law is a specialized group of real estate attorneys who specialize in all of the details surrounding closing deals in the Jacksonville, FL area.
They are experienced, dedicated and connected thanks to their rock-solid reputation in the industry. Don’t risk having the deal fall through – or worse. Call a professional and put your mind at ease.