The timely, cost-effective resolution of complex real estate matters calls for an attorney who has exemplary legal skills and is experienced in effectively negotiating solutions that are both legally sound and resistant to future litigation. To find out how our firm can work with you to address your immediate needs, contact us to schedule a consultation and case evaluation with real estate attorney.
Whether you are pursuing the American dream of home ownership or selling your South Florida home on your own, Ferrer Shane, PL, can guide you through the process effectively and efficiently.
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The problem-solving lawyers at Ferrer Shane, PL can represent any participant during any phase of a real estate transaction: a buyer, a seller, even a real estate professional concerned about legal liability.
That's why we call our real estate law firm "full service." There is nothing about the exchange or acquisition of real property that we can't handle. Call today. 888-609-5947.
What to Expect at Closing
A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender, and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often-complex closing statement, and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions, such as those at Ferrer Shane, PL in Miami, Florida, will advise you at closing to ensure that your rights are protected.
Closing Costs
Closing costs are one of the least-understood aspects of the home purchase procedure. Although a good closer will take time to walk a buyer through the numbers, an experienced attorney from Ferrer Shane, PL will provide additional insight and verify that the costs are being appropriately allocated between the buyer and the seller.
Closing costs vary somewhat by community, but they generally are between two and five percent of the home's purchase price and include:
- Attorney fees
- Escrow fees
- Property taxes to cover the period to the closing date
- Interest from the closing date to one month before the first monthly payment
- Loan origination fees
- Recording fees
- Survey fees
- Mortgage insurance, if applicable
- Title insurance, both for the buyer and the lender
- Loan discount points
- The first escrow payment for future real estate taxes and insurance
- Homeowner's insurance policy payment or receipt
- Appraisal fees
- Pest or other specific inspection fees
- Document preparation fees
What Happens at Closing?
At closing, the buyer typically presents his or her paid homeowner's insurance policy or a binder and receipt showing a paid premium. The closing agent will then list the amounts the buyer owes the seller and the amounts the seller owes the buyer. The seller will provide any items the contract requires him or her to provide. Once the parties have verified that the numbers are correct, the parties sign the closing statement, the buyer signs the mortgage note and the mortgage, and the seller gives the buyer title to the property in the form of a signed deed.
The buyer often pays the lender's agent all closing costs, and the closer provides the buyer with a settlement statement listing all the monetary items. Immediately after closing, the closing agent should record the deed and mortgage.
Documents the Buyer Receives
The buyer typically receives:
- Settlement statement, itemizing the services provided and the fees charged
- Truth-in-lending statement
- Mortgage note
- Mortgage or deed of trust
- Sales contract
- Any required affidavits, if any
- Copy of the deed
- Keys to the home
Conclusion
A closing can move very quickly, with both parties discussing and sometimes disagreeing about the numbers, all of which ultimately represent your hard-earned money. An attorney who is knowledgeable in real estate law, such as those at Ferrer Shane, PL in Miami, can help you protect your rights.
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