Real Estate Closings and Title

When entering into a real estate transaction, it is essential that you have the proper advice and counsel from a qualified agent. People often make the mistake of relying upon the advice of a real estate broker or title insurance company to provide legal advice in connection to a real estate transaction. The purchase and sale of real estate are typically complex legal transactions and require guidance from experienced and qualified professionals that understand how to navigate the intricate legal issues that arise in every transaction.

It is advisable for individuals and businesses that are entering into a real estate transaction to hire a real estate closings and title agent prior to signing a contract. Often, purchasing real estate is one of the most significant legal transactions a person will ever encounter in their lifetime and it is a prudent time to have a lawyer on your side representing your interests. Our experienced agents will help you, navigate you through the pitfalls of real estate transactions and avoid the potential problems that may arise in your real estate transaction.

Preventing Issues that May Arise During Closing

A real estate closing occurs when real estate property passes from the current owner to a new owner. Closings typically occur at a real estate lawyer’s office or at a title company. Common issues that arise during a real estate closing include:

• IRS, property tax, or mechanic’s lien on the property
• Title defects
• Fulfillment of short sale obligations for properties sold for less than the remaining balance on the mortgage
• Defects observed during a walk-through
• The property occupied by tenants or other occupants
• Structural defects discovered prior to closing

These are just a few examples of issues that arise during a real estate closing. A real estate closings and title lawyer can help with all of them.

Review of Final Documents

One of the advantages of working with a real estate lawyer during closing is that they can review all of the closing documents for you in advance of the closing date and by the time that your closing date arrives, all of the closing documents have been carefully reviewed and finalized and that your title policy commitment has been issued. At the closing you may be overwhelmed by the number of documents you are required to sign. You may receive a number of documents, which could include a closing statement, legal disclosures, a warranty deed, a bill of sale, affidavits related to the title, and mortgage documents. Our lawyers will review these documents in advance of closing, explain these documents to you and answer all of your questions so that you are well informed during the process.

Issues with the Title

Title searches are often required prior to closing on a real estate transaction, and this requires a full examination of property’s records, chain of title and a review of the public records. If there is a defect in the chain of title, a cloud on title or a title defect, it may cause a delay in closing or prevent a closing. Many people assume that because they have been issued a title insurance policy, that there are no defects in the chain of title, but that is not true.

Our lawyers will review the title history of the property and determine the seriousness of any defects or cloud on title, provide sound legal advice and which will allow you to make an informed and educated decision prior to closing on any real estate transaction.