Residential and Commercial Real Estate Closings
South Florida’s residential and commercial real estate markets are showing new signs of life that seemed nearly impossible only a few years ago. There is nothing like owning your own home or purchasing an investment property. However, not everyone has the capacity to fund such an endeavor with their own cash.
Most people look to financial institutions for residential and commercial loans. But, closing either a residential or commercial loan can turn into a long and complicated matter if proper measures are not observed or followed. Worse yet, not being fully represented in a loan closing by your own real estate attorney can result in a failed venture. While there is no requirement to retain an attorney to represent you in a loan closing or to act as the settlement agent for the transaction, by engaging a real estate attorney you can ensure you have a fiduciary working for your best interests.
Although the procedure for closing a residential loan will vary, the outcome is generally the same. All the financial details that come with the purchase of your property and the receiving of the title have to be settled before the loan is made. By retaining an experienced real estate attorney to represent you in the closing process, you can ensure you are purchasing a property which is free and clear of title defects and satisfies your investment objective.
You should prepare for your closing by consulting with your real estate lawyer to help you review all your closing documents to be sure everything is in order. Some of the primary closing documents are as follows:
- The Mortgage Note
- The Mortgage
- The Settlement Statement, commonly referred to as the HUD or CD
- A copy of the deed
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 can help you protect your rights.
Throughout the closing process your attorney will review all the documents and explain each closing document to you before you sign them and answer any questions you may have.
We help business owners, individuals, buyers, sellers, tenants, landlords, and investors. We provide people and businesses with real estate development, property management, lending, and property ownership solutions. Our law firm represents individuals and businesses in South Florida, throughout Miami-Dade, Monroe, Broward, and Palm Beach Counties in real estate matters.