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In Florida, the real estate sector is a large part of the local economy with a substantial number of residential and commercial real estate closings occurring on a continual basis. Although Florida real estate attorneys fully understand the real estate conclusion process as they are involved in real estate closings every day, many of the other participants in Florida real estate transactions often perceive some confusion as to all things that happens in the middle of the time the purchase and sale compact is signed to the date of closing. This brief report is written to clarify the conclusion process and the basic steps that are customarily followed in every Florida real estate transaction so that buyers, sellers, real estate agents, lenders and other curious parties will have a best insight of the many actions taken by Florida real estate attorneys to successfully close a real estate transaction. Below is a brief report of the steps which occur in every real estate transaction.
Submission of the Title Order
After a purchase and sale compact is signed in the middle of the buyer and the jobber and the initial escrow deposit is made by the buyer, the buyer's lender (if the transaction is being financed) or the buyer's real estate agent (if the transaction is a cash transaction) will submit a request for title to the conclusion attorney chosen by the buyer to start the process. Typically, the buyer's lender or real estate agent will complete and send a one or two page form to the conclusion attorney which contains all of the relevant information related to the transaction such a party names, asset description, purchase price, lender information and exiting mortgages. Most real estate attorneys also have pages on their websites where the buyer's lender or real estate agent can electronically complete and send in the request for title. The buyer's realtor will also typically send a copy of the signed purchase and sale trade to the conclusion attorney at this point.
Processing the File
The processing stage of the transaction commences immediately after the conclusion attorney receives the request for title. As there are many third parties who must be coordinated with in order to obtain all of the valuable information and documentation in time for the conclusion date, an experienced Florida real estate attorney will originate the processing stage as soon as potential after the receipt of the request for title. The file processing stage includes ordering tax information that shows the status of current and prior years taxes, loan payoff statements, surveys, homeowner or condominium relationship estoppel letters showing maintenance fees and any assessments, inspection reports, and certificates evidencing hazard insurance. In addition, at this stage the Florida real estate attorney orders the title hunt report from the title insurance underwriter and the lien and judgment hunt report from the lien hunt company.
Title Search
During the tile hunt phase of the transaction a straight through hunt is made of the public records in the county in Florida where the real asset is located. Records searched and settled consist of deeds, mortgages, lis pendens, judgments, easements, restrictive covenants, liens, disunion settlements and any other documents recorded in the public records which sway title to the property. After all of the documents which sway title to the asset are located, the title insurance underwriter prepares a title hunt report which includes all such documents and sends same to the conclusion attorney.
Title Examination
After the conclusion attorney receives the title hunt report from the title insurance underwriter, the title examination phase commences. The conclusion attorney will first issue a title commitment to the buyer (and if applicable, the lender) based upon the information contained in the title hunt report. Next the conclusion attorney will inspect all of the documents found while the title hunt that sway the title to the asset in order to resolve the current status of title and either any title clouds exist which need to be cleared prior to closing. The conclusion attorney also verifies the report legal owner of the asset and makes note of any debts owed against the property.
Document Preparation
After any and all title clouds have been cleared and the parties are ready to close the transaction, the Florida conclusion attorney will gait to put in order all of the documents in order to close the transaction, which includes the deed, bill of sale, affidavits, Firpta certificate, and conclusion statement. In relationship with this, if the buyer is financing the purchase, the buyer's lender will submit to the conclusion attorney its conclusion instructions so that the conclusion attorney can consist of all of the lender's charges, fees and escrows on the settlement statement. An experienced Florida conclusion attorney will distribute drafts of all of the conclusion documents to all curious parties in strengthen of conclusion so that same may be reviewed, commented on, revised, if necessary, and ultimately popular ,favorite well in strengthen of closing.
Settlement/Closing the Transaction
Once all of the conclusion documents have been approved, a date and time to close the transaction is scheduled. At the conclusion the conclusion attorney oversees all aspects of the conclusion of the purchase and sale transaction and answers any questions the parties may have which divulge to the transaction and/or the conclusion documents. The jobber signs the deed and the other jobber documents, the buyer signs the buyer's documents and the loan documents (if the transaction is being financed), and both parties sign the Hud-1 settlement statement. After the conclusion has occurred the seller, real estate agents, the attorneys and other parties to the transaction are paid and certain documents are sent to be recorded in the county in which the asset is located.
The information in this report is of a normal nature only and is not intended to be relied upon as, nor a substitute for, exact pro advice. No responsibility for the loss occasioned to any purpose acting on or refraining from action as a supervene of any material in this publication can be accepted.
The hiring of a lawyer is an leading decision that should not be based solely on advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.
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