How a Real Estate Lawyer Can Help You at Closing

How a Real Estate Lawyer Can Help You at Closing

The excitement of buying a new home often gives way to anxiety when it’s time to close. This is because you are confronted with mounds of paperwork that look very foreign to the average person. It can be a lot to handle, but you don’t have to go it alone. This is why you want a real estate attorney by your side, both before and during closing, to help you understand what you are signing and head off any potential problems with the new property.

While your real estate agent and the closing agent can be quite helpful, they are not licensed to practice law and can be unaware of a small detail that could cause big problems for you down the road. Some of the things that a real estate attorney can do for you include:

Review of conditions precedent — these are requirements that certain conditions be met before the transaction closes to protect the buyer. Some of the conditions precedent you want your attorney to review include:

• Loan documents, to ensure the terms of the loan as you understand it are correct and that the appraisal on the property supports the loan;
• Inspection documents, to ensure any problems identified in the inspection have been addressed and/or corrected;
• Property survey, to ensure the boundaries of the property have been properly conveyed and that the survey includes all improvements, easements and third party rights of access; and
• Consents, to ensure there are no outstanding HOA assessments due on the property and that, if required, the HOA has consented to the transaction.

Review of seller’s documents — including the deed, bill of sale, owner’s affidavit and any other documents that may be necessary to resolve any title issues.

Review of buyer’s documents — including all mortgage documents and the closing statement. Your attorney will also want to review the TRID Notice with you. TRID — also known as the “Know Before You Owe” rule — requires mortgage lenders to provide two new documents to consumers applying for a mortgage loan: a Loan Estimate form and a Closing Disclosure form.

The Loan Estimate provides the borrower with detailed information on the key terms of the loan, projected payments over the life of the loan and a breakdown of the closing costs. It also provides information on the borrower’s total payments over a five-year period as well as the APR and total interest percentage over the life of the loan.

The Closing Disclosure includes information on the loan terms, projected payments, closing costs, loan costs, a calculation of cash to close, a detailed line-item summary of the loan transaction and additional information.

Having a real estate attorney involved before and during your closing is one of the smartest things you can do to ensure you are protected and that the closing will be a smooth one.

The attorneys at Jurado & Farshchian, P.L. combine their knowledge and experience in Florida real estate law to represent both buyers and sellers of Florida real estate. Contact one of our experienced Florida real estate attorneys at (305) 921-0440, or email us at info@jflawfirm.com.

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