Residential Real Estate Closings Lawyers in Orlando, Florida
If you are purchasing a home, the closing date is the day you are waiting for. You can finally move in to your new home. However, many steps must take place before you can get the keys to your new house, documents must be properly executed, and money must change hands before closing can be finalized. A residential real estate closing law firm in Orlando, Florida, like Legal Counsel, PA can assist you with every step of your residential real estate closing. Have questions? We have answers. Contact Legal Counsel, PA at 407.982.4321.
What Happens During Your Home Purchase Closing?
During closing, the title of a property is formally transferred to the purchaser. Before closing, the money for the remaining balance of the purchase price will be put into escrow. The seller will sign a deed to the title and this deed is taken to the county clerk or recorder’s office where the title will be formally transferred into the name of the buyer. During this process, taxes may be paid, insurance may be taken out, and eventually, the buyer gets the keys to their new home so they can finally move in.
Here are more detailed steps that must take place during closing:
- Open Escrow. Escrow is a neutral third-party, like a real estate attorney, who will hold all earnest money and keep track of all documents and formalities as the closing process unfolds. Escrow is opened after a real estate purchase contract is signed and the buyer writes a check for their earnest money deposit. Legal Counsel, PA is a residential real estate closing law firm in Orlando, Florida who can help you keep track of the steps that must take place as you move from signing a purchase contract to your closing date.
- Title Search and Title Insurance. Your title insurance law firm, Legal Counsel, PA can order a thorough title search through a national underwriter and the search will identify any issues with the title. If the title is clean, you can purchase title insurance. If there are issues with the title, these may need to be resolved before your closing date. Legal Counsel, PA employs a residential real estate closing lawyer in Orlando, Florida who can assist you with a title search and help you get the right title insurance.
- Home Inspection and the Satisfaction of Other Contingencies. When you sign a real estate purchase contract, there may be several contingencies that must be met. For example, your seller might need to provide you with disclosures about any known issues with the property. You are also granted a period of time to perform a home inspection. Your residential closing lawyer in Orlando, Florida at Legal Counsel, PA can help you keep to all timelines so that you protect your rights as the closing process unfolds. Missing dates and deadlines for inspections can lead to the loss of your ability to exercise this right, so it is important to stay on track and up to date on your deadlines.
- Requirements of the Lender Must Be Met. If you are getting a mortgage, the lender may have additional requirements. During the closing process, it is your job to provide your lender with all documentation required to complete your home purchase. Legal Counsel, PA employs a residential real estate closing lawyer who can read through all documents and help you understand your rights.
- The Closing Date. Before your closing, your mortgage lender will provide you with your mortgage disclosure, revealing any closing costs and all fees and charges. Usually the disclosures are sent out several days before the closing date. It is important that you review and sign these documents and send them to your lender. Before closing, you’ll also have the right to walk through the property one last time to identify any issues. At closing, you’ll bring the remaining amount of your down payment to closing, and sign all documents, including your mortgage note, deed, and other documents.
Several parties might be involved in the closing process. One of the parties involved can be a closing lawyer, like the attorneys at Legal Counsel, PA in Orlando, Florida. Our firm can review all documents, protect your rights as you move through the complexities of the closing process, and address any issues that might come up. For most people, the purchase of residential real estate is the largest investment and purchase they will make in their lives. Protect your rights. Speak to Legal Counsel, PA a law firm that employs a residential real estate closing lawyer in Orlando, Florida. Have questions? We have answers. Contact Legal Counsel, P.A. at 407.982.4321.
Why Hire a Closing Lawyer in Orlando, Florida?
On your closing date, you’ll be signing quite a bit of paperwork and will encounter complex language, terminology, and even legal jargon. While it is possible to do your research and learn as much as possible about the process, the reality is that if you encounter something unfamiliar or something you don’t understand on your closing date, you’ll want someone by your side who can explain the process. Legal Counsel, PA in Orlando, Florida employs a residential real estate closing lawyer who can stand beside you on closing day and explain all the paperwork you’ll encounter. Some of the documents you’ll receive during closing include:
- Closing Disclosures: You should receive this document at least three days before closing. Legal Counsel, PA employs a residential closing lawyer in Orlando, Florida who can review this with you to identify any issues.
- Escrow Statements: This escrow statement is different from the escrow money that will be released at closing. The bank’s escrow will pay for your homeowner’s insurance and your taxes. This statement gives you an idea of how much money the bank will hold from the money you pay each month for these purposes.
- Mortgage Note: This is the document you sign where you promise to pay your mortgage. The note also includes information about the penalties you’ll face if you fail to pay your mortgage.
- Mortgage or Deed of Trust: This document secures your mortgage and gives the lender a right to foreclose on your home if you fail to pay the mortgage.
If you have a mortgage, you’ll need to sign all mortgage documents and also sign all documents transferring the title into your name. Legal Counsel, PA employs a residential closing lawyer in Orlando, Florida who can assist you with understanding these documents, understanding your rights and obligations, and reviewing all documents before you sign. Have questions? We have answers. Contact Legal Counsel, P.A. at 407.982.4321.