Real Estate Closings in Florida
Because of the increasing complexity of each type of real estate transaction, it is very important that you have a skilled legal team to work on protecting your interests and preserving your investments. The purchase or sale of residential real estate, including condominiums, family homes, townhouses or commercial real estate can be complex with many legal implications. A real estate closing is when the keys and money are exchanged and the transaction is completed. The mortgage lender sends their loan documents to the closing agent along with their instructions, which explain any conditions to close on the loan. The agent will then gather all of the necessary documentation from both the buyer and the seller, including a Deed, Affidavit and a Bill of Sale. All documents must be signed, witnessed, notarized and recorded and the funds are then distributed to the seller, real estate agents, and insurance companies.
Pursuant to Florida law, a Purchase Contract for Real Estate must be in writing. From contract to closing, there are a variety of decisions to make. The Florida Association of Realtors and The Florida Bar have simplified the contractual process, and these contracts are known as FAR/BAR contracts. FAR/BAR contracts cover a vast array of conditions and obligations of both parties ranging from escrow deposit, marketable title, inspection, survey, financing, closing, property taxes and various other obligations.
If you are planning on purchasing a home or commercial business and need to learn more information on the “closing” process, speak with Smith and Eulo for a free consultation of your case. Our lawyers are ready to help resolve your issues.