The Closing Process by St. Augustine Real Estate Attorneys

Selling or buying a home is both overwhelming and exciting. To ease the complex and stressful process, our St. Augustine real estate attorneys, at Old City Law, can assist you from the drafting or reviewing of the contract through closing. The below information outlines the basic parties and closing process, but with each transaction comes uniqueness, which our attorneys are skilled and knowledgeable to navigate and provide you with a smooth and seamless transaction.

The Contract

It all begins with the contract: a purchase and sales agreement between the seller and buyer. Generally, real estate agents for the buyer and seller negotiate the terms to the respective party’s satisfaction. From there, the seller and buyer execute the contract.

The executed contract is the foundation of the transaction. It includes all the terms, dates, and conditions that apply.

Realtors

The agents will assist with coordinating the home and pest inspections, make arrangements for repairs pursuant to the contract or that arise during the inspections, and schedule the final walkthrough.

Lender

If the transaction is financed, a mortgage company will also be involved. They will guide the buyer through the loan application process, help obtain all information necessary to qualify for the loan, assist with any insurance requirements, and submit everything for loan approval. Once the loan is approved, the mortgage company will send its title request to us for processing.

Closing & Title Agent

With Old City Law, our Real Estate Closing Attorneys act as the closing and title agent. Once the contract is received, Old City Law begins the title work and the preparation of our closing file. If there is an escrow deposit, our office will hold escrow pursuant to the terms of the contract through closing or cancellation. We order lien searches to ensure the property is free and clear of all liens and other encumbrances. We also order a title searches, which our attorneys examine and ensure that title insurance can be committed to the insureds and to provide clean title.

Once the title commitment has been received by all parties, our office works through the outstanding pre-closing items, which includes ordering a survey, loan payoffs, and/or estoppels if needed. It is important to remember that every transaction is unique which may have different requirements.

As the closing date nears, all the Florida real estate closing documents are finalized. Our office then coordinates a closing date and time that works for all parties. Old City Law offers both in-person closings and mail-away closings to ensure we can meet our clients’ needs.

closing date

On the date of closing, the closing documents are executed, and funding occurs. We disburse funds accordingly, record required legal documents, and issue the title insurance policies.

For more information, please contact one of our highly skilled and knowledgeable real estate attorneys/closing and title agents at Old City Law.