It’s time to close! Make sure you have the right team on your side!

Closing day can be both incredibly exciting and stressful. But either way, it’s a big deal. That’s why we’re so passionate about assisting the community with their real estate closing needs.

It’s crucial that on the day of closing, you have superior representation to avoid any future issues. There is a lot of paperwork to be covered, from the contract, to the title, and to insurance coverage. Passing over negotiations at this point could cost you a lot of money down the road. Having a knowledgeable counselor on hand to guide you through the process can help you avoid any issues.

At the Lopez Law Group, we specialize in protecting our Florida consumers during real estate closing. That is why we offer comprehensive and customized services that can address common issues. You may be wondering what happens in a real estate closing and the steps required to complete a closing. A typical real estate closing looks like this:

  1. Earnest Money is Deposited– When someone goes out and looks at a property and they decide to buy it, the first thing that happens in conjunction with an offer is that the earnest money is deposited. This money is deposited and held by the escrow agent. Typically, earnest money is a small amount of money used to secure your offer. You may see earnest deposits as low as $1,000.
  2. You should apply for your Home Loan– Unless you are paying for a property in straight cash, you are going to need to secure a home loan to buy the house. You will need to apply for a residential mortgage. The transaction will be contingent on you being able to secure this home loan. You may look for a conventional home loan or an FHA loan.
  3. The Property is Appraised– Whomever you select to secure your home loan will send someone out to the property to make sure that the loan appraises for the amount of the loan. This appraiser will typically be selected by the lender and will visit the property and give you an idea of what the property is worth. If the property appraises for the amount of the loan, you are good, if it appraises below the amount of the loan you are trying to obtain, there will be some negotiation with the seller about selling price.
  4. Obtaining Title Insurance– During this process, a title insurance agent will examine the property’s title at the property appraiser’s office to ensure that there are no other owners and that there are no encumbrances on the property. If title is found to be free and clear, the title insurance company will issue title insurance which guarantees such.
  5. Inspection of the Premise– Here in Florida, because of the weather and humid conditions, having an inspection is extremely important. A home will not sell if an inspection is not performed. The inspector will come out on behalf of the buyer and look at the premise to determine if there are any defects or damage. If the inspector determines that there are housing violations or other defects which do not meet building code, the inspector will recommend that these items be fixed prior to the closing. In addition to the inside of the home, the exterior will be examined to ensure that the roof and outside of the home are in good condition as well.
  6. Survey– The boundaries of the property will need to be established. This will make sure that the property description is up to date and will examine to see if there are any ingresses or egresses from the property that you should be aware of moving forward.
  7. Obtain Necessary Insurance Policies– you will want to make sure you get the necessary flood insurance or other insurance such as wind or other hazard insurance.
  8. Final Inspection– this will be the final time that you as the buyer will have a chance to walk through the property and make sure that all agreed upon repairs were made.
  9. Final Closing Meeting– Everyone will gather and review all of the final documentation that needs to be executed in order for the real estate to be sold. Everyone will be in the same room and any necessary changes will take place here and all documents will be signed.

Common Services We Offer

Title Examination

Prior to signing the paperwork, you need to make sure everything on your title is in order. We carefully evaluate your documents for issues like:

  • Easements
  • Encroachments
  • Restrictions
  • Existing mortgages
  • Any other pre-existing issues

If we encounter any concerns at all, we will address the situation immediately to streamline the process. A traditional title insurance company can help identify any deficiencies, but here at the Lopez Law Group, we are able to both identify and correct the defects we discover. 

Title Insurance

Although this insurance is optional, we highly recommend it for buyers. We’ll help you draft a title evaluation so you can take advantage of this inexpensive opportunity. Here at the Lopez Law Group, we are able to help with title insurance policies and can even help draft title insurance for you. When you get a traditional title insurance company involved, they will be able to tell you whether or not there are title defects, but the attorneys at the Lopez Law Group will be able to identify those defects and help get them corrected so you can ensure that your closing goes through the first time. 

There are other types of insurance to consider as well. For commercial real estate, everything from property insurance to liability and even Workers’ Compensation must be taken into consideration. A real estate attorney can ensure you get the right insurance broker to assist you with quotes and find you the best rates on the market.

CoordinationPurchase, House, House Purchase, Real Estate, Transfer

Closings require the presence of every party involved. This can be a hassle with a large group. We coordinate with all parties, which can include:

  • Buyers
  • Sellers
  • Lenders
  • Brokers
  • Surveyors
  • Inspectors
  • Other important entities

Having all parties on board and making sure everyone is on the same page can make the closing that much easier. If we need to get involved and reach out to the necessary parties we will. We will make sure that everyone who needs to be there on closing day is present.

This one simple task can make all the difference at your closing. At the Lopez Law Group in St. Petersburg, we’re excited to make sure everything goes smoothly for you on closing day. Learn more when you schedule a consultation with us today! We can be reached at 727-933-0015. Our consultations on these types of real estate closings are always free and we would be able to tell you if it’s something we can assist with moving forward. If you are in the process of buying or selling a home, our experienced attorneys are here to help. We can walk you through each step of the process and can ensure that your real estate closing goes as smooth as possible. Give us a call today!