What is Involved in a Real Estate Closing?
Real estate closings are complicated, and Nishad Khan P.L., a real estate lawyer Orlando, has experts to assist you with this process. While it is always wise to get a professional involved, knowing the typical information buyers and sellers need to provide at the inception of a residential purchase and sale transaction will help you to prepare for closing.
What the Buyer Needs
To begin, the buyer will need to provide the closing agent with a copy of a valid government issued ID and a copy of the executed purchase and sale agreement. Additionally, the buyer should provide the closing agent with his or her Realtor® information, marital status, and post-closing address.
Next, the buyer will need to wire the earnest money deposit to the closing agent within the required timeframe that is listed in the Purchase and Sale Agreement. Once the earnest money deposit is received by the closing agent, an escrow verification letter will be provided to the buyer.
In addition to a title search, the buyer should also specify if he or she would like to order a survey and a municipal lien search. From a buyer’s perspective, both of these items are highly recommended in order to ensure that good and marketable title is being transferred to the buyer.
Lastly, it is important for the buyer to indicate whether he or she will be present for the closing or whether a power of attorney will be signing on behalf of the buyer. If the buyer will not be present for closing and if no power of attorney will be signing on behalf of the buyer, a mobile notary will need to be coordinated.
What the Seller Needs
Just like the buyer, the seller needs to provide the closing agent with a copy of a valid government issued ID, along with his or her Realtor® information, marital status, and post-closing address. Additionally, the seller will need to confirm whether he or she will be present for the closing or whether a power of attorney will be singing on behalf of the seller. If the seller will not be present for closing and if no power of attorney will be signing on behalf of the seller, a mobile notary will need to be arranged.
If in his or her possession, the seller should provide a copy of a prior title policy to confirm if he or she is entitled to a discount, and, if in his or her possession, a copy of a prior survey. Any Homeowner Association information will need to be shared to the closing agent to order an association estoppel letter. Additionally, the seller will need to indicate to the closing agent whether there are any outstanding mortgages or line of credits.
The seller will need to give their social security number and will need to provide such other information as may be needed by the closing agent in order to determine if the Foreign Investment in Real Property Tax Act of 1980 (FIRPTA) will apply.
It is important for the seller to specify if the property his or her homestead so that all the necessary signatures can be acquired for the execution of the deed.
Finally, the seller should, to the best of his or her knowledge, confirm: (1) there are no judgments or liens outstanding; (2) there is no probate pending as it relates to the property being sold; (3) there is no foreclosure pending as it relates to the property being sold; or (4) there is no bankruptcy pending.
How an Attorney Can Help
A qualified Orlando real estate attorney, like Nishad Khan P.L., can help you through the closing process. We, at Nishad Khan, P.L., can ensure that your real estate closing is completed accurately and that good and marketable title to the property is conveyed. As the premier Orlando real estate lawyer, you will know that you have an expert on your side to help you navigate the law and avoid any issues with the marketability of title thus giving you total peace of mind. Contact our office today for assistance with your closing.