There are numerous steps to a real estate closing and a mistake during any one of them can cause major problems or even make the entire transaction fall apart. This is especially important considering the entire process will often take weeks or months, which gives a lot of time for someone to make an error.
The closing process
The major steps involved in a real estate transaction can be complex, and it is important to have an attorney or other professional who handles property transactions review all documentation to make sure the process will go smoothly. Destin real estate closing lawyers focus on this area of the law and they assist with these kinds of deals throughout Florida.
Money will be put into an escrow account to confirm that a potential buyer is serious. Usually, someone other than the buyer or seller like a real estate agent or broker will hold this money and set up the account.
The title for the home needs to be clear of any encumbrances. This means that the seller cannot legally transfer the title of a property that has liens from banks or lenders due to unpaid debts. In other rare circumstances, someone other than the actual owner may have a claim to the property for a number of different reasons. This is why a title search is so important. The buyer can only have complete control and ownership if they were given a title that is clear.
Home inspections are also one of the most significant parts of getting a new owner in the house. Certain deficiencies need to be corrected, otherwise the home cannot be sold. It is also important for any potential buyers to be aware of things like damage to the structure of the home, major issues with plumbing or pests, and necessary repairs and upgrades that need to be made. The buyer may have to invest thousands of additional dollars to fix things uncovered during the inspection, and they may ask the seller to reduce the price to offset some of these costs.
Negotiation is another important part of this process that is best handled by an attorney or real estate professional. Everything from the date the transaction will be completed, to who will pay certain fees can potentially be changed based on the needs of both the seller and the buyer.
The actual closing date is significant because this is when the buyer signs off on all of the relevant final paperwork and they take ownership of the property. Any final costs or fees associated with the closing will also be transferred at this time.
A basic outline
This outline just gives a brief overview and it is not an exhaustive summary of the real estate closing process. However, this should demonstrate how important it is to have professional assistance throughout the process to avoid issues like a future foreclosure or having to back out of the sale at the last minute.
Talk to a property attorney today
There are lawyers who handle real estate closings in the Destin area, and they can assist you with any issues or problems. Get in touch with the attorneys at ASG Legal for more information about property transactions.