Is Working with a Florida Real Estate Closing Attorney Really Necessary?

Technically, working with a Florida real estate closing attorney is not a requirement; however, we firmly it should be. Why? Because working with an experienced attorney is the best way to avoid making costly legal mistakes. Good real estate closing attorneys, like the attorneys at Marina Title, can serve simultaneously as:

• The real estate attorney for the buyer or the seller,
• The closing agent who prepares the final closing documents,
• The title agent who conducts a thorough title search to unveil any hidden title issues and then issues a title insurance policy to the buyer, and
• The escrow agent that manages the escrow account.

Read on to learn why working with a Florida real estate closing attorney is crucial as well as why you should consider Marina Title.

Conducting a Title Search

The real estate closing attorney is responsible for conducting a title search to unveil any unknown title defects that could potentially jeopardize the buyer’s ownership rights after closing. For residential real estate purchases, closing attorneys typically research the title to the subject property going back 50 years by carefully reviewing the history of the property and its chain of title to find defects. However, conducting a title search is just the first step. If the search unveils title issues, the closing attorney will work with both parties to resolve them.

Issuing a Title Insurance Policy

When you work with a title agent that is also an experienced real estate closing attorney, he or she will also handle the issuance of a title insurance policy to both the buyer (owner’s title insurance) and the buyer’s lender (lender’s title insurance). While the law does not require buyers to purchase a lender’s title insurance policy, most lenders in Florida do, as it protects their money. Owner’s title insurance policies provide protection to homebuyers if someone files a lawsuit against them. One of the most important things first-time homebuyers need to understand about the home-buying process is that buying a home does not always mean that the home now belongs to them legally. If someone, such as an heir of a previous owner of the home, files a valid ownership claim, a buyer could end up losing the home he or she purchased.

Managing the Closing Process

Working with a Florida real estate closing attorney is most vital, of course, during the closing stage of the home-buying/home-selling process. The real estate closing attorney will set a date and time for the signing of the final closing documents and coordinate with the seller for the delivery of the subject property’s deed, condominium certificates, and final utility bills. In addition to this, closing attorneys typically handle a number of closing issues, including:

• Payment of realtor commissions,
• Allocation and payment of real estate taxes and utilities,
• Payment of lender fees,
• Payment of closing costs,
• Payment of recording fees, and
• Payment of transfer taxes.

Working with a Florida Real Estate Closing Attorney

When you buy or sell a home, the real estate closing attorney managing the closing process will explain the closing documents to all parties to ensure everyone is on the same page, collect and distribute the funds, and otherwise ensure the closing goes smoothly. We have said the following many times before, most recently at the beginning of this article, but it bears repeating: working with a Florida real estate closing attorney is not required, but it should be, as no one else can provide the services a skilled and experienced real estate attorney can.

Give Marina Title a call today at (305) 901-5628 or schedule an initial consultation with one of our closing experts via email: [email protected].