Fort Lauderdale Closing Lawyer
Before you can conclude a successful real estate transaction in Florida, you need to have your closing documents in order. Real estate closings can be complicated, which is why having an experienced Fort Lauderdale real estate closing lawyer present is highly recommended. If you miss a document or something is incorrect, it could delay finalizing the sale or purchase. If you have questions or need assistance with a real estate transaction in Florida, contact Edward J. Jennings, P.A., today to schedule an initial consultation.
While you may think a real estate closing is just the meeting where you exchange funds and hand over the keys, a lot goes into the process leading up to the final steps. Not having the proper documentation can cause you to extend your window to close, and it may even derail some real estate transactions.
Documents Needed at a Florida Real Estate Closing
Once the title is clear and both parties to the contract are ready to start the closing transaction, your attorney can start preparing all the other documents needed. These can include a deed, bill of sale, FIRPTA certificate (necessary when the seller is not a U.S. citizen), and the closing statement. If the buyer has a mortgage lender, then the lender will also need to provide closing instructions to your attorney.
- Property Deed: This document shows ownership of the property and is the symbolic transfer of your real estate since you cannot physically transfer a piece of property.
- Bill of Sale: The bill of sale transfers any personal property sold with the real estate, such as furniture, appliances, etc.
- FIRPTA Certificate: This stands for Foreign Investment in Real Property Tax Act 1980. This act gives the US the right to tax foreign people on real estate transactions. The law requires that 10% of the gross sales price be held (some exceptions and exclusions) and send the funds to the IRS if the seller is a non-US citizen.
- Closing Statement: The closing statement or HUD-1 statement is the form that breaks down all the costs for the buyer and seller. It is a comprehensive list of all expenses that are owed before the closing can happen. That includes mortgage insurance, commissions, appraisal fees, mortgage broker fees, inspection costs, loan origination fees, property tax deposits, and more.
When there is a closing statement, both the buyer and seller typically receive it at least one day before completing the transaction. It may not be available in some situations until just a few hours before the closing is set to take place. Both sides need access to the detailed list, so they have an itemized record of all costs and expenses necessary to complete the real estate transaction. There should be no last-minute surprises that could jeopardize the contract.
Contact a Fort Lauderdale Real Estate Closing Attorney
The best way to make sure your real estate closing runs smoothly is to retain a skilled Fort Lauderdale real estate closing attorney. Contact Edward J. Jennings, P.A., to schedule an initial consultation and learn how we can help.