Youtube

Facebook

Larry's Twitter

Alan's Twitter

Call Us TODAY at

(954) 522-0207

 

Residential and Commercial Real Estate Closings

FortLauderdaleAttorney.com > Residential and Commercial Real Estate Closings

Fort Lauderdale Home Closing Attorney

Helping Local and Out of State Clients Since 1982

The real estate closing is the conclusion of all of the negotiating and hard work that goes into buying or selling a home or commercial property – which is one of the largest investments that someone will ever make. So appropriately, the closing is the most important part of the real estate transaction. The closing is also the time when all of the details of the real estate transaction have been completed and ownership changes hands.  However, anyone who’s experienced a closing knows that it can sometimes be a long and tedious process. It is important to have experienced legal representation on your side in order to ensure that the closing goes smoothly. With over 20 years of real estate closing experience, Larry Tolchinsky has a comprehensive understanding of Florida real estate law and he works diligently to provide quality legal representation.  Larry can help to ensure a smooth transaction and help you to avoid any risk and liability.

Buyer Closings

Many people wait until right before the real estate closing to hire an attorney. Although it is beneficial to hire an attorney at any time during the process, it is important to have an experienced real estate attorney review the sales agreement before you sign it.  This way, you can ensure that your home buying experience goes as smoothly as possible and that potential problems are solved before closing. Larry will review the Purchase Agreement to ensure that your rights are protected and that you are fully aware of the contract details, including the often overlooked contract standards. He will assist you with your decision whether or not to buy or sell and he will be with you through every step of the transaction, from signing a Purchase and Sale Agreement to the final step – The Closing. The following are some of the services that Larry handles for the Buyer’s side of a real estate closing:

  • Contract preparation, review and negotiation to ensure the terms are in your best interest
  • Hold earnest money in Escrow
  • Advise you of your legal rights and obligations
  • Order property lien searches and review
  • Order and review property survey to determine if there are any easements or encroachments on the property and the impact to value if either exists
  • Title search, assess the status of the title and pursue appropriate legal remedies to clear any defects
  • Obtaining Title Insurance and advise you on how title insurance can protect you and what it does not protect against
  • Prepare or review the closing statement and other closing documents, and inform you of any seller contingencies that affect your interests
  • Interpret and advise you about all documents related to the closing including, title policies, deeds, mortgages and closing statements
  • Advise you on how you should take title to the home and the legal, taxation and estate planning issues involved
  • Check for unrecorded municipal liens, including sewer and special assessment liens
  • Determine whether or not there are environmental and remediation issues and assist with resolution
  • Review and prepare property Affidavits, including Lien Affidavits, Continuous Marriage Affidavits, Homestead Affidavits, Non-Identification Affidavits, Arms-Length Transaction Affidavits, Non-Taxable Certificates and more
  • Advise you regarding Loan/ Mortgage approval and consultation relating to loan programs and terms
  • Prepare HOA and Condominium Estoppel requests and assist with any related issues
  • Conduct any necessary dispute resolution to help the transaction move toward a close
  • Prepare a Bill of Sale to cover any personal property that you and the Seller agree shall remain in the home
  • Conduct the closing

Larry handles real estate closings for first time and repeat buyers and sellers for residential and commercial property located in Fort Lauderdale, Sunrise, Wilton Manors, Oakland Park, Lauderhill, Lauderdale Lakes, Plantation, Pompano Beach, North Lauderdale, Tamarac, Coconut Creek and all other cities in Broward County and throughout South Florida.

Mortgage Refinance Closings
When refinancing a mortgage, you are essentially paying off the existing mortgage to the lender to secure a new one. One of the main reasons for refinancing is to lower the interest rate you are paying or to cash out equity. The lower your interest rate, the lower your monthly payment. Another reason to refinance is to switch from an adjustable-rate loan to a fixed-rate loan. You can also refinance with a reverse mortgage, which pays off an existing mortgage to no longer have monthly mortgage payments. Larry handles all matters related to mortgage refinance closings, which are similar to purchase closings and will require several of the above listed services.

Seller Closings
It is also important if you are selling your home to hire an experienced real estate attorney in order to protect your interests throughout the real estate transaction. The following are some of the services that Larry handles for the Seller’s side of a closing:

  • Prepare all necessary documents including the Purchase Agreement, Warranty Deed, Bill of Sale, Closing Affidavit and any other necessary documents
  • Advise you of your legal rights and obligations
  • Hold earnest money in Escrow
  • Review all offers to purchase
  • Resolve any title or inspection issues
  • Request payoff(s) of your mortgage(s) and obtain short sale authorization letters
  • Advise you regarding Internal Revenue Service Code §1031 Exchanges – which provides a means for deferring the capital gains tax consequences of a real estate transaction when the proceeds of sale from one transaction are to be promptly reinvested in another similar type property [do you do this?]
  • Conduct any necessary dispute resolution to help the transaction move toward a close
  • Conduct the closing

Closing Costs

Once the negotiations are over and a Buyer and Seller come to an agreement over the purchase price, a contract is signed, and it’s time to close the deal. In all real estate transactions, there are expenses and fees associated with the closing, or “closing costs.” There is one item that will affect the charges related to the closing, and that is the real estate contract itself. It’s important to have the contract reviewed to insure the appropriate party will be paying their closing costs. 

Additionally, it is critical to obtain a good faith estimate (“GFE”) from the bank or mortgage company giving you the loan to buy the home. The GFE, which banks are required by federal law to provide, along with the Contract, will outline all of the closing costs, including the bank charges, escrows, and items related to the closing agent and all other items payable by the Buyer/Borrower at the real estate closing. Most Florida real estate contracts, will state which party is required to pay certain expenses related to the closing, including cost for the title search and the title insurance premium. But, if you’re not careful, you could end up paying some costs and expenses that are not customarily your obligation to pay. To avoid this situation, it is important to have an experienced real estate closing attorney review all of your documents.

When a Florida real estate transaction is closed by real estate lawyer, typically there is no attorney fee, unless a legal issue arises and the Buyer requires legal assistance. Contrary to what most people think, it does not cost the Buyer/Borrower any more money for Larry to close the transaction than it would if a title company were used for those services. The advantage of using a real estate attorney, is that the attorney is already involved with the matter and is on standby to provide legal services, if needed.

Contact Larry Tolchinsky For Your Real Estate Closing

Contact Larry to find out how he can help you. You can contact him by phone at 954-522-0207 or by e-mail through this web site to schedule an appointment and learn more about Florida Real Estate Closings. He offers a free initial consultation.

To learn more about Larry Tolchinsky, click on this link:  Fort Lauderdale Real Estate Lawyer