A closing refers to a specific transaction where title to real estate and money is transferred between a buyer and seller. The weeks leading up to a closing can be very overwhelming for buyers and sellers who may be unfamiliar with the paperwork involved in buying or selling a piece of real estate.
In connection with the property transaction, a buyer and seller will be required to negotiate and sign off on various contracts and other legal documents. Title companies are brought in to provide title insurance on the property and conduct research to make sure that the title, or ownership interest, to be transferred is valid. A buyer may be involved in reviewing the title commitment, and, if title issues arise, a seller may have to get involved in correcting or addressing title issues.
Although Florida law does not require that buyers and sellers be represented by an attorney, having counsel can provide great value to address any potential issues, ensure accuracy in the legal documents, and to protect your interests throughout the process. Having an attorney who has dealt with title issues and negotiated with title companies in the issuance of policies can provide further value in protecting a party's interest.
For additional information on what is involved in a real estate transaction, click below for the Florida Department of Financial Services pamphlet titled “Title Agent and Title Insurance, What You Need To Know When Buying, Selling, or Refinancing a Home.”
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