Acquiring and developing real estate in Vero Beach, Florida and the Treasure Coast can be incredibly rewarding. And selling your commercial and residential real estate holdings can be incredibly fruitful. By the time a real estate property finally makes it to closing, the last thing any person wants is delays due to legal matters. But laws have been established to protect the interests of all parties involved, making real estate closings a more complicated but safer process.
Block & Scarpa established itself with real estate law as a pillar of our firm. Our abilities as real estate attorneys in Vero Beach, Florida have allowed us to provide clients with the best representation in residential and commercial closings for decades. When it comes time to close on your property transactions in Florida, our attorneys will take you through each document, step-by-step, to ensure understanding of what is being signed and whether the agreement is in your best interests.
When You Need a Lawyer for Closing in Real Estate
After you have agreed to sell or purchase a property in Vero Beach, Florida or anywhere else in the country, the buyer will provide the finances and the seller will sign the property over. But to get to this final point, there are several steps that still need to occur. At many points during this process, a lawyer is an asset to protect your interests.
An escrow account in Florida is always set up to act as a bridge between the buyer and seller. A percentage of the agreed upon money in the sale, or purchase agreement, is held by a neutral third party as a deposit. This earnest money is also held with any additional deposits by the buyer and closing costs from both parties. Problems occasionally arise because brokers do not properly handle the money involved in escrow. A real estate lawyer may become necessary at this time.
Title Search and Title Insurance
Title search and title insurance provide legal safeguards when you purchase a property. A title search will see if there are any 3rd parties making a claim to the property. These claims need to be resolved before closing can conclude. The title insurance will cover any loss of property ownership due to legal defects. They are required by law when a mortgage is involved. Title insurance concerns are thoroughly understood by our firm.
Negotiating Closing Costs in Real Estate
Beyond the actual agreed upon price of the property, there are going to be various closing costs depending on where you buy the property, the type of property purchased, and the type of loan involved. This can include escrow fee, appraisals, home and pest inspections, origination fees, and more.
Utilizing your Vero Beach attorney will protect you from junk fees and unfair burdens in the closing costs.
Renegotiating Purchase Agreement and Contingency Removal for Florida Real Estate
Sometimes, when a home inspection reveals issues with the property, it is necessary to revise the purchase offer to reflect any new and incurred costs. Similar hang ups can happen when removing originally agreed upon contingencies. Usually these processes only cost time, but if differences cannot be reconciled, Vero Beach legal counsel can be an excellent guide and support.
The Real Estate Settlement Procedures Act mandates that sellers make several guarantees and warranties to buyers regarding property conditions. A Florida attorney will have a complete understanding where and how this applies in the purchase and sale of a home.
Just like the rest of Florida, Indian River County commercial real estate has a lot more leeway in regards to the structuring of the property agreement, because RESPA does not apply. This leeway means that due diligence is crucial and complicated. We are well-versed in the various protections and closings documents used in Florida, making the closing process more efficient and safe.
Signing Real Estate Paperwork in Treasure Cove
The benefit of having a lawyer will be at its peak when the day finally arrives to sign the closing documents. This paperwork can exceed 100 pages; even more in a commercial real estate transaction. Block & Scarpa will examine every section of the agreement and pay close attention to the finest of print to assure you that what you believe was the agreed upon deal is actually stated in the contract.
Closing procedures in commercial and residential real estate each have their own unique requirements. These requirements continue to become more complex each year. Block & Scarpa makes it a priority to stay current with all required legal procedures and documentation for any type of real estate closing in Vero Beach, Treasure Cove, and throughout Florida.
If you are interested in learning more about residential closings or commercial closings in real estate, please contact us today.