Keys to a Successful Luxury Real Estate Transaction: Part II
Part II: Be Prepared for Closing
After luxury real estate attorneys have reviewed the contract, a checklist of items required for the sale can help prepare for closing. Some of the most important items on a checklist may include title information, conditions regarding the property, financing, closing documents, and dates. Closing does not have to be a difficult process, but not properly preparing may lead to headaches.
A title insurance commitment should be prepared. A commitment contains a list of requirements that are conditions to the issuance of a title policy and a statement of any exceptions to title. An experienced real estate attorney can assist their client in determining the acceptance or objection to title. Additionally, an attorney may be able to help in curing any defects with title.
A survey of the property should also be conducted. A survey shows whether the legal description of the property is accurate. A survey identifies boundary lines, easements, and encroachments on the property. The surveyor should certify that the buildings and other improvements, alterations, and repairs to the property are not in violation of laws. Similarly, inspections should be ordered to determine the condition of the property. An inspection should be conducted of the electrical systems, foundation, plumbing, roof, and air conditioning. An inspection may discover the existence of radon, pests, mold, or lead-based paint. An inspection notifies the seller of repairs needed for the transaction to be completed.
Another important aspect to a real estate transaction is financing. A buyer may not be required to close unless they obtain financing of a particular amount at suitable terms. A buyer should receive a loan commitment prior to closing. A loan commitment sets out the requirements of the lender and expiration date of the commitment. An attorney should review the loan commitment and use the information to notify the seller of the buyer’s ability to satisfy any conditions.
Closing documents should be prepared by a seller prior to the closing. Our Fort Lauderdale real estate attorneys could examine the closing documents and assist in perfecting the documents to avoid delays. Some closing documents include warranty deeds, bills of sale, and affidavits. A warranty deed conveys the seller’s title in the property to the buyer. A bill of sale conveys the seller’s title in all personal property to the buyer. A seller’s affidavit gives assurance to the buyers that there are no claims that may be secured by a lien on the property. Finally, being aware of all dates and deadlines in a real estate transaction is extremely important.
Have questions about luxury real estate? Contact Schecter Law Attorneys At Law Today.
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The Fort Lauderdale luxury real estate attorneys at Schecter Law have represented buyers, sellers, brokers and developers in connection with the acquisition, development, and sales of luxury real estate since 1976. The real estate industry in South Florida is fraught with potential land mines that only seasoned luxury real estate attorneys are equipped to successfully navigate. Our attorneys will represent the client throughout the entire real property transaction, from review and drafting of the purchase and sale agreement through the providing of title insurance.
