What is a Real Estate Closing?
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What Exactly Is a Closing?
A Real Estate Closing (in Florida) sounds like a major event. After all, the parties are buying or selling real property, sometimes their family home. For something so important, many people who have not experienced a closing do not know what happens at a closing or even the reasons why we have closings.
A real estate closing is a term used to encompass the finalization of a real estate transaction wherein documents are signed, title insurance is issued, and funds are disbursed.
It is important to note that most of the work that goes into the closing takes place prior to closing and mostly electronically. Both parties do not even need to be present at the closing, but usually the buyer does.
Why do we have closings?
Closings are important because they not only formally memorialize the deal, but they also give everyone peace of mind. Seller wants assurances that he will receive payment. Buyer wants assurances that she will have clear title. The government, mortgage companies, title underwriters, recording agencies, and everyone else entitled to receive payment also wants assurances that they will be paid. The closing agency make sure all of these assurances are met, money is held in escrow, and when everything is signed, funds are disbursed.
It is not required by law that you use a lawyer at closing, however it is a good idea to at least consult with a real estate attorney. Further, if you are buying property subject to a mortgage, the lender will require title insurance. Not all title agencies are law firms.
At Taft Street, we are a fully licensed title agency as well as a law firm, so we can issue you title insurance to protect your investment and we can advise you on any legal issues that arise during the process of buying or selling real estate.
