Real Estate Closings

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Guidance from contract to closing

Some jobs, you can handle yourself, like a minor home remodeling project or inviting friends for a gourmet meal. But there are times when it pays to work with a professional.

If you are considering selling your Florida home, you may think you could do it on your own and save the substantial real estate agent's commission. However, your real estate transaction may not be the best time to test your ability to understand the complexities of a title examination and purchase agreements, sales agreements or refinancing agreements.

A typical Florida real estate transaction requires the preparation of dozens of documents, beginning with a purchase contract, a real estate transfer deed, a certificate of non-foreign status for purposes of tax withholding and a closing statement. Transactions are often valued at several hundred thousand dollars or even millions of dollars.

Must I Use A Real Estate Attorney?

A real estate lawyer is not required in Florida for the preparation of these documents, but you need to ask yourself who is going to review the agreements you will be signing with your best interests and protection in mind?

Sobi Law Group PLLC offers legal real estate and closing services to both buyers and sellers in Florida. Selecting a closing attorney who has the experience, knowledge and legal background to assist you in your purchase and sale is critical when making such a large purchase and major life decision.

Our firm handles residential and commercial closings and refinances ranging from the straightforward to the most complex. Our exceptional customer service, communication and attention to detail set us apart. Our clients are always informed about the progress and status of their closing.

The Professionally Prepared Documents You Need (Closing Documents)

We provide buyers, sellers and agents the confidence that all contracts and title documents have been drafted, examined and reviewed by an attorney experienced with real estate closings. When you are a seller, you need the confidence that comes from having a knowledgeable real estate attorney looking out for your interests with these substantial transactions.

Any title issues that arise before, during or after closing will be addressed and resolved with the guidance of an experienced title attorney. From our Davie office, we travel throughout Miami-Dade, Palm Beach and Broward Counties to represent buyers or sellers at closings.

Contact Us For A Smooth Closing

Our top priority is to simplify your settlement process and make it a success. Contact us online or call us at 954-380-8778, if you want to have peace of mind that your title is trustworthy and your closing will occur on time.

Title insurance

What is Title Insurance?

Title insurance is a form of indemnity insurance predominantly found in the United States which insures against financial loss from defects in title to real property and from the invalidity or unenforceability of mortgage loans.

Title Insurance protects you against the possible defects in title documents and potential legal challenges to your ownership. When challenges are made or defects are found, title insurance is one of your best forms of protection, a one-time premium protects you not only during the time you own the property, but indefinitely.

What Are Title Defects?

• Forgery
• Fraud in connection with execution of documents
• False impersonation by those purporting to be owners of property
• Undisclosed or missing heirs
• Wills not properly probated
• Mistaken interpretation of wills and trusts
• Inadequate surveys
• Incorrect legal descriptions
• Non-delivery of deeds
• Unsatisfied claims not shown on record
• Inaccurately executed and/or recorded deeds
• Incorrect indexing
• Clerical errors in recording legal documents

Types of Title Insurance Policies

• Owner’s Policy
• Lender’s Policy
• Construction Loan Policy

Understand your closing costs

Review the categories below when discussing the costs of your transaction with the firm.

Real Estate Broker Commission/Fees

Loan Fees – Direct Loan Costs

• Loan Origination Fee
• Loan Discount
• Appraisal Fees
• Credit Report Fee
• Lender Inspection Fees
• Mortgage Insurance Application Fee
• Assumption Fee
• Mortgage Broker Fee
• Yield Spread Premium (YSP)

Items required by the Lender to be paid in advance

• Interest
• Mortgage Insurance Premium
• Hazard Insurance Premium
• Flood Insurance

Escrows by Lender that may be required

• escrow for taxes
• mortgage insurance
• hazard and flood insurance

Recording/Government Filing Fees

• Recording Fees
• Transfer Taxes
• Intangible Tax (mortgage tax)
• Attorney Fees at Loan Closing if required

Title and Closing Charges (Section 1100)

• Title Search
• Mortgage loan endorsements if any
• Title Examination
• Issuance of Title Commitment
• Title Insurance Policy
• Closing/Settlement/Escrow (Closing Administration Fees)
• Settlement/Closing Fee
• Document Preparation

Other, Miscellaneous Charges

• Survey Fee
• Inspection Fees