Real Estate Closings Attorneys in Jacksonville

The purchase or sale of a home is often one of the largest transactions an individual or family will make in their lifetime. Regardless of the whether the property is the first home for a family or an investment property, a substantial amount of money is being moved around. As such, it is important that the closing process is handled by a competent team that works hard to take all the appropriate steps to protect your investment.

All real estate transactions require a “closing,” which is a transaction that transfers ownership from the seller to the buyer on an agreed upon date. However, most of the work involved in a closing is done before the actual transaction.

Here are some of the most critical steps that lead to the closing:

• The closing attorney/title agent must perform a title search to determine whether the title is marketable and therefore insurable.
• A lien search is performed to determine if there are any existing liens against the property that must be cleared prior to transferring ownership.
• A survey determines whether there are any issues with the boundary lines or encroachments.
• Estoppel letters and requests are sent to Homeowner’s Associations and Mortgage lenders to 1) determine if there are any outstanding HOA assessments and 2) determine the payoff amount(s) for any existing mortgage(s).
• The attorney drafts a settlement statement (or closing disclosure, known as a “CD”) that reflects all costs and fees associated with the subject property.

After all the parties have fulfilled their responsibilities per the Purchase and Sale Agreement (PASA), the parties may proceed to closing. The buyer brings the requisite money to be distributed to the seller after all other liabilities and encumbrances have been satisfied.

After the deed has been signed and checks have been cut, we will need to record all necessary documents in the appropriate county Land Records Department: the deed, mortgage, satisfactions, and affidavits. Additionally, we must draft and issue a Title Insurance Policy to the new owner (and the lender, if the purchase was financed).

Due to the vast amount of work and complex series of steps involved in any closing, retaining the services of a competent and efficient team of attorneys is critical to your success.

Purchasing a Foreclosed Home

Compared to other states, Florida has one of the highest foreclosure rates. An estimated 1 out of every 662 housing units receive a foreclosure filing, compared to the national rate of 1 out of every 1,268. As a result, foreclosure sales have been a large part of the market, expanding the possibility for sellers and buyers to obtain a great result, particularly in Jacksonville.

You may acquire a foreclosed property in one of the following ways.

1. Entering into a PASA with the Seller

For example, a seller may be quite far into the foreclosure process with the lender or mortgage holder, but they may still enter into a PASA with you in an effort to avoid a Final Judgement of Foreclosure. Timing is everything, however, and we can assist you with every step of the foreclosure and sale process. We can negotiate with the lender, work with the lender’s attorney, file necessary documents with the Court, and create and implement a timeline that works in the best interest of all parties.

2. Via Public Auction

This is slightly different from the above example because, by the time the property reaches a public auction, there has already been an entry of a Final Judgment of Foreclosure. While obtaining a foreclosed property via public auction can yield a great deal, it can also come with legal challenges that we are fully prepared to help you navigate.

3. Buying the Property Directly from the Bank

The bank from which you purchase the property is typically the lender of the previous owner. Unlike in other types of sales, the bank will make no guarantees or warranties as to the condition of the property or title. An inspection and a title search are investments worth making prior to the purchase of a foreclosed home from the bank. If issues come to light after the title search (such as a tax lien), we can help you resolve these problems with efficiency and care.

50+ Years’ Experience on Your Side

Real estate matters are highly complex and riddled with legal obstacles. Our team at Edwards & Edwards, P.A. can minimize and even eliminate the risks while maximizing the benefits of your transaction. We are fully equipped to develop the strategy you need because we have extensive experience in a wide array of practice areas, which allows us to consider all potential legal and financial ramifications of your decisions.

Call (904) 478-9255 or contact Edwards & Edwards, P.A. online for the exemplary level of assistance you need.