Miami Real Estate Closing Lawyer
Closing on a piece of real estate can signify a dream come true for some people. However, very often closings can be quite complex and time-consuming, especially if the transaction winds up containing any surprises for the buyer. If you are closing or about to close on a piece of property, having an experienced Miami real estate closing lawyer on your team can help set your mind at ease.
‘Meeting of The Minds’
Florida law on real estate is intricate, requiring multiple checks to ensure that deals are conducted in good faith and as equitably as possible. While many people simply believe buying real estate is a matter of tendering an offer, signing a contract and taking the keys, multiple steps are required to ensure both parties are on the same page – without this ‘meeting of the minds,’ the purchase agreement is more likely to be declared unenforceable.
When a tentative agreement is reached, the buyer must deposit the funds (or a portion of the funds) in escrow, and while this is occurring, title information will be conveyed to the buyer in return. In theory, a Property Information Report (PIR), formerly an Ownership & Encumbrances Report (O&E Report) can be requested to investigate whether or not there are liens or any other encumbrances on the property, but having a legal professional do a title report is perhaps a better suggestion. The uninformed may content themselves with a PIR, but this can miss potential issues. If it turns out that encumbrances do exist, it can lead to an action to quiet title, which can cause real problems in your transaction.
Other Potential Issues
While the most common issue may be hidden encumbrances on the title to the property, other problems can occur while preparing for a closing. Some can be relatively inconsequential, such as a typo on the buyer’s name, while others can be more serious, such as a missing document or bank delays regarding the funds to pay. Either way, it is not uncommon to delay closings, as long as the reason is clearly communicated to the other side.
It is imperative to understand, however, that it is better to delay than to go ahead with a closing when something is not to your satisfaction. Once the closing has concluded, you are stuck with the property, encumbrances and all. Florida law does allow for assignment of mortgages (meaning, handing someone else the responsibility to pay the mortgage on your property), but explicitly states that unless that assignment is duly recorded with municipal authorities and indicated in title searches, the assignment is not valid against creditors. In other words, if you get stuck with a piece of real estate with encumbrances on it, you cannot assign the mortgage simply to duck creditors. It is better to ensure proper research is done by your closing attorney in the first place.
Call Our Miami Closing Lawyers For Help
Because real estate closings in Florida have so many steps, it is a good idea to get an experienced attorney on your side from the beginning. The Miami real estate closing attorneys at Nowack & Olson, PLLC are happy to work with you and ensure that everything in your pending real estate transaction is exactly as it should be. Call us today to set up a free consultation.