What to Expect at Closing
A closing, or settlement, is the meeting during which ownership of the property is officially transferred from the seller to the buyer. The buyer and the seller, their attorneys, both real estate sales professionals, a representative of the lender, and the closing agent typically attend the closing. The closing involves settling any open issues, balancing and verifying an often-complex closing statement and signing all documents necessary to complete the transaction. An attorney with experience in closing real estate transactions from Fradley Law Firm, P.A. in Jupiter, FL, will advise you at closing to ensure that your rights are protected.
Closing costs are one of the least-understood aspects of the home purchase procedure. Although a good closer will take time to walk a buyer through the numbers, an experienced attorney from Fradley Law Firm, P.A. will provide additional insight and verify that the costs are being appropriately allocated between the buyer and the seller.
Closing costs vary somewhat by community, but they generally include:
- Attorneys’ fees
- Escrow fees
- Lien search fees
- Title search fees
- Documentary stamps
- Intangible tax
- Loan origination fees
- Recording fees
- Survey fees
- Mortgage insurance (if applicable)
- Title insurance, both for the buyer and the lender
- Loan discount points
- Homeowner’s insurance policy payment or receipt
- Appraisal fees
- Pest or other specific inspection fees
- Document preparation fees
Speak to a Real Estate Lawyer
A closing can move very quickly, with both parties discussing and sometimes disagreeing about the numbers, all of which ultimately represent your hard-earned money. An attorney who is knowledgeable in real estate law from Fradley Law Firm, P.A. in Jupiter can help you protect your rights.