Whether you are looking to purchase your first home or an investment property, residential real estate transactions must be handled carefully to avoid delays, disputes, or unnecessary expenses. You must also be certain that you are purchasing a property that has a “clean title” free and clear of defects and encumbrances. 

Steps to a residential real estate closing generally include:

- Entering a Real Estate Contract. The closing process cannot begin until both the buyer and seller have agreed to and signed a real estate contract. This agreement should define the terms of the transaction and the obligations of each party. We can review the terms of real estate contracts and negotiate modifications on your behalf.

- Depositing Funds in Escrow. Once a real estate contract has been executed, the buyer will need to deposit the necessary funds into an escrow account while the rest of the closing process plays out. Our firm provides escrow services and can serve as your escrow agent.

- Securing a Real Estate Loan. If the buyer has not been pre-approved for a loan, they will need to obtain one before the closing process can continue. Our firm offers financing services that can facilitate loans for some or all your real estate purchase.

- Appraising the Property. The buyer’s lending institution will generally require that the real estate property be appraised by a licensed appraiser of their choice. This will determine the current value of the property.

- Inspecting the Property. The buyer will then need to conduct an inspection to assess the condition of the real estate property. Ideally, the buyer should hire an expert to check a property’s electrical wiring, ventilation, and roof for potential problems. They should also ensure there is no climate-related damage or pest infestations.

- Conducting a Title Examination. Title examination is the process through which a property’s chain of title is reviewed for defects, clouds, or encumbrances. This is an extremely important step, as you must ensure a clean title to avoid future financial and legal problems. We offer title insurance to protect you from these issues.

- Conducting a Land Survey. The buyer should hire a professional surveyor to examine the boundaries of the property and confirm they are consistent with what is listed in the publicly recorded real estate description. A surveyor can identify potential encroachments that could jeopardize your ownership of some or all of the property. We can help you hire a surveyor and discuss your options if any encroachments are discovered.

- Securing Insurance Policies. Some lending institutions will require buyers to purchase certain types of home insurance. Many Floridians invest in hurricane and other weather-related insurance policies. We can help ensure you meet all requirements.

- Conducting a Preclosing Inspection. Before completing the deal, the buyer should make a final preclosing visit to the property and confirm its condition has not changed. The buyer should also verify that the property is “ready” for move-in and that all agreed-upon repairs were made. We can help you understand what to look for during a preclosing inspection and assist you with addressing any potential concerns.

- Executing Closing Documents. The buyer and seller will need to sign a variety of closing documents, including the Warranty of Deed, Closing Affidavit, the Closing Statement, the Mortgage, and the Mortgage Note. Once the lender has reviewed and approved these signed documents, the transaction can “close,” and funds placed in escrow can be transferred to the seller.

Our Miami residential and commercial closings attorneys can review all closing and loan-related documents to ensure your interests are protected. We have assisted numerous local and foreign clients with purchasing residential real estate in Florida and are extensively familiar with the intricacies of the process.