If you are preparing to buy or sell land, a home, or a commercial business, you may be working with a closing attorney. This type of attorney can be hired by a buyer, seller or even the lender. In some states, you are legally required to have a closing lawyer present during the closing process, though Florida isn’t one of these states. However, there are still numerous benefits associated with hiring one. If you’ve never worked with this type of legal professional before, you may find yourself wondering what types of tasks a closing attorney can assist with.
Preparing the Closing Documents
One of the most important tasks that a closing attorney assists with is preparing the closing documents. The closing documents are legal documents that ultimately get signed by the necessary parties. It’s important that these documents be completed correctly, as even minor typos or issues can delay closing or present legal challenges in the future. A closing attorney knows what information and language needs to be included in these documents to ensure they are legally binding.
Completing a Title Search For the Property
Another task that a closing attorney either assists with or completes is a title search. Depending on the specific lawyer you work with and the background of the property you’re looking to buy or sell, they may complete the title search on their own, or they may outsource the search to another legal professional. Once the title search has been completed, the lawyer may arrange title search insurance for you if you’re the buying party, to help protect you against any title issues that weren’t identified at this time.
Coordinating the Closing Dates
One of the tasks that a closing attorney can assist with that may not seem like a big deal but actually is coordinating the closing dates. The buyer, seller, real estate agents, real estate attorneys and the lender all need to come together for closing. A closing attorney coordinates this process with all the appropriate parties. They may arrange for the place where closing will take place, the date of closing and the time that closing will take place. This helps to ensure that the closing process goes as smoothly and quickly as possible.
Disbursing Funds For Closing
Lastly, a closing attorney will help to disburse any funds to the appropriate parties at closing. This is the final step in completing the buying or selling process.
There are many benefits associated with hiring a closing attorney to oversee the closing process, regardless of whether you are the buyer, the seller or the lender. A great closing attorney can assist with a wide array of tasks, including preparing closing documents, completing a title search for the property, coordinating the closing dates with all parties and disbursing the appropriate funds to the appropriate parties at closing. While you’re not legally required to have one of these legal professionals present at closing in the state of Florida, deciding to hire one can be extremely beneficial to you.