Why Attorneys Are Important During A Real Estate Closing
Residential and commercial real estate transactions are huge financial undertakings. While it is not required you hire an attorney, it is advisable.
At Goldman, Monaghan, Thakkar & Bettin, P.A., we represent buyers and sellers during real estate transactions. When handling a closing, our goals are twofold: first, to protect your financial and property rights, and second, to make the process as time- and cost-efficient as possible.
The Benefits Provided By An Attorney
Explaining Closing Documents
Mortgage documents and purchase/sale agreements are legally binding contracts. Despite this, many people sign without really understanding what they are agreeing to. Our lawyers will sit down with you, review all of the paperwork and explain the documents to you before you sign them.
Understanding Your Risks
Mortgages, purchase agreements and other closing contracts are complicated, as there are many traps for the unwary. What happens if you miss a payment? Is your interest rate fixed, or will it vary? Will you have a balloon payment due in a few years? What does “as is” mean?
Our attorneys will explain the risks involved in the transaction, so you can make an informed decision regarding the purchase or sale.
Knowing Your Rights
What will happen if the buyer or seller backs out? What if a major property defect is discovered after closing? You need to know your rights before you can enforce them. We will make sure your rights are adequately protected in all closing documents and throughout the process.
Performing Due Diligence
Before purchasing property, due diligence, or an investigation into the property, should be performed. This includes everything from title and deed examinations, getting appraisals, a surveyance and a property inspection, looking at zoning regulations, and examining mortgage and insurance documents. Our attorneys will assist you with this process, uncovering any potential issues before they arise.
If something is clouding title – such as a mechanic’s lien, an easement or right-of-way, or another issue – we will find out, and work to have the issue resolved. If it cannot be cleared, we will use it to renegotiate the purchase price or other purchase terms.
Get The Benefit Of Our Experience
Our lawyers have more than 30 years of experience working in real estate. We know your rights as a buyer or seller, and we know how to protect them. Let our decades of legal experience guide you through the closing process. Contact our firm today for assistance; call 321-353-7625. From our offices in Melbourne and Cocoa, we handle real estate closings throughout Brevard County, Florida.