In Florida, the person responsible for paying the title company varies per county and can
be negotiated in the contract. In most counties, the seller generally pays for the title insurance and chooses the title company. Most people aren’t even aware that you could use an attorney instead of a title company. There are some reasons why you might want to do that.
retaining an Ocala lawyer who understands and can explain the legal ramifications of various documents and decisions offers advantages to both sides.
Irrespective of who they represent, a closing agent must make sure the transaction is handled appropriately. Under case law, a closing attorney should honor his duties to both buyer and seller in a real estate transaction, assuming the parties’ interests don’t differ. The consequences of a closing agent’s failure to honor residential real estate duties vary depending on the particular circumstances.
The duties of a closing agent include ordering title work and a property survey, assisting with obtaining requisite insurance, communicating with the lender and mortgage broker, issuing and sending the title insurance policy to both the buyer and lender, issuing the title commitment, assembling the loan closing package, handling the closing, disbursing closing funds, recording documents, preparing and filing a Form 1099, preparing a DR 219 for recording documents, and forwarding the recorded documents to the lender and parties. A closing lawyer must coordinate with a lender to prepare and deliver documents that need to be signed at closing, including the HUD-1 Settlement Statement, along with the promissory note and mortgage.
Additionally, a closing lawyer needs to coordinate with a seller to obtain the deed to property, condominium certificates and final utility bills. The attorney also examines title to property, going back 50 years to determine whether there are any title defects. A closing agent can work with the parties to resolve any title defects. Often, closing agents also serve as escrow agents to hold funds pending disbursement.
At closing, the closing attorney will handle paying realtor commissions, discharging the existing mortgage, disclosing and paying lender fees and closing costs, funding the mortgage escrow account, paying prepaid interest, and distributing the sales proceeds. The closing attorney needs to explain the documents being signed, distribute funds, and make sure the closing is conducted in compliance with applicable regulations.
Ben Winter, P.A. is a experienced real estate law firm and can help you with any real estate transaction. For more information, go to our web site www.benwinterlaw.com or call (727) 822-0100.