Making the decision to buy or sell a home is an exciting prospect. However, the legalities of the sale and purchase process can put a damper on the experience. If you are looking to buy or sell, it is crucial to understand the residential real estate closing process in Coral Gables.
A residential real estate attorney helps guide buyers and sellers through the closing process. Unlike other firms, attorney Jacqueline A. Salcines could personally manage the closing and provide valuable assistance during each step.
Once a buyer decides to purchase a home in Coral Gables, there are several steps in the residential real estate closing process. Each step should be handled effectively to prevent delays or disputes and protect the buyer and seller’s rights.
Before closing begins, the buyer and seller must enter into a residential real estate purchase agreement. This agreement includes several provisions, including the property’s sale price, conditions, closing date, and contingencies.
After the purchase agreement is signed, the buyers put money into escrow. Earnest money demonstrates the buyer’s intent to complete the purchase. It is then typically applied to the down payment on the property.
The title search ensures the seller has the legal right to sell the property. The search may also uncover potential issues like liens on the property, gaps in the chain of title, issues with legal descriptions of the property, and any restrictions.
A home inspection is crucial to protecting the buyer’s rights. Inspections can uncover serious structural or safety issues that must be addressed and may allow the buyer to rescind their offer.
Additionally, an appraisal determines the value of the home. While appraisals are often required for financing, they can also help protect the buyer from over-inflated sale prices.
Before closing, the buyer has a right to walk through the property. During the final walkthrough, the buyer may confirm the home is still in the same condition as promised.
On closing day, the buyer and seller will sign documents to transfer property ownership. These documents include closing disclosures, the mortgage, the promissory note, and the deed. The buyer will also pay the closing costs and receive the keys.
The time from signing the purchase agreement to closing is typically 30 days. However, several factors may extend this timeline, including the type of financing, the type of property, and any issues that may arise during the title search, appraisals, and inspections.
Jacqueline Salcines could proactively address any issues before they cause delays to streamline the closing process.
When buying or selling a home, it is crucial to hire legal representation. By working with Jacqueline Salcines, buyers and sellers can rest assured that they will know what they are signing. A residential real estate attorney in Coral Gables could handle every aspect of the closing process and ensure a person’s rights are protected.
Legal counsel could assist with the following:
Title companies, insurers, realtors, and finance companies often act in their own interests. By hiring an experienced and knowledgeable lawyer, buyers and sellers could protect their rights and interests.
The residential real estate closing process in Coral Gables can be challenging to navigate without steadfast legal counsel. Whether you are considering buying or selling a residential property or have already begun the process, a lawyer could help.
Don’t go it alone. Contact Jacqueline A. Salcines, P.A. today to schedule a consultation.
Jacqueline A. Salcines
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