lawyer who works for title company to handle closing

Who regulates title companies in Florida?

The Department of Financial Services (DFS) regulates a real estate transaction only if title insurance was purchased as part of the real estate closing or if the title agency established an escrow fund in connection with a closing.

What are the responsibilities of the closing agent?

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 ...

Can a title company do a closing in Florida?

In most states a title company cannot conduct a closing. Florida attorneys act as title underwriters and can provide both legal representation and title insurance. Florida buyers can also forego legal representation and obtain title insurance at closing through a title company or agency.

Can a title company do a closing in NC?

But this isn't the case. North Carolina is still one of the least expensive states to close a real estate deal in. Does NC Use Title Companies? Absolutely.

What is closing attorney?

The closing attorney will identify any existing mortgages against the real estate that will need to be satisfied at closing in order to transfer good title.

Who prepares the closing statement?

A closing agent prepares the closing statement, which is settlement sheet. It's a comprehensive list of every expense that the buyer and seller must pay to complete the real estate transaction.

Does Florida require a closing attorney?

In Florida, you are not required by law to have a real estate attorney oversee your residential real estate transaction. You can hire a title insurance company to conduct your closing. This means you can legally buy a house or condo in the state without ever consulting a lawyer for advice.

Is Florida an attorney closing state?

Several states have laws on the books mandating the physical presence of an attorney or other types of involvement at real estate closings, including: Alabama, Connecticut, Delaware, District of Columbia, Florida, Georgia, Kansas, Kentucky, Maine, Maryland, Massachusetts, Mississippi, New Hampshire, New Jersey, New ...

Does the seller have to be present at closing in Florida?

The good news is, that Florida does not require everyone to be at the closing table. When the seller or the buyer are unavailable because they are outside the State, residential closings can be done in what is called a “mail away.”

Does North Carolina require a lawyer at closing?

Many other states in the US operate their closings with a title company and no independent attorney is involved. However in North Carolina, this is not the case. North Carolina has a law that all real estate closings must take place with a North Carolina licensed attorney.

Who picks the closing attorney in NC?

Under the law, really it's up to the parties to decide. It's a completely negotiable term. Each party or each side has an interest in choosing the closing agent. For the seller, they're the ones that have to provide clear title at the seller's table.

Who handles real estate closings in NC?

In North Carolina, the real estate attorney usually does quite a bit of work, including these things: reviews the sales contract, performs a title search that covers a 40 year time period, checks for liens and past due taxes, prepares a title report so that a title company will issue a title binder, reviews and ...

Can a real estate agent do a closing?

A real estate agent can provide standardized contract forms, and a title company can issue title insurance and conduct the closing. However, there are several important issues to consider when deciding whether or not to hire an attorney to conduct a real estate closing. Florida residential real estate can have water access issues ...

What happens if you hire a real estate attorney in Florida?

If you hire a Florida real estate lawyer, you create an attorney-client relationship and the lawyer is your fiduciary. He or she answers to the party that has hired the lawyer.

What is the legal duty of a seller in Florida?

1. Seller’s Legal Duty To Disclose Defects. Under Florida law, the seller must disclose issues regarding the property that the seller knew about, or should have known about, which a buyer would not be able to discover even with an inspection.

What does the seller have to disclose in Florida?

Under Florida law, the seller must disclose issues regarding the property that the seller knew about, or should have known about, which a buyer would not be able to discover even with an inspection.

Can a Florida lawyer read a contract?

The Inspection (The inspection contract and the inspection report) A Florida lawyer can read the inspection report and the inspection company’s contract to make sure the buyer is adequately protected. Inspections companies like to limit their liability to the cost of the inspection report.

Can a lawyer read a Florida inspection report?

A Florida lawyer can read the inspection report and the inspection company’s contract to make sure the buyer is adequately protected. Inspections companies like to limit their liability to the cost of the inspection report.

What can a Florida lawyer do?

A Florida lawyer can give legal advice on any adverse matters shown on a survey, like easements encroachments, and other boundary issues such as fence lines and pool decks. 11. Different Ways To Own Real Estate; Different Deeds. In Florida, there are various ways to hold legal ownership of residential real estate.

What is the closing process for title insurance?

A title insurance company closing process includes all the necessary steps to make the home you’ve decided to purchase legally yours, including signing title and loan documents (if applicable) and providing you with free and clear title. Many homebuyers are interested in learning more about the closing process to understand what they should expect.

What does a title search do?

Having a title search completed and obtaining title insurance will give you the assurance that no one can make a claim to the property after you purchase it. A title agent will clarify any issues with the title, so no one will contest your ownership of the property once you own it. 5. Clarification of Title Matters.

Is a home inspection required at closing?

Home Inspection and Appraisal. A home inspection is an optional step during the closing process, but it’s wise to get it done. If you discover any serious issues with the home during the inspection period pursuant to the real estate contract, you have the opportunity to back out of the deal.

When you reach an agreement with the seller, do you need to sign a contract?

When you reach an agreement with the seller, you’ll need to sign a real estate contract to begin the closing process. It’s important to complete preliminary research on the home and surrounding area, so you can offer a fair price for the home. This is where a real estate agent is extremely valuable.

What is the closing attorney's job?

There are five primary functions handled by the closing attorney during a real estate transaction: Title examination: The buyer and lender will both want a clear title for the property. Without clear title, the sale may become much more complicated.

Where is the closing attorney located?

While the closing attorney is typically located in or near the county where the property sits , many actual real estate closings today are handled on one or more sides using overnight mail with payments via ACH or wire.

Does title insurance have to be purchased at closing?

Title insurance is optional for the purchaser in a real estate closing if he or she does not have to get financing through the bank or mortgage broker; is a requirement for most all lenders at the time of purchase or refinance of real estate.

What documents do closing attorneys need?

The closing attorney is available to explain documents such as a deed, a note, a deed of trust, a settlement statement, disbursement at the end of the transaction and loan documentation required by the lender.

What is title examination?

The title examination is for the purchaser and the lender to evaluate title to the real estate. The purchaser will need to know whether there are certain restrictions of use, easements, encroachments or whether the title is marketable and clear for the seller to transfer the property to the purchaser. The closing attorney will identify any existing ...

What is the responsibility of a title company?

When the buyer and seller have reached closing day, it is the responsibility of the title company to collect and obtain all signatures needed for the multitude of documents associated with the home purchase contract and the mortgage loan that will be used to pay for the home. Once these documents are in order, the title company will often act as the escrow agent between parties, collecting fees for homeowner's insurance, title insurance and property taxes from the buyer and distributing them to the appropriate organizations. Once all cash exchanges have been concluded during the home sale, the title company is also responsible for recording the allocation of all funds in a HUD-1 statement and then disbursing these funds to the appropriate parties.

What is a title company?

A title company will search all available records for any competing claims to the property, often referred to as encumbrances. Examples of some of the more commonly found encumbrances are tax liens and pre-existing mortgages. Once a thorough examination has been completed, the title company will prepare a detailed report for both parties commonly ...

What is a title company's search?

A title company will search all available records for any competing claims to the property, often referred to as encumbrances. Examples of some of the more commonly found encumbrances are tax liens and pre-existing mortgages.

What happens when a title company resolves encumbrances?

Once the encumbrances listed in the abstract of title have been resolved, the title company will provide the buyer with title insurance. This insurance confirms that all encumbrances have been resolved, and that a mortgage lender financing the property will be free of any legal burden to encumbrances created by the new buyer.

What is the final step of a title company?

As a final step, the title company will record all relevant information about the deed to the home and the current mortgage undertaken by the buyer and ensure that it is documented in the public records of the county in which the home is located.

What is a title search?

The Title Search. Once the buyer and seller have signed the contract of sale, it is up to the title company to thoroughly search for any potential legal or financial hurdles that may hinder the property transfer. A title company will search all available records for any competing claims to the property, often referred to as encumbrances.

Does a seller have to pay title insurance?

Section 9 of the Real Estate Settlement Procedures Act (“RESPA”) prohibits a seller from requiring a buyer to purchase title insurance from any particular title company. The first thing to note is that this prohibition only applies if the buyer is paying for title insurance. If the seller agrees to pay for the title insurance (owner ...

Can a seller require a buyer to pay for title insurance?

If the seller agrees to pay for the title insurance (owner and lender’s policy), this provision would not apply. However, if the buyer is paying for title insurance (lender and/or owner’s policy), the seller cannot require the buyer to purchase the insurance from a particular title company.

Who pays for the lender's policy?

Under some purchase contracts, the seller provides and pays for the owner’s policy but the buyer pays for the lender’s policy. In this situation, because the buyer is paying for the lender’s policy, under RESPA, the seller is prohibited from requiring the buyer to purchase that lender’s policy from a particular title company.

Can a seller require a buyer to purchase a lender's policy?

In this situation, because the buyer is paying for the lender’s policy, under RESPA, the seller is prohibited from requiring the buyer to purchase that lender’s policy from a particular title company.

Do you need a real estate attorney at closing?

Some states require the presence of a real estate attorney at closing, some states don't. A real estate attorney isn't essential if you're in a state that doesn't require one, and typically an attorney is not required unless there are legal issues at play that may require the advice of an attorney.

What is a good closing company?

A good closing company has the experience, all of the professionals necessary to organize and finalize a successful closing, and relationships in the real estate business that can help facilitate the closing process.

What is closing part of home buying?

The closing part of the home buying process is the last step, as the name suggests. This is when paperwork is signed and money and title changes hands. You'll meet at the closing location, which is often at a title company if you use one, or at another location. People who will be present include the buyer, seller, ...

Who is present at closing?

People who will be present include the buyer, seller, a rep from the lending institution, a closing agent (buyer and seller may or may not be represented by the same parties), a realtor, a notary, and possibly a real estate attorney. Some states require the presence of a real estate attorney at closing, some states don't.

What is a closing agent?

A closing agent, sometimes referred to as a closing title agent, is responsible for many components necessary to make a successful closing. Like a title company, a closing agent is charged with title research and making sure there aren't any issues with a title that might present the legal transfer of the property, such as undisclosed liens, ...

What documents do closing agents sign?

Some of the documents include financial documents related to the transaction, including commission and seller payments, taxes and fee, etc. The closing agent brings all the paperwork together and sets the time and place for the documents to be signed.

Can a closing agent work independently?

Closing agents can work independently, but most closing agents are employed through other agencies, such as with title companies or real estate companies. Although a closing agent is primarily there for the closing, they should be involved from the start.

What does a title company do before it issues insurance?

Before it issues the insurance, a title company conducts research to ensure that the property at issue has a clear title and is owned by the seller. Oftentimes, title companies also maintain escrow accounts with the money needed at closing. This ensures that the money in escrow is available and goes to the correct parties when you close on your ...

What is title company?

A title company is a company that issues title insurance. Before it issues the insurance, a title company conducts research to ensure that the property at issue has a clear title and is owned by the seller. Oftentimes, title companies also maintain escrow accounts with the money needed at closing. This ensures that the money in escrow is available ...

Do title companies keep escrow accounts?

Oftentimes, title companies also maintain escrow accounts with the money needed at closing. This ensures that the money in escrow is available and goes to the correct parties when you close on your house. 2.

What is title insurance?

Title insurance protects mortgage lenders and homeowners in the event there are disputes over the property’s title. The title insurance company will issue title insurance after it finds the property’s title is valid. The insurance policy protects the lender or the owner from any lawsuits, claims, or legal fees that come up because ...

Do you need title insurance if you are not taking out a mortgage?

If you’re taking out a mortgage, your mortgage lender will almost certainly require you to purchase a lender’s title insurance policy. Even if you’re not taking out a mortgage, it’s a smart idea to get an owner’s title insurance policy. This will protect you personally if any issues with the title come up.

What is escrow agent?

Title companies also frequently act as the escrow agent, which means they’re also in charge of collecting the payments for property taxes, title insurance, and homeowners insurance from the buyer and paying the appropriate parties. It will also record the transaction.