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The attorney's role in the Real Estate closing
By GAY MARSH (ST. AUGUSTINE) - Holly Sheppard, a local Real Estate attorney at Scott & Sheppard, P.A. advises to "use a qualified real estate attorney for your closing.² Holly adds, "it is well known that the purchase and subsequent sale of a home is often the most financially-significant transaction in one's life. Due to its importance, you should choose an attorney with expertise in real estate matters to handle your transaction or to represent you at closing."
This information is provided to the purchasers and their lender prior to the closing in the form of a commitment for title insurance. One of the benefits of having an attorney handle your closing is that an attorney can quickly and efficiently resolve any title problems without spending valuable time securing outside legal counsel. In addition, an attorney is able to prepare a variety of legal documents that non-attorney closers are prohibited from preparing. It is interesting to note that the costs of closing with our company's law firm is nearly the same as closing with a title company. The closing attorney will also work with the parties, their Realtors, and lender to obtain required surveys, inspections, and homeowner insurance. At this point the attorney will combine all relevant information into one set of closing documents. At the closing, the attorney will explain the documents in detail in order to help the parties understand all aspects of the transaction. The attorney will then disburse funds, record relevant documents into public records, and prepare the title insurance policies to protect the interests of the purchaser and the lender. If you have any questions for Holly Sheppard, you may contact her at Scott & Sheppard, P.A., Attorneys at Law, 99 Orange St., St. Augustine, Fl., 32084, telephone: 904-825-4991. Gay Marsh, Realtor/Broker, is with Premier Properties Realty Group in St. Augustine.
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The most important part of a closing, whether you are the seller or the purchaser, is to verify that there are no title problems with the property. A qualified attorney can make this determination after researching public records (title search). This research will reveal any unpaid mortgages, liens, judgments, and taxes against the property, as well as easements and restrictions. It will also confirm that the seller has the authority to convey a good title to the property.