Real Estate and Estate Planning Attorney in Coral Gables, FL
by Pujol Law Group

• What Documents Are Essential for a Residential Real Estate Closing?

The essential documents for a residential real estate closing include the purchase agreement, title documents, loan paperwork, and proof of homeowners insurance. Buyers may also need to provide identification, financial statements, and closing cost funds. Sellers typically provide the deed, property tax records, and disclosure forms. Additional documents, such as inspection reports or homeowner association agreements, may be required based on the transaction. Pujol Law Group enables all necessary documents to be prepared accurately for a smooth closing process.

• How Long Does the Residential Real Estate Closing Process Take?

The residential real estate closing process typically takes 30 to 60 days from accepting the offer. The duration depends on factors such as financing approval, title search clearance, home inspections, and any negotiations that arise. If everything runs smoothly, the process may move quickly, but delays can occur if complications with the title, appraisal, or loan arise. Working with an experienced attorney like Pujol Law Group helps enable a smooth and timely closing.

• Why Should I Set Up a Trust?

Setting up a trust is a simple way to secure your assets and future. A trust empowers you to manage and distribute your assets directly. Trusts expedite asset transfer to your chosen beneficiaries, bypassing the time-consuming and expensive probate process. They safeguard your assets from creditors, reduce estate taxes, and let you precisely dictate the distribution of your wealth. By creating a trust, you can execute your wishes, even after you’re no longer capable of managing your affairs.

• Can I Still Control My Assets if I Create a Trust?

Yes, you can still control your assets if you create a trust, but it depends on the type of trust you set up. A revocable trust allows you to retain full control over your assets and can modify or revoke the trust at any time during your lifetime. You can manage the assets, change beneficiaries, and alter the terms as needed. On the other hand, an irrevocable trust transfers control to the trustee, preventing you from changing the terms or accessing the assets. Irrevocable trusts provide benefits like asset protection and potential tax savings, but it’s important to consider the loss of control when deciding which type of trust is right for you.