Pujol Law Group, your Personal Family Lawyer®, counsels its prospective clients that it is important to invest in quality legal representation when you're involved in a real estate transaction. You're making a serious decision involving a highly valuable family asset and you should protect yourself from any mishaps as best as you can. This practice keeps you out of court and out of conflict, one of the priorities of this firm.
Real Estate Transactions
A title search is where public records are searched to determine who legally owns the property and to find out what, if any, claims or ‘liens’ are against the property which will need to be addressed and removed in order for the buyer to purchase it.
A title search and title insurance offers peace of mind and a legal safeguard so that when a Buyer wants to purchase a property no one else can try to claim it is theirs later. It is also to verify that the Seller has the legal right to transfer the ownership to the Buyer
During a real estate closing, the property title and ownership get transferred from the Seller to the Buyer. The home buyer will sign a variety of documents prepared by the escrow / closing agent, and will also pay whatever closing costs are due. Agent commissions and other funds are distributed by the escrow agent. The Buyer will be signing many, many documents including a Closing Disclosure, property deed, bill of sale, a transfer tax document and a mortgage agreement and note if the Buyer is borrowing money to pay for the home.
The home buyer and seller can close separately at different dates and times. Florida law does not require an attorney to close on a property. We highly recommend that you seek counsel though as many buyers are unaware the cost is the same, but the experience and added benefit most certainly is not.
Although each Buyer-Seller contract is unique, In Miami-Dade and Broward Counties, title premium is generally a Buyer's expense while in Palm Beach County, title premium is generally a Seller's expense.
Refinancing is the process of replacing an existing mortgage loan with a new one. Typically, people refinance their mortgage in order to reduce their current interest rates, reduce their monthly payments, or change their loan program from an adjustable rate mortgage to a fixed-rate mortgage.
In many instances a refinance of your loan is like changing a loan out and thus creating another ‘closing’. The lender will have to approve you through underwriting to re-qualify you as a buyer. There is much to do to prepare your home to give that appraiser the opportunity to positively affect their report. Things such as listing all your homes most recent improvements with paid invoices, giving your home a face lift with curb appeal and removing excess clutter, etc.
There will be costs associated with the closing of a refinanced loan. Be sure you get the advice of a qualified real estate attorney at the Pujol Law Group to weigh the pros and cons of before refinancing your home. What you will learn may surprise you.
A reverse mortgage is a mortgage loan, usually secured by a residential property that allows the borrower to access the ‘equity’ value of the property.
A reverse mortgage may benefit seniors by converting their home equity into cash that they can use to improve their lifestyle and reduce the stress that can come with the added expenses associated with aging and failing health.
In addition the money you will receive from a reverse mortgage is not subject to income taxes as it is not earned income.
A reverse mortgage may or may not be in your best interest. It is extremely important that you utilize the services of experienced attorneys to ensure that all your rights and your heirs’ rights are protected. Let your Personal Family Lawyer® at Pujol Law Group counsel you as to what is best for your unique circumstance.
Thanks for your interest. I know you have a lot of options when it comes to legal planning. Pujol Law Group has been the trusted partner of the Miami area residents. I look forward to meeting with you. Schedule today!
Pujol Law Group
782 NW LeJeune Rd
Miami, FL 33126
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