The following information concerning Real Estate Residential Closings is provided by The Vines Law Firm, P.A., as general information concerning Residential Closings. Purchases of real property can have many issues that are dependent on your specific circumstances. Please contact our office for a FREE CONSULTATION to discuss your rights and options. Please call (954) 636-1222 or email email@example.com
What is a Residential Closing:
A “Residential Closing” occurs when a person buys a house, condo or townhouse that they are going to live in. The “Closing” is the actual signing of the documents that transfer ownership of the property from one person to another. In addition, if there is a loan being used to buy the property, the loan documents are signed at the closing. Finally, when the property transfers from one person to another, the closing is where the money changes hands or the authorizations for the transfers are signed.
Do I Need an Attorney:
For most people the buying and/or selling of a home is the largest transaction they will be involved in. “Real Estate Lawyers” generally do not charge large fees to represent buyers and sellers in the process and therefore it only makes sense to have a real estate attorney protect your interests.
What is Title Insurance:
“Title Insurance” guarantees that there are no liens, encumbrances, mortgages or other owners of the property that will claim rights to the property you buy. Title insurance is not like homeowner’s or car insurance. You only pay one time and you have coverage for as long as you own the property. Title insurance is important because the cost of removing a lien, encumbrance, mortgage or defending against someone that claims they own your property can be extremely expensive. Many people believe a title company will simply clear all these title issues if they are doing the closing. However, it is the process of issuing title insurance that normally clears these issues. The title company that is going to issue the title policy runs a title search for the policy, the title underwriter issues a “Commitment” that lists the issues to be removed from the property, and the title company is not supposed to issue the title policy until those issues are removed. If you are using a loan to buy the property then the company giving you the loan will require title insurance. However, they will only require a policy that covers the lender. This is called a “Lender’s Policy”. That title policy does not cover your interest in the property. If you are buying a property you will want an “Owner’s Policy”. This policy covers your interest in the property.
What Does a Title Company Do:
The title company that is closing your sale or purchase and issuing a title policy will keep the buyer’s deposit in their escrow account, prepare a closing statement, pursuant to the sales contract, showing where all the money for the closing will be paid, order a tax and lien search for the property, prorate the property taxes to be paid, request a letter from the homeowner’s and/or condominium association stating any monies to be paid, request payoffs from mortgages on the property, order a title search on the property, comply with any requirements on the commitment issued by the title underwriter, payoff the mortgages on the property with the money from the closing, accept the money from the lender for closing, prepare certain documents for closing and accept the loan package from the lender to be signed at closing, conduct the closing, pay all the money listed on the closing statement and issue a title policy when the closing is complete.
The following information concerning Real Estate Foreclosure Defense is provided by The Law Office of Michael R. Vines, P.A., as general information concerning foreclosures. Whether defending a foreclosure, filing for bankruptcy, modifying your loan or short selling your property is right for you is dependent on your specific circumstances. Please contact our office for a FREE CONSULTATION to discuss your rights and options. Please call (954) 636-1222 or email firstname.lastname@example.org
What is a Foreclosure:
When a person or entity purchases real property with a loan they sign a Promissory Note and a Mortgage at the closing. The Promissory Note is the contract that says the money must be repaid and the terms of repayment. The Mortgage is the contact that allows the bank to take the property and sell it at auction if you do not pay. The process for taking the property and selling it at auction is called a Foreclosure. The Foreclosure is a lawsuit filed in the county where the property is located that claims money was lent on the property and that the money has not been paid. The bank is asking that the Court enter a Final Judgment of Foreclosure establishing how much money is owed and selling the property at auction.
In addition, if the property has a condo or homeowner’s association and the fees owed to the association are not paid then the association can file for Foreclosure.
Why Do a Foreclosure Defense:
Sometimes the bank/association fails to properly follow the rules to foreclose or fails to properly serve the people involved in the foreclosure. Sometimes the bank failed to follow the rules when they originally issued the mortgage. Sometimes the bank cannot prove they actually own the mortgage and are the right entity to bring the foreclosure action. Sometimes the person that owns the property needs a little time to sell the property instead of allowing the property to be sold at auction. Sometimes the person that owns the property needs a little more time to finish modifying their loan. These are all valid reasons to defend a Foreclosure.
What Happens If I Have Been Served and I Do Nothing :
Remember that the Foreclosure is a civil lawsuit. Civil lawsuits must be answered within 20 days. If you fail to “Answer” the Complaint for Foreclosure the bank/association, “Plaintiff”, will ask the Clerk of Court to issue a Default against you. The bank/association will then file a Motion for Summary Judgment and ask that the amount due be turned into a Judgment and that the property be sold at auction to satisfy the Judgment.
What Are My Options If I Have Been Sued in Foreclosure:
Your specific options depend on factors such as your income, the value of the property, the amount owed on the loan or to the association, how many loans are on the property, whether the loans on the property amount to more than the property is worth, etc. It is extremely important that you speak to an attorney to understand your specific rights. Most people that face a Foreclosure will either seek to modify their loan, short sell the property, sell the property and pay off the loan or debt to the association, enter into a payment agreement with the association, or file for bankruptcy. Be very careful if you are in this situation. There are many people that use this difficult time to prey on homeowner’s emotions and take money without performing any services.