Whether you are buying your first home or you are a seasoned property developer, real estate transactions can be complicated. For a Fort Lauderdale real estate transaction to conclude successfully, you must have your closing documents prepared and in order. The closing process can be stressful and complicated. Something as simple as incorrect information on your forms, or a missing document could delay your closing. In addition, you may end up paying unnecessary fees and costs. That is why it is crucial that you have the help of a Fort Lauderdale closing lawyer to ensure the closing process goes smoothly and does not delay the sale or purchase of the property.

Attorney Faequa A. Khan and Khan Law, P.A., has over 30 years of experience helping clients in Fort Lauderdale with the closing process to buy or sell their property. Attorney Faequa A. Khan is dedicated to ensuring her clients understand each step of the real estate buying or selling process in Florida. Real estate laws can easily become convoluted. That is why it is important to have a professional on your side who will protect your rights and interests along every step of your real estate journey.

What Is the Closing Phase of a Real Estate Transaction in Florida?

The closing process is the last phase of a real estate transaction. After going through all other phases of a transaction, the closing phase, when completed, makes the sale or purchase of a piece of property final. The closing process generally takes place four to eight weeks after the parties involved in the transaction reach an agreement. It is crucial that you have trusted legal representation during this process to ensure that your rights and interests are protected. 

When the closing date arrives, the parties should be ready to sign the closing contract that will make the transaction final. At the conclusion of the closing process, the seller will receive payment and the buyer will receive the keys to their new property. 

What Are the Necessary Documents for a Florida Real Estate Closing?

When it comes time to close a real estate transaction, it is crucial that you understand what are the documents necessary to complete the process. If there are any documents missing or mistakes within the paperwork, you may risk delaying the purchase or sale of the property. Once the title is clear and the involved parties are ready to begin the closing process, your real estate closing attorney will help you prepare the following required closing documents:

Property Deed

This document proves the ownership of the property and symbolizes the transfer of the property since without a deed it is not possible to physically transfer a piece of property from the seller to the buyer.

Bill of Sale

The bill of sale details the transfer of any personal property being sold with the real estate. This may include furniture, appliances, or equipment in a commercial property. 

FIRPTA Certificate

FIRPTA stands for Foreign Investment in Real Property Tax Act 1980. This act gives the United States government the ability to tax foreign individuals on real estate transactions. If the seller is not a citizen of the United States, this law requires that 10 percent of the gross sales be held and sent to the IRS. There are some exceptions and exclusions to this law, and our trusted real estate lawyer, Faequa A. Khan, may be able to help you decipher if you may qualify for these exemptions or exclusions. 

Closing Statement

Also referred to as the HUD-1 statement, the closing statement is the form that details all the different costs for the buyer and seller. This comprehensive list compiles all the expenses that are owed before the closing can be completed. This list generally includes mortgage insurance, commissions, appraisal fees, mortgage broker fees, inspection costs, loan origination fees, property tax deposits, and any other expenses specific to that particular transaction. 

Typically the buyer and seller will receive the closing statement at least three days before the transaction is finalized so they may review it with their attorney. You don’t want any last-minute surprises that could potentially jeopardize the deal. To avoid such an issue, it is essential that you have the help of our seasoned real estate attorneys throughout each step of the Fort Lauderdale real estate transaction process. 

Contact a Fort Lauderdale Closing Lawyer Today

The real estate transaction process can be stressful for both the buyers and sellers involved. When you finally reach the closing step, you are likely looking forward to finalizing the deal and moving forward. 

Khan Law, P.A., is a Florida real estate law firm with over 30 years experience helping protect our clients’ rights and interests when closing a real estate transaction. Faequa A. Khan is uniquely qualified to help with any of your real estate needs. To schedule a free initial strategy session, contact us here or call 305-969-3602.