Real Estate Attorney in Gulfport, Mississippi
Our Firm Provides the Following Types of Real Estate Services:
REAL ESTATE CLOSINGS
Commercial and Residential
Chain of title review
Title and Escrow Services
Sales, Lease, and Contract Preparation and Review
Finance - mortgages, loans, refinance - lender or owner financed
Construction Loan Closing
Permanent Financing Closings
Title and Escrow Services
Representation of Builders in all areas of Litigation
REAL ESTATE LITIGATION
Tax Sale Confirmations
Evictions/Unlawful Entry and Detainer
Clouds on Title
OTHER REAL ESTATE MATTERS
Condominium, co-op, and time-sharing formation and issues
Homeowner Association Formation and Representation
Codes, covenants, and restrictions (CCRs)
Eminent domain, easements, and right of way disputes
Land use and zoning matters
So What Does an Attorney Do in The Typical Closing:
The closing attorney has four primary duties in a real estate transaction:
Title examination: Once the attorney has received either the contract from your realtor or a request for a title exam from your lender, the attorney begins to review the ownership history for the property and issues a report (usually either a title opinion or a title commitment) to the bank and/or purchaser. This report allows the lender/purchaser to know that the title to the property is clear and marketable and to determine what restrictions related to the use exist. It also provides information related to recorded easements and encroachments. The closing attorney identifies any existing mortgages, liens, and judgments recorded against the real estate and/or seller that will need to be satisfied at closing.
Title insurance: The lender will usually request title insurance which protects it against defects in title. The insurance for the lender is called a "Lender's Policy". The purchaser can also purchase title insurance to protect him/her. This insurance is called an "Owner's Policy". If title insurance is to be purchased, the closing attorney issues a title commitment, which essentially says that the title insurance company will insure the title when certain conditions are met (such as the transfer of title by deed and the payoff of existing mortgages). It also lists those matters which the insurance will not provide coverage for (such as easements). From the purchaser's perspective, title insurance is highly recommended to insure that the purchaser's interest in the property is protected.
Coordinator: The closing attorney is often a central point of contact between multiple parties who may play a role in the closing process. The closing attorney not only talks with lenders, buyers and sellers, and their respective real estate agents but may also contact appraisers, pest inspectors, surveyors, judgment creditors of the seller and the seller's mortgage company (to obtain payoffs of these liens), tax assessors/collectors, insurance companies for the seller and purchaser, adjoining property owners, home inspectors, contractors, homeowner associations and other attorneys. The closing attorney has to coordinate all the issues that must be addressed for the closing transaction to correctly reach its finality.
Review of documents: At the closing table, the closing attorney is present to explain the various documents requiring a signature to complete the transaction, including the deed, a note, deed of trust, settlement statement, and other loan documents required by the lender. The closing attorney also explains what disbursements will take place.
Record and disburse: After the parties have left the closing table, the closing attorney's work is not done. The closing attorney is now responsible for distributing all monies and ensuring that all documents were executed properly. The closing attorney may update the title examination and will record the deed and/or deed of trust. The closing attorney issues a final opinion or the title policy(ies). The closing attorney disburses any fees associated with the transaction, including real estate commissions, county taxes, payoffs for existing liens, homeowner insurance premiums, pest inspection fees, homeowner association dues, home inspector fees, appraisal fees, the bank or mortgage broker's fees, seller's proceeds from the sale, title insurance premiums and the attorney's fees for the closing.
Contact me today in Gulfport, Mississippi to request a free consultation. I also represent those who reside in Harrison County, Jackson County, and Hancock County, Mississippi.