A Checklist for Avoiding Closing-day Glitches on Your Miami Home

by Isaac Benmergui, Esq on April 4, 2013

Foreclosure1The closing on your home mortgage has been scheduled, and hopefully you’ll avoid any last minute delays with the paperwork. Miami-based real estate attorney Isaac Benmergui knows that closing day glitches can occur with the tiniest of mistakes preventing the new homeowners from walking out with the house keys, and he advises his clients to keep the following checklist in mind for a smooth closing:

  • Hire a real estate attorney. This is an absolute necessity, especially in the South Florida real estate market. Have your attorney review the real estate contract, settlement, truth-in-lending statement and the mortgage. Your attorney should verify that the seller has made all repairs and that he will bring the deed to the real estate closing.
  • You will be signing… a lot. This is where most of the time will be spent at the closing, signing papers. You will be signing your name and the assurance to repay the mortgage loan numerous times, which includes signing the mortgage itself and affidavits that you intend to occupy the home.
  • You’ll pay closing costs. Closing costs can run into thousands of dollars. Costs for loan origination, mortgage loan, mortgage points and credit report fees are all lumped together as “closing costs” to be paid at the closing. Additionally, you may have to pre-pay a partial month’s interest depending on the date you closed and when the first payment is due to lender. Title insurance is one of the more expensive fees and is required by all lenders to insure there are no liens against the deed. Finally, the last charge to pay to the lender is the fee for recording of the deed, which may include a real estate transfer tax.
  • Receiving the keys to your new home.

Sometimes issues do come up at closings, but with an experienced real estate attorney to review most the major documents you may avoid the most common upsets on closing day.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

 

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