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Duties of a Real Estate Closing Agent
A closing agent is responsible to perform numerous functions prior to and during the real estate closing, including:
- Ordering title work;
- Ordering the HOA or Condo Estoppels (seller usually takes care of this task)
- Ordering a survey;
- Ordering a Lien Search (and a building and zoning check if requested by the buyer);
- Assisting in obtaining required insurance (homeowners & wind);
- Communicating with the mortgage broker;
- Communicating with the lender;
- Issuing the title commitment;
- Preparing the closing disclosure;
- Completing the loan closing package;
- Requesting from the Seller a loan Payoff Statement;
- Conducting the closing;
- Disbursing the closing funds;
- Sending the signed mortgage documents to the lender for a funding number and/or disbursement approval;
- Recording the documents;
- Forwarding recorded documents to the parties and lender;
- Issuing and sending title insurance policies to lender and buyer; and
- Preparing and filing Form 1099, if applicable.
The attorney for either the buyer or seller may act as the “closing agent” to close a Florida real estate transaction. The contract should always set forth which party shall select and pay for these services. In most instances, it is best to have an attorney close a real estate transaction especially when it does not cost any more than using a title company, because of the added advantage of having legal representation on stand-by should those services be needed.
[See: Florida Title Insurance]
Can I Sue The Closing Agent?
Sometimes, closing agents fail to do their job correctly which requires the involvement of a Florida real estate lawyer. Here is a list of some of the issues requiring a lawyer’s assistance, including where the closing agent:
- fails to pay off loans and mortgages
- fails to record a mortgage
- fails to find municipal liens
- fails to collect money due third parties
- fails to obtain updated payoffs
- fails to obtain a Survey
- fails to obtain and record a Satisfaction of Mortgage
- fails to obtain deeds from interested parties
- fails to perform those other services which are generally the responsibility of a Florida closing or title agent.
[See: Florida Partition Lawsuit]
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Read: 19 Reasons To Hire a Real Estate Lawyer When Buying or Selling Florida Real Estate
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