Duties of a Real Estate Closing Agent
A closing agent is responsible to perform numerous functions prior to and during the closing, including:
- Ordering title work;
- Ordering survey;
- Assisting in obtaining required insurance;
- Communicating with mortgage broker;
- Communicating with lender;
- Issuing title commitment;
- Preparing closing statement;
- Completing loan closing package;
- Conducting closing;
- Disbursing closing funds
- Preparing DR 219 for recording documents
- Recording documents
- Forwarding recorded documents to 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: Real Estate Disputes]
Can I Sue The Closing Agent?
Some times, closing agents fail to do their job correctly which requires the involvment of a Florida real estate lawyer. Here is a list of the some of the issues requiring a lawyer’s assistance, including where the closing agent:
- fails to payoff 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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