Real Estate Closings & Title Insurance
Have Our Attorneys Perform Your Closing (At Title Company Prices!)

Throughout Florida title insurance rates are set by statute and therefore are the same whether you choose to use a title company or an attorney. Due to the fact that the purchase or sale of a home is usually the largest transaction a person will engage in during their lifetime, and the fact that title insurance rates are the same for both attorneys and non-attorneys, you should strongly consider hiring an experienced St. Augustine real estate attorney when buying or selling a home.

The Real Estate “Closing” Process

To complete a real estate transaction the parties to the transaction will have to go through a process commonly referred to as the “Closing.” The Closing is when all of the formal documents such as the mortgage and deed are signed, and is usually the time in which the money for the transaction changes hands. The Closing is conducted by the “Closing Agent” which is either a title company or a law firm, and the closing date and time is usually set in the purchase contract for the property.

The Closing Agent’s Duties

Throughout the Closing process the Closing Agent will be responsible for completing numerous tasks to insure that the deal goes through. Examples include reviewing surveys to determine whether or not there are any encroachments or boundary disputes, performing a title search to insure that title to the property is marketable, and requesting multiple letters from Homeowners’ Associations and Mortgage Lenders to determine the current owner’s liability.
These tasks are often very complex and frequently involve legal questions, as demonstrated by some of our past experiences highlighted below.

Once the Closing Agent obtains all of the relevant information from the parties to the transaction, the Agent will prepare a “HUD-1 Settlement Statement” which will reflect all of the costs and expenses associated with the purchase. All of the parties to the transaction (Buyer, Seller, Buyer’s Lender, Realtors, etc.,) will receive a copy of the HUD-1 Settlement Statement. When you are involved in a Saint Augustine real estate transaction, you should thoroughly review the HUD-1 Settlement Statement provided to you.

After all parties have agreed to the HUD-1 Settlement Statement, and all the conditions and obligations of the Buyer and Seller have been complied with, as long as there are no defects in title (which is addressed below), the Closing Agent will inform all of the relevant parties and set a date and time for closing if one has not been set in the contract.

A Defect In Title Needs To Be Resolved Timely

In a St. Augustine real estate transaction one of the worst things that can happen is the deal falling through late in the closing process due to a defect in title. Once the parties are this far into the process everyone involved has already dedicated a lot of time to that specific transaction, and in most cases everyone will leave empty handed if the deal falls through. Furthermore, there is almost always a time period that the defect must be cured in or the deal can fall through due to a lack of timeliness, and often curing the defect will require the services of a St. Augustine real estate lawyer. Having an experienced St. Augustine real estate attorney already acting as your Closing Agent can speed up the process of curing a defect in title, and avoid the additional costs of hiring an outside attorney.

Our Firm Has Experience Curing Complex Title Issues

In a recent transaction, our firm was hired toward the end of closing due to a conservation easement encumbrance being found late in the closing process, which was preventing the deal from closing (a multi-million dollar commercial deal). In this specific case, our soon to be client had bought a property at auction and was obligated to purchase the property even though an encumbrance was discovered. To complicate matters further, our client had 30 days to cure the defect and stood to lose thousands of dollars if the defect was not cured within the 30 days.

Fortunately, our firm was able to review the survey and conservation easement document and determine that the legal description in the conservation document was wrong, and we were able to request and obtain a release from the appropriate governmental authority within the 30 days. We share this story to point out two things: first, and most importantly, as your Closing Agent we will do everything in our power to ensure that your deal dose not fall through. Second, this story shows why it pays to use an attorney as your Closing Agent. If we had been the closing agent on the transaction we would have provided these services as part of the closing and the parties wouldn’t have had to hire and pay for a real estate attorney in addition to paying closing costs.

Request That Ginn & Patrou, P.A. Act as the Closing Agent In Your Next Transaction

At Ginn & Patrou, P.A., we conduct real estate closings, provide title insurance, and guide our clients through the entire closing process. We are experienced with real estate closings and work hard to obtain clear title when title defects or encumbrances exist. All of our real estate closings are conducted by an attorney. In addition, you will find that our closing fee is usually less than that of a traditional title company.

Contact our firm today for a free consultation or title insurance quote by clicking here, we look forward to hearing from you!

Realtors

Our Firm

As the nation's oldest city, St. Augustine Florida is home to both beautiful and historic property. When buying or selling property in Saint Augustine, it is crucial to understand the real estate closing process and the laws governing real estate transactions. As local St. Augustine real estate lawyers, we understand the complicated closing process and are here to serve you.