What exactly is a closing? The closing is the settlement of the contract that was signed, meaning all of the agreements and responsibilities of each side that were laid out in the contract are finalized and fulfilled. This includes the transfer of money from the buyer to the seller, paying off any outstanding loans tied to the property, and the transfer of the ownership documents from seller to buyer. It is usually the day when the buyer gets the keys to their new home. The buyer and the seller have different roles and responsibilities in the transaction, and an experienced real estate attorney can make sure the parties to the transaction are meeting all of their obligations in time for closing.

There are many steps that need to occur to get a real estate transaction to closing, and as an attorney who has handled real estate deals for buyers and sellers in Welsh, LA, and surrounding areas, I am familiar with the closing requirements in Louisiana and will strive to see that your real estate transaction go according to plan.

Work With a Dedicated Real Estate Closings Attorney

A real estate closing attorney usually enters a real estate deal after a seller has accepted a buyer’s offer to purchase. A buyer and a seller can each have their own attorney. The seller’s attorney will draft the contract for the sale of the property, and the buyer’s attorney can negotiate or request additional terms and conditions to be added to the contract.

Once the contract is fully negotiated and signed by the buyer and the seller, the attorney for the buyer performs a title search to make sure the title to the property is free and clear from any encumbrances, such as liens, easements, or other issues. Then the buyer’s attorney obtains title insurance from a title company, which is essentially a determination of the status of the title to the property. The buyer’s and seller’s attorney will also work together to share all of the relevant information about the property, such as inspection reports, home warranty information, homeowners insurance, and if there are any other fees that might come with ownership of the property such as HOA dues.

Finally, the attorneys work together with the buyers and sellers to coordinate a closing date, where both sides come together to sign documents that effectuate the transfer of property. The attorneys will review the many closing documents and explain what they are and what they mean to his or her client before they are signed. Finally, the attorneys see that funds are properly distributed to all of the different parties — to the seller, to the title company, to the real estate agents, and to pay off any outstanding mortgages or loans.

It is a wise plan to have an experienced attorney who has closed hundreds or thousands of real estate deals manage the real estate transaction to avoid making costly errors that will have to be corrected later. Do not try to save on legal fees during an important transaction, such as buying or selling your home. Contact the Law Offices of Charles Bull today to handle your Louisiana real estate transaction in Welsh, Lake Charles, Lafayette, Crowley, Jennings, or Iowa.