Real Estate Closings
Real estate closings are the final stage of property transactions. Consequently, during the closing process, there can be a lot of complicated, moving pieces to manage in order to ensure your interests are fully protected as the deal is completed.
Whether you are a buyer or seller involved in a residential or commercial real estate transaction, you can turn to the Middlesex County real estate lawyers at Mayo Law for exceptional representation throughout the process.
For more than two decades, our East Brunswick lawyers have been guiding clients through the complexities of real estate transactions, helping them avoid mistakes and safeguard their interests. We are ready to discuss your situation and the process that lies ahead. We are also ready to effectively represent you at all stages of your real estate deal so you can achieve your objectives.
Call (732) 613-3100 or (888) MAYO-LAW or Email Our Firm for a Free Legal Advice
Initial consultations are free. Contacting us for free legal advice will create no obligations to retain our services.
When Does the Closing Process of a Real Estate Deal Start?
The real estate closing process typically gets underway after the purchase agreement (contract) has been signed by both parties and financing has been verified. Once the transaction reaches the closing stage, the property can be said to be “in escrow.”
What Happens during Real Estate Closings?
While buyers and sellers may be heavily involved in a real estate transaction up until the closing process, by the time the deal reaches the closing stage, it’s usually in the hands of others – like mortgage and lending companies, title companies and lawyers.
In general, closings can involve (but may not be limited to):
- Investigating whether a property has any liens against it or whether it is the subject of any current legal disputes
- Working with the residential or commercial mortgage holder(s) to calculate loan payoff amounts
- Coordinating with lenders to prepare escrow documents
- Securing the necessary property insurance
- Conducting a final walk-through to identify and/or resolve any remaining issues that may need to be mitigated before the deal is officially closed.
Please note that the specifics of a deal can impact the precise nature of the tasks that need to be managed and completed during the closing of that deal.
How Long Does a Real Estate Closing Take?
The nature and complexity of the real estate deal can impact how long the closing process takes. For a residential deal, for instance, the closing may take anywhere from two to six weeks. This period can be longer when, for example, the deal involves complex commercial transactions.
How Much Will My Real Estate Closing Costs Be?
Closing costs, which may be incurred by buyers and sellers, are the fees that are incurred and paid at the end of a real estate deal. These costs will depend on the specifics of a given deal. Typically, however, the fees that comprise closing costs can include (and are not limited to):
- Loan fees, like appraisal costs, credit report fees, loan origination fees and underwriting fees
- Title costs, such as title search fees, title insurance fees and notary fees
- Other fees, like inspection costs, courier fees and escrow costs.
The terms of the real estate deal, as defined in the contract, will dictate whether the buy or sell pays these costs or whether the parties may be responsible for their respective closing costs.
Real Estate Closings: How a Lawyer Can Help
The representation of an experienced attorney can be crucial throughout a real estate deal, particularly during the closing process. This is because a lawyer can provide essential oversight and representation, assuring that:
- All necessary administrative work is properly handled and promptly completed.
- Any necessary inspections, surveys, etc. are promptly and properly conducted.
- The contract is fully reviewed to ensure it contains the proper terms and protections.
- There are no unexpected surprises or costs that could comprise your interests.
- The closing process moves forward smoothly and expeditiously.
Contact a Middlesex County Real Estate Lawyer at Mayo Law, P.A.
If you are at any stage in the process of buying or selling a residential or commercial property, contact a Middlesex County real estate lawyer at Mayo Law, P.A. to ensure you have superior representation throughout the transaction.
Call (732) 613-3100 or (888) MAYO-LAW – or email our firm via the contact form on this page – to find out more about our real estate legal services and how we can help you.
Known for our experience and top-notch legal services, the trusted attorneys at Mayo Law have dedicated more than two decades to helping our clients protect their interests and achieve their legal objectives. We look forward to learning more about your situation and assisting you with any type of real estate transaction.
From offices based in East Brunswick, our attorneys provide the highest quality legal services to people through Middlesex County and the state of New Jersey.