Transactions & Title Insurance
Real Estate Transactions and Title Insurance in Vero Beach
Lulich & Attorneys help clients manage real estate transactions, closings, and title insurance in Vero Beach. Our team knows how to navigate the real estate transactions process and works with both buyers and sellers to protect their rights and ensure they get what they deserve out of this process. As a result, we could help your purchase or sale go more smoothly.
Reach out to Lulich & Attorneys today to learn more about how our real estate lawyers help clients buy and sell property in Vero Beach and greater Indian River County. We can discuss your situation, goals, and how our team can help you protect your rights throughout this process. Then, let us go to work for you.
Understanding Title Insurance in Vero Beach, Florida Real Estate Transactions
Lulich & Attorneys is a law firm and attorney led title company that provides title insurance for our clients. Whether you are a buyer or seller, you can have peace of mind knowing you have a title company and a legal professional reviewing your title documents to manage your transaction.
Our real estate lawyers can offer services unavailable at most title companies, including helping you understand why you need title insurance and its importance in protecting your purchase and preventing legal claims against you after selling your property.
Sellers generally provide title insurance to buyers to cover the cost of their investment. This insurance policy protects the money the buyer spends in the event of any potential legal claim to the property by a party who is not the buyer or seller. While this is a rare scenario, it can happen. Therefore, you should ensure your purchase has this type of protection as a buyer.
Who Needs Title Insurance
Our team encourages every buyer we represent to purchase sufficient title insurance for their property. For pre-built homes and other property, the seller often provides this policy as one of the agreements in the sales contract.
If you intend to build a new home on the purchased property, you may want to upgrade your policy to ensure it covers both the cost of your new construction and the property’s value. You could also lose your new home if someone else has a valid property claim.
If we represent you, we can ensure you have enough title insurance. If you already closed on your property and started building, our team can review your records and determine your coverage. We can advise you on investing in this coverage and even provide you with a quote.
Situations Where Title Insurance Claims May Prove Necessary
Unfortunately, not all real estate sales come with clear titles. Even if they appear clear during the transaction, an issue that jeopardizes your claim to the property can occur later.
Title companies must look for any claims, liens, or other adverse interests before issuing a title, but this process does not always uncover hidden issues. In some cases, title companies simply fail to do their job correctly.
Title companies should investigate any property thoroughly, looking for issues such as:
- Clerical errors in deeds
- Incorrect or improper descriptions or other information
- Forgeries or misrepresentations on official documents
- Problems stemming from an estate, such as missing heirs
- False ownership claims from neighbors or third parties
- Deeds or other documents signed by someone with a cognitive disability
- Undisclosed liens from contractors who did work on the home
- Claims based on unpaid taxes, utilities, HOA fees, or other expenses
- Other issues that could affect the home’s ownership and title
When our real estate attorneys represent a seller, we can help them manage some of these problems and issue a clear title once we have the lien release, remove an heir from the title, or otherwise correct the paperwork. If we uncover issues while representing a buyer, we can contact the appropriate parties to insist they address the concern. We will not issue a title and move forward with the purchase until we resolve the problem.
Title insurance pays out when a property owner discovers these issues after closing on their real estate purchase.
Our Real Estate Attorneys Help Our Clients Negotiate Terms of Their Contract
When representing buyers or sellers, our lawyers understand what is important and how to protect the client’s rights. This often includes negotiating numerous clauses as a part of the sale agreement. Our team can help you with common, standard clauses and unique needs based on your circumstances and go over the sales contract review.
Our Vero Beach real estate lawyers can go over the agreement and any requests made by the other party line-by-line, ensuring you understand each one. We review these documents to ensure they do not expose our clients to any unreasonable risks, legally or financially. Some standard terms that we may add or the other party could request include:
Allowing a Home Inspection Before Closing
It only makes sense to protect the buyer from the possibility of any undisclosed issues with the foundation, roof, structure, electrical wiring, plumbing, or other parts of the property by allowing them to bring in a certified home inspector to look for problems. It also limits their ability to come back later and file a legal claim accusing the seller of not mentioning specific issues.
How the Seller Will Handle Repairs
If the home inspector or another party discovers concerns with the property during the transaction, some form of agreement should determine how the seller will handle it.
Possible outcomes could include:
- They sell the house “as is,” usually at a lower price.
- They make the repairs before the sale.
- They cover the cost of the repairs as a line item on the settlement statement.
Handling Contingency Offers
Often, the seller is also a buyer and vice versa. We often handle cases where we help clients sell their homes and purchase new ones. Timing this process can prove challenging. For this reason, many people make contingency offers. They bid to buy a home contingent on the sale of their property or approval of a mortgage.
We need to put a plan in place for how this will work and the rules surrounding it. For example, we may need to say the seller has the right to cancel the transaction if the buyer does not receive mortgage approval within 60 days or another set term.
Options to Cancel the Sale if We Discover Title Concerns
As a title company, our team works to ensure no outstanding claims against the home exist before we issue a title. However, sometimes another party mishandles this process, or undisclosed issues pop up. For example, if another party has a financial or legal claim to the property, we need to ensure our client can back out of the sale if we cannot resolve the issue quickly.
If this issue occurs after the sale, you need sufficient title insurance, so we encourage our clients to purchase it.
You Could Take Advantage of a Digital Closing in Your Real Estate Transaction
In 2019, the Florida State Legislature passed House Bill 409. This new remote online notarization bill under Florida Statutes law makes it much easier to sell your home or purchase property in Florida, even if you live in another state.
Under this law:
- Notaries can verify signatures remotely.
- You can sign digitally for real estate transactions.
- We can process digital closings on real estate transactions.
Before this law passed, all closings we handled were traditional. We all met around a conference table, and both the buyer and the seller signed numerous documents. These documents outlined the sale, deed transfer, mortgage terms, and more. Every signer and co-signer needed to be present.
For some, this required making a special trip to Vero Beach, coming to town out of season, or flying in co-signers from a different part of the country. People often had to take the day off work, and the process could take hours.
The process can prove easier and faster today, thanks to digital closing. Handling all paperwork and signatures digitally offers greater efficiency. We can manage a real estate closing in a few minutes, even if the parties are thousands of miles apart. While we can still hold traditional closings, a digital closing offers many benefits.
- You do not have to take off work or travel for closing.
- You can save money on flights, hotels, and other expenses.
- There are fewer opportunities for human error to mar a digital closing and require additional attention.
Whether you opt for a digital or a traditional closing, our attorneys can help you understand everything you need to sign and what each document means. With digital closings, you have more time to review the documents individually and ask questions if you have them. You do not feel rushed, and you won’t feel pressured by others sitting in the room waiting on you to read page upon page of legal paperwork.
Our Real Estate Lawyers Handle Closing for Our Vero Beach Clients
When the time comes for our Vero Beach real estate transaction clients to close on the sale of the property, we handle all tasks associated with the closing process. Closing requires several parties having everything they need to approve the transaction and signing the paperwork to finalize it.
- The loan application and estimate
- Mortgage note
- Closing disclosures
- Title documents
- Settlement statement
Our real estate lawyers make sure everyone properly signs these documents. We also take the time to review all the necessary documents with our clients and explain their obligations. This may include closing costs, which our attorney calculates and reviews with our clients. The closing costs calculator at the bottom of this page can give you a general idea, but numerous other factors are involved in some transactions.
Before our clients go to closing—in-person or digitally—we discuss what to expect. We want to ensure our clients feel comfortable and have the answers to their questions before we move forward with the transaction. If necessary, we can also handle any last-minute issues.
Reviewing the Settlement Statement
The settlement statement, sometimes known as a home settlement, details the money exchanged in a real estate transaction. This includes a line-item account of what happened during negotiations and as a result of your contract. Both buyers and sellers should review this statement closely.
When you work with our team, we can explain the settlement statement to you and detail what each line means. We believe you should understand this document thoroughly, as it shows what you paid in total as a buyer or the net proceeds you will receive as a seller.
The list generally begins with the agreed-on sales price for the property. Then it lists several credits and debits and who bears responsibility for each. Ultimately, it totals your financial responsibility or the money you will receive.
The entries on this statement commonly include:
- Any money for necessary repairs to the property
- Property taxes due to date
- Outstanding Utility bills due to date
- The premium for title insurance
- Any real estate agent’s fees
- Any contributed closing costs
- Transfer Tax and Recording Fees
- Other fees
Handling All Post-Closing Tasks
After the buyer and seller sign the paperwork, their job concludes. However, our team must complete several more steps.
Generally, title companies record the mortgage and the deed. However, our firm can handle this task.
In addition, we ensure that the Indian River County Clerk receives the proper paperwork and all documents to record the sale accurately.
Contact Our Team to Learn About Our Real Estate Transaction and Title Services
Lulich & Attorneys supports buyers and sellers in real estate transactions and provides options for title insurance in Vero Beach.
Our Vero Beach real estate lawyers provide the necessary protection for everyone when closing on a home. If you hire us to help with your purchase or sale, we can advocate on your behalf, provide guidance and advice, and ensure the process goes smoothly.
Closing Costs Calculator
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