ACS Archives - Attorney's Closing Services

The 5 Keys to Closing a Successful Commercial Real Estate Transaction

March 26, 2017 by PWSAdmin

Commercial real estate closings do not just happen, all of the parties involved and their respective counsel pave the way for a successful closing. At Attorneys’ Closing Services, we help law firms, title companies and businesses confidently handle their commercial real estate closings. When it comes to the close, every detail matters.

Here are 5 important tips to remember when closing a commercial real estate transaction:

Establish a plan. Developing a transaction plan is the first step. The plan must guide contract negotiations and the steps necessary for closing and post-closing. If there are certain zoning requirements, availability of utilities, or the confirmation of structural elements of a building, the plan along with the purchase agreement must address those issues and be included as part of the closing requirements.
Assess the issues. It is important to be prepared for issues that can arise during a commercial closing. Not understanding and resolving these issues timely is one of the greatest causes of transaction failure. “Risk-shifting” techniques can effectively mitigate transaction risks. This can include title insurance with appropriate use of available commercial endorsements. When addressing risk-shifting opportunities, an experienced commercial real estate attorney familiar with available commercial endorsements can often overcome certain title obstacles through creative and effective contract drafting and the assistance of a knowledgeable title underwriter.
Be prepared for third party delays. It is important to recognize that the closing deadlines important to the parties involved in the transaction are oftentimes meaningless to un-related third parties whose participation is vital to the close. These third parties can include government agencies or any vendor who is not a representative of the buyer or seller. An experienced commercial real estate attorney can recognize when a delay is occurring and push for a timely response when necessary. They have developed relationships with reputable vendors and third parties over the years who can expedite the transaction on the table.
Coordinate all closing requirements. New issues often arise towards the end of a closing, oftentimes because of the necessity of relying on independent third parties and having to provide certifications and showings dated in close proximity to closing. As the closing approaches, real estate brokers, commercial real estate counsel, and all necessary representatives of the buyer and seller should remain available and ready to respond to the changing demands and circumstances.
Proactively address potential obstacles. Sounds simple, but creative problem solving in any commercial closing transaction depends on a process that allows you to gather information and resolve issues proactively and predict the ever-changing demands of a commercial closing transaction.

At Attorneys’ Closing Services (ACS), we allow our clients to cut staff time and come to the closing table fully-prepared. When you partner with ACS, you have more than 50 years of combined experience in the fields of law and real estate on your side! ACS assists real estate attorneys and title companies with a variety of timely services that include complete closing document preparation, preparing commitments and policies, ordering products to satisfy title requirements and trust account reconciliation. Working closely with attorneys, title agents and lenders, we deliver professional closing documents of the highest quality – from the initial draft HUD-1 / Closing Disclosure to the final closing package.

Whether your office needs assistance with full or partial closing processing services, ACS is ready to step in at a moment’s notice. We tailor our services to meet each client’s individual needs. While we handle the processing, you can remain the closing agent and collect the premium. We would be honored to work with you on any and all of your real estate closings. Call us today at 407-270-8855 to see how we can help you.

To learn more, visit https://attyclosingservices.com/about-us/.

Tips to Clearing the Most Common Closing Hurdles

March 15, 2017 by PWSAdmin

Anticipating problems before they happen will help your closing stay on track. Having a contract is just the beginning. Between 10 percent and 14 percent of pending real estate transactions do not close. Another 20 percent are delayed, according to a Realtors Confidence Index survey conducted by the National Association of Realtors®.

Setting realistic client expectations and educating your clients about possible issues that can occur at closing are essential- from buyers who may not qualify for a loan to delays with title. Most hurdles that delay or prevent a closing fall into three main categories, which include:

1. Loans & appraisals

2. Titles

3. Home inspections

New lending and closing regulations have resulted in more delays. Having a thorough understanding of the rules and allowing time for compliance will help you get over this hurdle. Changes to the federal Truth in Lending Act and RESPA have slowed down the closing process. The updated HUD-1 form adds a few more hours of document preparation.

Lending rules have also made it harder to close on time if circumstances change late in the deal. Amendments to the Truth in Lending Act require a three-day disclosure period if a borrower decides to change the loan amount or anything else that can change the interest rate.

To prevent delays, avoid last-minute changes whenever possible. If the matter is out of your control, the best thing you can do is help your client have realistic expectations about how long the transaction will take.

Title defects are another major closing hurdle, but one that can be avoided with the proper preplanning. Adding a checklist to the purchase contract can help identify issues that can hinder a title- basically anything that can be tied to the property such as bankruptcies, oil and gas leases, etc. Short sales and bank-owned properties are particularly prone to title issues. HOA fees and unpaid repair costs can have an effect on the title and delay a closing.

If a home inspection uncovers serious issues, the time it takes to negotiate which party pays for repairs and gets estimates, can result in big delays for a closing. Alerting buyers to possible high-cost repairs and suggesting that they factor those potential repair costs into their offer can help minimize post-contract negotiations.

By focusing in on these most common closing hurdles, you can successfully take control of your transactions and master the close!

Attorneys’ Closing Services (ACS) assists everyone from the sole practitioner to fully-staffed offices. We offer full service processing for commercial and residential attorney title agents. Whether your office needs assistance with full or partial closing processing services, ACS stands ready to assist you at a moment’s notice. ACS is owned and operated by Ronald J. Conte and David H. Trevett, practicing attorneys who have more than 50 years of combined experience in the fields of law and real estate. We would be honored to work with you on any and all of your real estate closings. To learn more, click here or call us today at 407-270-8855 to see how we can help you.

Issues that Can Impact a Florida Closing

December 4, 2016 by PWSAdmin

Closings on residential and commercial real estate occur every day in Central Florida. Whether it is a condo being purchased as a retirement home or investment rental; homes being sold to families moving across town or to the State; or a transaction involving a commercial building, some may be experiencing Florida real estate laws at work for the first time.

In this posting we will focus on issues that can impact a Florida closing, including but not limited to environmental issues, cash transactions, updates made to time frames and closing documents.

Environmental Issues. Florida has unique environmental issues. Not only do we have to worry about the threat of hurricanes, but property damage can be caused by mold, sinkholes and other naturally occurring disasters. With these issues, comes State and Federal environmental laws designed to protect real estate, particularly when it comes to residential real estate. Closings in Florida are impacted by several environmental concerns, including requirements to disclose the dangers related to lead paint, asbestos, toxic mold, and/or radon when purchasing a home. The Environmental Protection Agency has an online tool where you can input a location or zip code and learn about the environmental concerns of a particular area. Buying commercial property in Florida also comes with risks, such existing waste contamination that may leave a purchaser liable for cleanup and damages, even if the purchaser did not cause the spill and had no reason to know it existed.

Cash Transactions. You may be surprised by how many homes are purchased in cash here in Florida. It is common that buyers from foreign countries purchase their Florida condo using cash, and do not obtain a mortgage or home loan. Purchasing a home for cash can make a big difference in a Florida closing. In many ways this simplifies the process because there is no lender involvement. However, the absence of a lender means the buyer needs to be more cautious in protecting their interests in the transaction. Lender involvement can help identify potential risks and problems in the deal.

Updates to Florida Closing Forms. The disclosure forms used in a Florida residential real estate closing changed on August 1, 2015. For instance, the HUD-1 Form is no longer used (that is the document that shows all of the costs related to closing the transaction, including the costs and expenses related to obtaining a mortgage). Instead, a new Closing Disclosure (CD) is used (it replaced both the HUD-1 Form and the Truth-in-Lending Disclosure form). New time frames are required by the current law, including a three day deadline for mortgage lenders to provide their home loan closing documents. For more on these requirements, you can view the information provided by the Consumer Financial Protection Bureau.

Closing Table Protocols. Some buyers and sellers may not realize that Florida does not require everyone to sit around the closing table, and sign all of the closing documents at the same time, when the transaction closes. Residential closings can be done in what is called a “mail away.” Closing documents can be sent to either the buyer or the seller via overnight delivery, email attachment, or fax. Funds can be provided via online transfer or by wire.

Attorneys’ Closing Services provides quality, professional, timely and cost-effective documents to clients seeking assistance with real estate transactions. Built on honesty, integrity and attention to detail, ACS is owned and operated by Ron Conte and David Trevett, practicing real estate attorneys who are members of The Florida Bar and its Real Property, Probate and Trust Law Section, and have more than 50 years of combined experience in the fields of law and real estate. When you partner with ACS, you benefit from years of experience and an unmatched team approach. Whether your office needs assistance with full or partial closing processing services, ACS stands ready to assist you at a moment’s notice. We would be honored to work with you on any and all of your real estate closings. To learn more, click here or call us today at 407-270-8855 to see how we can help you.

Key Title Issues that Can Derail a Florida Real Estate Closing

November 3, 2016 by PWSAdmin

In Florida, a legal conflict between the buyer, seller and a third party with a vested interest in the property can quickly derail the closing in a real estate transaction.

These third parties can include contractors who have performed services to improve the property prior to sale and have filed a lien in the public records to ensure they get paid for their work. Until these title issues are resolved, the closing cannot occur due to the seller not being able to convey “marketable title.”

Here are a few examples of common title issues that can arise during a title search prior to closing.

Florida Statute Chapter 695 Record of Conveyances of Real Estate protects people from schemes and silent deals when it comes to the ownership of real estate. For example, let’s say a contractor is in the process of replacing hardwood floors in the home. If the deal closes, whose responsibility is it to pay the contractor? The seller who hired him or the buyer who is enjoying the new floors? In accordance with Florida’s recording law, the title to the home is not marketable if the contractor filed a notice in the public records that he performed the services to improve the property. The contractor in this case has the superior interest, which would likely prevent the real estate transaction from closing.

You might be surprised how often two individuals claim to have deeds or titles to the same piece of real estate. In Florida, we have what is referred to as the “common source of title” legal doctrine. Here, there is a conflict when two parties both claim title to the real estate from a single source. Under the law, the party that can provide evidence of “better” title from that single source will be given legal title to the property.

When a buyer decides to purchase real estate in Florida, and takes title to that real estate knowing that there are prior claims on that property, then the buyer accepts full responsibility to those claims. For example, there may be a covenant within the deed itself that stipulates that the buyer assumes a specific debt against the land as part of the sale and purchase price. That covenant will legally make the buyer liable for that debt. The buyer does not have to sign any document agreeing to “accept the debt as their own,” by simply paying the purchase price and taking the deed, the buyer has accepted responsibility.

ACS is owned and operated by Ronald J. Conte and David H. Trevett, practicing attorneys who have more than 50 years of combined experience in the fields of law and real estate. We would be honored to work with you on any and all of your real estate closings. To learn more, click here or call us today at 407-270-8855 to see how we can help you.

Source:

http://www.abajournal.com/blawg/About_Florida_Law

How ACS Can Help You

October 20, 2016 by PWSAdmin

Selecting the right firm to help with your specialized real estate needs is crucial to making the best real estate decisions for your organization. When you partner with ACS, you benefit from our years of experience and an unmatched team approach.

Additional benefits our clients see from using our services? They get to handle more real estate closings and focus on new business development.

So what are some reasons partnering with Attorneys’ Closing Services (ACS) is the right option for you:

– Down a paralegal;

– Tired of tedious bookkeeping;

– Worried about falling behind;

– Concerned about an unexpected audit;

– Not up-to-date or unsure of the new TRID Rules?

– Using outdated forms?

– No time to order title & lien searches? Surveys? Estoppel letters?

– No time to coordinate closing documents with lender?

– Losing time in assembling and verifying closing packages?

– No time to produce draft closing statements for clients well in advance of closing?

ACS assists everyone from the sole practitioner to fully staffed offices. We tailor our services to meet each client’s individual needs. Whether your office needs assistance with full or partial closing processing services, ACS is ready to step in at a moment’s notice. We offer full-service processing for commercial and residential attorney title agents and charge a flat fee for our services.

While we handle the processing, you can remain the closing agent and collect the premium. We would be honored to work with you on any and all of your real estate closings. Call us today at 407-270-8855 to see how we can help you.