Real Estate Closings
If you are a party to a real estate transaction, we have important information you need to know prior to closing. Robinson Law Firm, LLC is a Licensed Title Insurance Company and only employs attorneys and title agents who are licensed. Robinson Law Firm, LLC is ALTA Certified, which means we passed all 7 areas included in an extensive on-site audit and review of our business by the American Land Title Association. The implementation of new real estate laws on October 3, 2015 changed the real estate industry significantly. Our firm has taken measures to make sure these changes are implemented in our office efficently. Below you will find important information and helpful tips as you prepare for your closing. Call us today for more information.
Closings Q & A
1.) Our office can only accept closing funds by Certified Check or Wire. No exceptions. Please call our office should you need wiring instructions.
2.) All Parties signing at closing must produce a VALID Photo ID in order to sign.
3.) All Parties to the closing should arrive at least 10 minutes early to your appointment time. Although we will make every effort to close, due to scheduling conflicts, we cannot guarantee your loan will close that day if you are more than 15 minutes late to your appointment.
4.) Please notify our office immediately if you are a Seller who is acting on behalf of an Estate, LLC, Corporation, or Church. There will be additional information we need from you prior to scheduling the closing.
5.) Please notify our office immediately if you do not plan to attend closing. Our office will need to confirm and approve the manner in which closing documents will be executed.
6.) Please notify our office immediately if you are selling property you owned with your ex-spouse. Our office will need to verify all divorce papers were properly executed and that we close in accordance to the divorce decree.
Q: Do I need a real estate agent?
A: We are huge advocates of real estate agents. A sales contract is the backbone of a closing and it is important you have an experienced individual help you prepare it. A licensed realtor can help you with the sales contract and guide you through the entire process.
Q: Do I need a title search?
A: YES! A buyer can inherit the Seller (or previous owners) title defects/issues if left unresolved. A title search and examination will reveal any title defects and prevent costly litigation down the road.
Q: Do I need Owner's Title Insurance?
A: Yes, we always recommend Owner's title insurance. There's a misconception that if your lender requires title insurance on the loan (Lender's policy), that the Owner is also covered. That is not the truth. In order for the owner of real property to be covered by title insurance, the owner has to purchase a separate title insurance policy. Title insurance premiums are minimal in comparison to the amount of coverage afforded to the insured. Title insurance will step in and protect the landowner from various title defects, such as unsatisfied mortgages, and will even protect against fraudulent conveyances in the chain of title.
Q: Can I deed my property to someone using a fill-in -the-blank form on the internet?
A: No. It is against the law to practice law without a license, and Alabama Law prohibits a nonlawyer from preparing legal documents, such as a deed. Only a practicing real estate attorney should prepare your deed.
Q: Can your office help me if I am listing my house for sale by owner?
A: Yes! We can provide assistance with the sales contract and help guide you through the closing process.
Q: Can I bring my children to our closing?
A: We love children at Robinson Law Firm, but we also know the importance of being able to read and understand the closing documents without distractions. We politely request that young children not accompany you to the closing to ensure everyone has an opportunity to clearly hear and understand the closing documents.