Real Estate Closings
We represent buyers and sellers in real estate closings of all types, to include commercial real estate, refinances, home equity lines of credit (HELOC), and Small Business Association (SBA) loans.
Whether you are a first-time home buyer or seasoned real estate investor, the attorneys at Farrell Law, LLC have the experience to ensure a smooth closing process.
Frequently Asked Questions (FAQs)
What are closing costs?
Closing costs are the costs to close in addition to the purchase price or loan. These costs include the fees charged to the borrower by their lender, attorney’s fees and costs, title search fee, and title insurance policy premiums.
What is Title Insurance?
Title insurance may help protect you from title issues related to real property. For example, if there is a fraudulent deed in the chain of title, then the closing attorney and title agent would have no way of knowing when reviewing the title abstract.
Although owner’s title insurance is optional, we highly recommend it as title issues can arise from time to time. The premium for an owner’s title insurance policy is a one-time fee paid at closing, and it is effective as long as that individual owns the property…whether 1 year or 30 years. The cost of title insurance is state regulated and is determined by the purchase price of the home. There are other benefits to purchasing an owner’s title insurance policy. If an owner decides to refinance a mortgage on the property, then the owner will receive a reissue credit on the lender’s title insurance policy, thereby reducing that cost. There are exceptions to the reissue credit, which your closing attorney/title agent can explain.
When procuring a loan to purchase, refinance, or otherwise mortgage a property, a lender usually requires a borrower to purchase a lender’s title insurance policy at closing. The premium for a lender’s title insurance policy is also state regulated and is determined by the loan amount.
Do you handle SBA Loans?
Yes! An SBA loan can be helpful for business owners looking for alternative funding to acquire property, such as office or warehouse space for their business. Because the loan is guaranteed by the SBA, the closing process can be complex as there are certain requirements that must be met in order for the SBA to guarantee the loan. We work closely with the lender’s attorney and the SBA’s attorney to ensure a smooth closing process.
Business Formation
A solid corporate structure may protect your assets in the event of an insurance claim or lawsuit. We can help you create or make changes to your business structure, including dissolution.
Frequently Asked Questions (FAQs)
How does LLC formation protect my assets?
An individual who is buying investment property should consider setting up an LLC to hold title to the property. The LLC helps protect the individual’s personal assets. If all assets are held in the same name, all of those assets are exposed in the event of a claim or lawsuit, regardless of the location of the incident giving rise to the claim or lawsuit. Assuming the individual does not treat the LLC as an extension of their personal assets, this may add a layer of protection for their personal assets and property. Of course, one needs to consult with their CPA to make sure this benefits them from a tax standpoint, and also consult with an attorney to make sure they understand the limitations and exceptions of this manner in holding title to real property.
Real Property Litigation
The attorneys at Farrell Law, LLC are experienced in real property litigation, to include foreclosures, property line disputes, easements, and quiet title actions.
John W. Farrell, Esq.
Owner and Managing Attorney
John W. Farrell graduated from Limestone College with a degree in Business Administration. In 2006, John graduated cum laude from Michigan State University College of Law. While attending Michigan State, John was a member of the International Law Society and the American Inns of Court. Later, John interned with the 54-B District Court in East Lansing, Michigan and received the Jurisprudence Achievement Award in Landlord / Tenant Law.
John currently resides on James Island with his wife and children.
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