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.
