What to Do Before Closing on a Property

Before closing on a propertyWhen purchasing a home or office space, there are many factors to consider before closing on a property. Once you have found a property that you think you want to purchase, you want to make sure that you do your research before the closing.

Before you make an offer on the property, it may be a good idea to hire a Florida real estate closing attorney to perform a title search on the property, but at the very least, a title search should be performed before closing on the property.

Additionally, you want to make sure of the following before closing on a property:

–          A proper title search was conducted and the property is now free of all liens and encumbrances. If a proper title search is not performed, then you may end up in a horror story situation where the previous owner’s debts become yours.
–          A home inspection was performed on the property. Don’t put this off to the last minute.
–          Verify, or have your closing attorney verify, that all utility bills are up to date including electric, water, etc.
–          Determine if flood insurance will be required, as flood insurance rates are expected to increase by 25 percent.

Don’t wait until the last minute to have these items completed. You should contact a Florida real estate closing attorney at least three weeks before the date of your closing if you are currently in Florida, and more than a month before if you are overseas, in order for the closing to be performed correctly.

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