Contract to Closingwith the Law Office of Sam J. Saad III

How a real estate attorney helps YOU efficiently process your closing

851 5th Avenue North, Suite 306

Naples, FL 34102

(239) 963-1635 | Sam@SaadLegal.com

What does a real estate attorney do?

• Manage the contract terms– Inspections, Loan Commitments, Short sales– Extensions– Closing

• Clear the title – Association Estoppel Letters– Utility Liens– Tax Liens – Property and IRS–Mortgages and Lines of Credit

Red Flags that Hold Up Closing

• Divorce or Separation• Bankruptcy• Foreclosure• Recent Marriage of Seller or Buyer• Liens or judgments against property owners• Death of property owners• Easements obtained or given since purchase of

property

Red Flags that Hold Up Closing

• Known encroachments• Sellers or Buyers that will not be present• at closing• Powers of Attorney• Trusts• Probate• Foreign sellers• Guardianship or Incompetence of seller

MAKE LIFE EASYWhat can you do to…

When you take a listing…

• Before you go on the listing appointment:– Prior Deed (may be a link from MLS or Property Appraiser)

• Tells you who you need to deal with• Multiple People on the deed means multiple people on the contract

– Glance at the public Record• Collier Clerk Website – www.collierclerk.com• Ex-spouse? Deceased Party?• LLC Owner• Trust Owner• Somebody signed as “Power of Attorney”

– Pre-fill and Pre-deliver all the listing documents and disclosures

When you take a listing…

• Ask your seller for the following:– Prior Title Policy

• NABOR Contract has $150 penalty if the seller does not have it• Solves a lot of title issues that could delay closing• Even better, get the entire package from the seller’s purchase

– Mortgage Statements• Ask specifically about a second mortgage/Line of Credit

– Association Information• Who do they Pay? Ask for a statement.• Is there a Master and Local Association?• Get the Association docs – three day right of rescission

– Power of Attorney, Death Certificate, Trust Agreement, LLC Operating Agreement

TO CLOSINGFrom contract…

Once the contract is signed…

• DEADLINES – the clock is ticking • Get the CLOSING PACKAGE to the closing attorney ASAP

– All pages of the contract– Power of Attorney, Death Certificate, Trust Agreement, LLC

Operating Agreement– Contact Information for all parties– Prior Title Policy– Mortgage Statements– Association Information– Commission Information– SELLER and BUYER INFORMATION FORM

Once the contract is signed…

• What should your closing package contain:– All pages of the contract

• Even if it’s a standard form, we need to see that no changes have been made and make sure everyone signed the same contract

• Include addendums and amendments

– Prior Title Policy• Will tell your title agent a lot of information to speed up the process• $150 penalty in NABOR contract

– Mortgage Statements• Gives the closing agent contact information for the lender• Does not work as a payoff

– Signed Association Notice• Buyer has a 3 day unwaivable statutory right to cancel for no reason

Once the contract is signed…

• What should your closing package contain:– Association Information

• Name of Association• Contact Person• Contact Information – phone, address and email

– Association Application• Seller should provide to the buyer

– Power of Attorney• New Florida statute that makes this very complicated• The new world of lending makes these virtually useless

– Death Certificates• Must have an original• Out of State – title agent may need to order

Once the contract is signed…

• What should your closing package contain:– Trust Agreement

• We need the complete trust agreement• Shows who has the power to sign

– LLC Operating Agreement• Shows who has the power to sign

– Commission Information• Commission Verification Form signed by both sides• Prefer to get a copy of the listing agreement for the file• Any additional Broker compensation?• Same Day Pay Form

A RELATIONSHIP WITH YOUWe want to build…

What do we need from you?

• Information– Get our team involved early. Every legal issue or

problem can be resolved – with time– Use our Buyer and Seller Information Forms to

identify potential problems early– Learn the Red Flags to avoid the pitfalls

What you should expect from us

• Accuracy– Closings done right and right away

• Information– Regular communication about the progress of the

closing– Early notification of any issues– Lender Follow up– Post-Closing Documentation

Our team offers you…

• Guaranteed lowest closing fee• Same day pay on commissions (with Broker’s ok)• Staff with over 30 years of experience and NO title

claims• Concierge Title Services® for pick up and

delivery of documents, contracts, deposits, commission checks, keys, etc.

• Knowledgeable Attorneys to answer your questions• Always up to date on new regulations

Our team offers you…

• Fully in-house team to minimize complications and logistical issues

• Time saved from running around • Liability reduced from handling original

documents and confidential information• Last minute rushes are handled by our

Concierge Title Service®

For more information visit

www.SaadLegal.com

851 5th Avenue North, Suite 306

Naples, FL 34102

(239) 963-1635 | Sam@SaadLegal.com

Thank you!