Real Estate Closings
Steve Greenberg and Natalie Coldiron represent Buyers and Sellers in all aspects of real estate transactions – from contract to closing.
As an agent of several of the largest title insurance underwriters in the United States, Mr. Greenberg and Ms. Coldiron are able to obtain for Buyers of real estate a title insurance policy protecting Buyers from numerous types of title defects. Examples of title defects include forgeries, defective deeds, unsatisfied mortgages and judgments, misfiled documents, lost heirs, etc. The premium for title insurance is set by Florida Statute and there is a one-time premium for the title insurance policy paid at closing.
Purchase of Short Sale or Bank Owned Property
In Sarasota, Manatee and Charlotte Counties, the party paying for title insurance in connection with a real estate transaction is negotiable. It is customary though that the buyer selects the closing agent and pays for the title insurance, title search fee, and the Settlement Fee. However, in sales of short sale and bank owned properties, the seller usually pays these charges. The good news for the buyer is that the buyer is not having to pay these charges; the bad news for the buyer is that the buyer has no legal representation in the closing. Mr. Greenberg and Ms. Coldiron represent buyers of short sale and bank owned properties on a fixed fee basis for an amount usually much less than the fees that the buyer would have paid if the buyer were paying for the title insurance, title search, fee and Settlement Fee.
Legal representation of a buyer of a short sale or bank owned property is just as important, perhaps even more important, than a “regular” sale since there are matters specific to these types of transactions which require the experience of an attorney specializing in real estate transactions.
The real estate contract specifies the rights and obligations of the parties regarding the purchase and sale of real property. While there are a few standardized contract forms typically used for residential real estate transactions, the proper completion of the contract documents as well as the drafting of effective addenda to the contract require the skill and care of a professional with specialized knowledge. Mr. Greenberg and Ms. Coldiron have the experience necessary to protect and advance the interests of the Buyer or Seller by preparing a contract specific to their needs. When a contract has been prepared by a Realtor, contract review is provided at no additional cost to the Buyer or Seller–it is part of the closing transaction.
Refinance of Mortgage / New Mortgage
Steve Greenberg and Natalie Coldiron represent property owners in transactions involving the borrowing of money from a lender secured by a mortgage. A thorough explanation of the loan documents is provided to the borrower so that there is a clear understanding of all of the terms of the loan. Borrowers have the right to choose the closing agent when obtaining a loan. If Mr. Greenberg or Ms. Coldiron are chosen to handle a refinance, be assured that he will provide legal representation and his real estate staff will provide the care during the process for the same charges typically charged by title companies.
Title to real estate is conveyed by a deed. The importance of a properly prepared deed is significant, especially when putting title into a Trust or other entity. Mr. Greenberg and Ms. Coldiron draft deeds to property, typically as part of a real estate closing, but sometimes, upon the direction of the property owner’s counsel, for reasons associated with their estate planning.
Mr. Greenberg and Ms. Coldiron represent lenders in loans secured by a real estate mortgage. This is especially important for Seller’s who will take back a mortgage (act as the lender) associated with the sale of a property and for Buyer’s who are obtaining private financing for a real estate purchase. The drafting of a proper note and mortgage should protect the lender in many respects. Mr. Greenberg and Ms. Coldiron have the legal knowledge and experience to assist in a mortgage loan transaction.
A lease agreement involves important rights and obligations of the landlord and tenant. There is no standard lease agreement and accordingly, the lease agreement needs to be tailored to meet the specific understandings of the parties. Mr. Greenberg and Ms. Coldiron have drafted hundreds of leases and assists landlords or tenants in the drafting of leases.
Lease / Purchase Agreements
A lease/purchase is a delayed closing with the Buyer leasing the property until the closing. There are many important legal issues to be addressed in a lease/purchase agreement. Mr. Greenberg and Ms. Coldiron represent Buyers or Sellers in lease/purchase transactions advancing the legal interest of the client as both the lease and the contract are prepared simultaneously at the onset of the agreement.
Lease / Option Agreement
A lease/option agreement allows the tenant to lease the property and have the option to purchase the property at a future date upon pre-determined terms and conditions. A skillful attorney will identify and properly address the legal issues involved in both the lease and option components of a lease/option arrangement. Mr. Greenberg or Ms. Coldiron will draft the lease/option agreement utilizing their legal expertise that will address these issues to effectively represent the Buyer or Seller in a lease/option agreement.