Milton Real Estate Closing Attorneys: Secure Your Investment

Legal Guidance for Property Transactions in Sussex County

Buying or selling real property can be a complicated and sometimes frustrating affair for both sellers and buyers. Closing on a house or commercial property can involve many questions, issues, and decisions that must be understood and dealt with throughout the process.

As a buyer, your future home or investment property will likely become your biggest asset, so doing your due diligence is vital. On the other side, sellers are also subject to many obligatory actions and procedures under state laws designed to provide transparency to buyers.

When it comes to real estate settlements, many issues can arise between buyers and sellers. These issues require the experienced help of a legal professional to produce a satisfactory resolution. Our closing attorneys at Adkins Law Firm can help.

What Are Real Estate Settlements?

A real estate settlement, also known as closing, is the final step in a property transaction where the ownership of the property is officially transferred from the seller to the buyer. During this process, all required documents are signed, including the deed, and the buyer pays the agreed-upon purchase price, typically through a combination of financing and personal funds. Any outstanding fees, taxes, or charges are settled, and the necessary documents are recorded with the appropriate government authorities. After the settlement, the buyer receives the keys to the property, and the transaction is considered complete.

What is a Closing Attorney and What Do They Do?

Under real estate law in Delaware, an attorney licensed in Delaware is required to conduct the closing of real property. As real estate attorneys, we play a crucial role in the home-buying process. Our primary responsibilities include ensuring the buyer is granted a clear, marketable title, we serve as the escrow agent, prepare and review the closing documents, and conduct settlement. 

Good Marketable Title

Our office conducts a title search on the property under contract by reviewing public records for any existing mortgages, liens, judgments, restrictions, or easements. We also check the Register of Wills to ensure any probate proceedings were properly handled. At settlement, we provide an owner’s title insurance policy to protect the buyer’s financial investment against any future covered title claims.

Escrow Agent

As the escrow agent for the transaction, our office collects all purchase funds into a separate escrow account regulated by the Delaware Bar. Following settlement, we disburse the funds to the seller, lenders for mortgage payoffs, agent commissions, and other fees owed to parties involved in the settlement process.

Prepare and Review the Closing Documents

Our office prepares a variety of documents for leading up to and during the settlement process. We draft the deed, which the seller will sign at settlement. Afterward, the deed is recorded with the Recorder of Deeds in the applicable county, updating the property records to reflect the buyer as the new owner. Additionally, we prepare settlement sheets that outline all financial transactions, detailing both incoming and outgoing funds. We also handle the preparation of various title documents.

Conduct Settlement

Settlement most often occurs at the attorney’s office. Sellers and Buyers need to bring photo identification and certified funds to closing. During settlement, the attorney will explain all closing documentation, ensuring that all necessary paperwork is signed.