Kentucky Real Estate Law Firm Experienced at Closing Residential Transactions
Louisville Residential Real Estate Lawyer Protects Clients’ Rights and Interests
During a residential real estate transaction, a purchase and sale contract is signed by the buyer and seller, and the initial escrow deposit is made by the buyer. Then, the buyer’s lender (if the transaction is financed), or the buyer’s real estate agent (in the case of a cash transaction), will submit a request for title to the buyer’s attorney.
This initiates the real estate closing process in Kentucky.
Processing Stage
After the closing attorney receives the request for title, the processing stage begins, which includes ordering:
- Tax information that shows the status of current and prior years taxes
- Loan payoff statements
- Surveys
- Homeowner or condominium association estoppel letters showing maintenance fees and any assessments, inspection reports, and certificates evidencing hazard insurance
- Title search report from the title insurance underwriter
- Judgment search report from the lien search company
Title Search
During the title search stage, a thorough search is made of public records in the county where the property is located. Records searched include:
- Deeds
- Mortgages
- Lis pendens
- Judgments
- Easements
- Restrictive covenants
- Liens
- Divorce settlements
After all the documents are located, the title insurance underwriter prepares a title search report that is sent to the closing attorney.
Document Preparation
After any title clouds have been cleared and the parties are ready to close, the closing attorney will prepare all the closing documents, which include:
- Deed
- Bill of Sale
- Affidavits
- Closing statement
The closing attorney will distribute drafts of all the closing documents to all interested parties in advance of closing so that the information can be reviewed, commented on, revised if necessary, and approved in advance of closing.
Closing the Transaction
Once all the closing documents have been approved, a closing date and time will be scheduled. At the closing, the closing attorney will oversee all aspects of the closing of the transaction. The seller signs the deed and other seller documents, the buyer signs the buyer documents as well as the loan documents, and both parties sign the HUD-1 settlement statement.
After the closing, the seller, real estate agents, and attorneys are paid and certain documents are recorded in the county in which the property is located.
Contact an Experienced Kentucky Residential Real Estate Law Firm Today
Louisville Attorneys at [sitename] have provided competent legal advice in Kentucky residential real estate matters for more than a decade. Contact him online or call (502) 426-1700 to schedule your free initial case evaluation today.
