Buying or selling property, transferring title? The law offices of Vassallo, Bilotta, Friedman & Davis are able to assist you with your real estate needs.
Real Estate Closings
We assist buyers and sellers in their purchase or sale of real estate or real property. Real property includes land and any structure that is permanently attached to the land and those rights that run with the land. In order to transfer the property a deed must be properly executed and a real-estate closing is held to effectively transfer the property. The closing may take place in our West Palm Beach or Stuart office or by mail.
As a title agent, we review the purchase and sale agreement, order the title commitment and survey, and issue the final policy. If requested or required, we prepare all necessary closing documents. Closing documents may include buyer and seller closing affidavits, bill of sale, non-foreign certification, closing statement or HUD, warranty deed, mortgage, promissory note, owners’ policy, mortgagee policy, and any riders that may be necessary. Title insurance is written through Attorneys’ Title Fund Services and Old Republic Title Insurance Company. The cost or premium for title insurance is based on the purchase and sale amount of the property and charged at the promulgated rate.
In order to complete a real estate transaction, the parties must execute a Warranty Deed, Special Warranty Deeds, or Quitclaim Deed. These deeds are written instruments that convey or transfer real property. The warranty deed or quitclaim deed legally transfer real property from grantor/seller/transferor to the grantee/buyer/transferee. To have an effective legal transfer of real estate, a deed must be signed by the grantor, witnessed by two independent witnesses and notarized. Warranty deeds and quitclaim deeds both transfer real property. However, a warranty deed and quitclaim deed offer different promises or protection to the buyer. In all cases, the warranty deed and quitclaim deed must contain the full legal description of the property and parcel identification number.
Warranty Deed – The warranty deed protects the buyer by guaranteeing that the property is free and clear of any liens and is not subject to any claims by third parties. The warranty deed is prepared and signed by the grantor/seller/transferor and given to the grantee/buyer/transferee. By executing a warranty deed, the grantor, the one who is transferring, selling or conveying the property is promising that the real property has clear title and is free and clear of any and all liens or encumbrances. Transferring the property using a warranty deed ensures the property’s validity of title is insured by the grantor. Title insurance on the warranty deed is highly recommended. If a claim arises after the property has been transferred and the closing has taken place, the seller/grantor/transferor, is legally responsible for indemnifying the buyer/grantee/transferee from any damages and curing the defect. Title insurance on warranty deeds protect the property owner from any third party claims on the property.
Quitclaim Deeds – When transferring real property via a quitclaim deed, the transferor is making no warranties that the property is free from any liens or encumbrances. Therefore, quitclaim deeds are typically used in non-traditional purchases or transfers or real-estate. Quitclaim deeds are commonly used to convey real property between family members, former spouses, business partners, by will, as a gift, or by a third party who is legally responsible for the property. They are also typically used when boundaries are uncertain and the purchaser is willing to take the risk that the property is encumbered and does not want to request a survey. The quitclaim deed transfers only the interest the grantor has in the property, whether or not the property is encumbered, and provides no assurances that the property has clean title.