Miami Property Lawyers Review and Explain closing disclosure Forms

Skillful South Florida attorneys analyze transaction documents

Completing a real estate transaction can be a complicated, stressful process whether you’re closing on a new home or investment property. To make things simpler for residential buyers, the lengthy, confusing HUD-1 settlement statement was replaced by the closing disclosure form in 2015. Though this document is easier for laypeople to read, the information and figures still present a challenge, particularly if differences exist between the closing disclosure and what was in the loan estimate provided by your financial institution. At Norma Echarte & Associates in Miami, we help clients throughout South Florida and from around the world protect their rights by analyzing their closing disclosure materials and resolving any discrepancies that present themselves.

Dedicated lawyers help home buyers avoid and resolve payment problems

The five-page closing disclosure document should provide a thorough overview of the real estate transaction that you’re planning to complete. Though the information might not seem new, there probably will be no changes after closing, so it’s crucial to review:

• Accuracy of information — Basic errors on a contract, deed or loan agreement could have serious consequences later. We’ll make sure that your personal information is accurately recorded and that adjustments for items such as needed repairs are set forth clearly.
• Payment schedule and closing costs — From a quick look at the first page, you should be sure that you will be billed according to the terms provided to you in the loan estimate. There are also sections that address the escrow costs that will be used to pay for taxes and insurance as well as closing costs. The bottom of the page details how much you will need to pay at closing.
• Balloon payments — Some borrowers have been misled into mortgages that have extremely high balloon payments at some point. The closing disclosure clearly states if a balloon payment is part of the loan term and, if so, how much must be paid.
• Estimated taxes — In the excitement that surrounds a real estate purchase, it can be easy to overlook the amount of property taxes you’ll have to pay. Unlike your loan principal, these amounts are likely to increase over time, so it’s important to consider this figure during your decision-making process.
• Penalty for partial and late payments — Though home buyers intend to make full mortgage payments on schedule, a medical crisis, home repair or job loss could threaten their ability to fulfill their monthly obligation at some point. The fourth page of the closing disclosure explains what penalties exist for partial and late payments.

Our firm takes the time to review information on the closing disclosure to guard against harmful errors and confirm that you understand what each item means for you now and in the future.

Contact a thorough Miami closing disclosure form attorney regarding your real estate transaction

Norma Echarte & Associates counsels clients about closing disclosure documents and all other aspects of South Florida real estate transactions. Please call 305-501-2844 or contact us online to make an appointment for a meeting at our office on Brickell Avenue in Miami.