Cuevas, Garcia & Torres, P.A.
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Legal representation and your mortgage closing

Buying a house in Miami can be a transaction that changes a person’s life forever. The mortgage closing is the opportunity to make sure it will be a change for the better, and not a burden that will cause financial or emotional hardship later. The final contract that is signed is a legally binding document, and any issues that arise as a result of the terms could result in real estate litigation.

According to the Consumer Financial Protection Bureau, real estate buyers may hire their own attorney to represent them in the case of a dispute, and to assist them in going over all the documents that are included in the closing process. Other people who participate may have their own legal representation, as well. Those involved in the mortgage closing, or settlement, may include the buyer’s lender and title insurance company, the escrow company, the seller and his or her attorney, as well as the real estate agent.

CFPB warns that one document that must be inspected carefully is the closing disclosure. A buyer may believe that the negotiation process is complete at this point. But, there still may be information listed on this final document that differs from the buyer’s expectations. Details about the loan that will be on the disclosure includes the total, the interest rate and the estimated total monthly payment. The lender also should have included information about the escrow account, which adds the homeowner’s insurance and property taxes to the monthly payment. After reviewing the disclosure, anything that makes the buyer uncomfortable should be discussed before signing.

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