Your title insurance company will be responsible for the facilitation and execution of your contract. The role of a title company is to ensure the integrity of a real estate transaction by confirming the legal status of the property, the satisfaction of all terms of the contract, and to remit funds to the proper party at the appropriate time based on the agreed upon terms.
Before you head to your real estate closing, we’ve broken down three elements of the closing you should be aware of so that you can arrive prepared and confident.
What can I do to close on my home as fast as possible?
Perhaps the most important element of a real estate closing for most consumers is how quickly they can complete the purchase of their new property. Understandably many Florida home buyers are eager to start their next chapter in paradise as quickly as possible. To expedite your closing, the speedy and transparent disclosure of important information to your title insurance company and lender is key. This vital information can be the difference between days of delays in data collection and review and the quick processing of your file.
If any of the following applies to you, we as your title company will be interested in knowing about your situation to help move your closing along as quickly as possible. Please contact us immediately if you have experienced:
- Death of Buyer or Seller
- Existing Contract or Deed
- Foreign Sellers
- Guardianship or Incompetence of Seller
- Liens or Judgments against Property Owners
- Marital Separation
- Marriage (of Buyer or Seller)
- Power of Attorney
- Property Easements (new)
- Property Owners’ Death
- Shared driveways
These special circumstances can cause frustrating delays if not promptly disclosed as all of the items mentioned above impact how we proceed to your real estate closing in Florida.
What should I bring to my real estate closing?
Your closing begins three (3) days prior to the date that you will sign your documents. This three-day period is part of the Consumer Financial Protection Bureau’s (CFPB) 3 Day Closing Disclosure rule. At this point in your transaction, you will receive a document from our office which outlines the details and final costs associated with your Florida real estate transaction. Review this document thoroughly as it is a finalized review of the details of your closing. If you have any questions after receiving your Closing Disclosure, please contact our office and we are happy to provide you with the clarification you desire.
On closing day, you will want to bring with you a valid government issued photo ID. A driver’s license, state issued ID, or passport will satisfy the requirement to properly identify you the day of your closing.
Beyond your ID, we only ask that you come excited and relaxed as our team of experienced escrow officers and real estate attorneys will be your guide through the remainder of the process. Our team will guide you document by document explaining its purpose, answering any questions, and facilitating the signing of your documents to ensure your real estate closing happens with the integrity it deserves.
You may also wish to note:
- Lenders may allow seller to pay buyer’s “prepaid items.” If so, make sure these items have been addressed prior to closing.
- Lenders seldom allow credits on closing statements to appear as a lump sum for closing costs or credit for repairs. Make sure these items are listed separately.
- Do not assume that your lender has approved special considerations such as leasebacks. Check with the lender regarding special or unusual contract conditions and get approval for any and all of them in writing.
- Realtor commissions or third-party items to be paid at time of closing require lender approval and should be noted accordingly.
What kind of documentation should I expect from my real estate closing and how will I keep a record of them?
Upon the successful execution of your real estate closing you will be the proud owner of new property in the State of Florida. After your closing, our office will handle the recording of your deed with the proper government offices to legally document your right to ownership of your new property. Confirmation and your complete closing package will be delivered to you electronically. Our office takes great care to ensure the security of your information during transit and uses the industry’s best-in-class solutions for encrypting your information in transit. Once you have received your copy of the documentation we recommend that you store these documents in a safe place. A USB drive in your fireproof safe is a great way to securely store your closing documents offline where they can be referenced at your convenience.
A real estate closing is a complex and sometimes frustrating affair. It is our role to demystify and provide clarity to the real estate closing process. We hope that you will find yourself in the possession of a shiny set of keys to your brand new property feeling confident in the processes that made that moment possible.