7 Steps to Your Residential Real Estate Closing

7 Steps to Your Residential Real Estate Closing

When you hire a Title Company to handle your residential real estate closing, the process will involve taking certain necessary steps to make the home you have decided to buy legally yours.

The Marina Title Real Estate Closing Process
When you choose Marina Title to handle your real estate closing, our real estate lawyers will guide you through a thoroughly designed process, which includes the following 7 steps:

Step 1 – The Buyer and the Seller Sign a Real Estate Agreement
When the seller and the buyer reach an agreement, both parties will need to sign a real estate contract in order to begin the closing process. Before closing on any property, it is important to complete preliminary research on both the property and the area where it is located so you, the buyer, can place a fair offer for the home. This is where the help of an experienced real estate agent can be extremely valuable.

Step 2 – The Transaction Funds and the Real Estate Contract Are Submitted to Marina Title
We will open an escrow account to hold the funds necessary to complete the transaction as well as the real estate contract between the parties until the closing process is completed. This is done to protect both the buyer and the seller.

Step 3 – A Property Inspection is Conducted
An inspection of the home is an optional step during the closing process; however, getting it done is a smart move. If you discover any serious issues with the property during the inspection, you will be able to back out of the deal or negotiate with the seller to have any necessary repairs made to the home in case the real estate agreement has a clause that allows this.

Step 4 – Marina Title Conducts a Title Search and Resolves Title Issues
Having a comprehensive title search completed and obtaining a title insurance policy will give you the assurance that no one will be able to make a claim to the property after you have closed on it. A title agent from Marina Title will clarify any issues with the title to make sure no one will contest your ownership of the property once you purchase it.
In some cases, your title agent could find defects in the title to the property you intend to buy. If any problems of this kind arise during the title search, Marina Title will properly resolve them before the transaction is closed.

Step 5 – We Coordinate the Real Estate Closing
After completion of the title search and once all title issues are resolved, your closing coordinator from Marina Title will finalize the closing process, which involves preparing all closing documents required by Florida law for signing, including:

• Owner’s Title Insurance Policy
• Lender’s Title Insurance Policy (if applicable)
• Power of Attorney (if applicable)
• Personal identification documents
• Closing Disclosure
• ALTA Settlement Statement
• Bill of Sale
• Warranty Deed

Upon consultation with the buyer, seller, and their real estate agents, the closing coordinator will schedule the date, time, and location for the signing of the final real estate closing documents.

Step 6 – The Parties Meet for Signing
The buyer and the seller will meet at the designated location, on the scheduled date, at the agreed-upon time to sign the documents necessary to officially transfer ownership of the property from the seller to the buyer. In some cases, Marina Title is able to handle this process via the Internet, if necessary.

Step 7 – The Closing Documents are Recorded Publicly and Stored Electronically
Once signed, all real estate closing documents will be recorded in the public records in the county where the property is located. This step completes the final transfer of the title from the seller to the new owner.
Additionally, we will store all vital documents electronically on our secure server. This will ensure you can have access to them any time you need them. Of course, this is done with your written permission.

Choose Marina Title for your Real Estate Closing
When you choose Marina Title for your real estate closing, you can be sure that our experienced title professionals will walk you through each of these steps while making sure you understand exactly what is happening and why at any given moment.
For more information about our services, please give us a call at (305) 901-5628 or send us an email to [email protected] to schedule an initial consultation with one of our title experts.