Real Estate Closings
Real Estate Closings in 4 Steps
4 Easy Steps for Real Estate Closings
A home purchase is a significant investment milestone but it can also be quite daunting. To fulfill all that is required of you as the buyer, it is important to understand the various steps involved in the process. If you feel that the level of involvement is beyond what you can handle, involve an attorney who is experienced in Real Estate Closings.
By the time you are thinking of closing on a real estate property, it means that you already found property that fits your needs and approached a mortgage lender for a pre-approval. Most people prefer to work with an Attorney-Owned Florida Title Company because it means that there will not be a need to involve any other professionals.
Upon the identification of a suitable property, a sales contract that has been signed by both the seller and the buyer is presented to a closing agent accompanied by a deposit check. A Florida title company usually comprises of a closing agent, escrow agent, and real estate attorneys if it is attorney-owned and operated like Marina Title.
- 1. Title Search and Examination
Real estate closings begin with opening a file for the respective property and the initial processing entails ordering of tax information, survey, loan payoffs, inspection reports, title insurance, maintenance fees, and title search. Conducting a title search is the most certain way of ensuring that the home is not legally entitled to another individual by virtue of existing divorce settlements, mortgages, wills, and liens. All documents found during the search must be scrutinized to establish the real owners of the property and the amount of debt owed against the house. The only way a closing can commence is if the defects are corrected or none is found.
- 2. Document Preparation and/or Request to Produce
After the title search report has been sent out to all interested parties, the Florida Title Company then goes over the requirements and instructions of the lenders and other parties that have an interest in the transaction. It is the role of the title company to compute the charges, prepare all the documents required for Real Estate Closings and then create a closing schedule. The homeowner at this stage is supposed to receive the following documents; closing disclosure detailing the mortgage loan, mortgage note with terms of the loans for buyers use, mortgage or deed of trust that secures the lender’s interest and the certificate of occupancy which outlines the legal right of the buyer to move into the property.
- 3. Inspect the Home
The home buyer is allowed to inspect the house they are about to buy at least twice during the entire closing process. A basic home inspection is aimed at checking through the facilities in the home against the buyer’s preferences. Homeowners who are aware of what to look for in a home they want to purchase can do the initial inspection by them, otherwise, an independent certified home inspector should be engaged.
There should be another inspection visit preferably a few days to the closing whose aim is to confirm that the conditions described in the sales contract are accurate. This visit is also done to assess any damage that has taken place since the date of the last inspection. If the buyer finds that the terms of the sales contract are significantly different from the actual situation, they are allowed to change their mind or order an escrow payment to cater for repairs.
- 4. Settlement or Closing the Transaction
Real estate closings re presided over by an escrow agent, settlement agent or attorney from a Florida title company. Signing off rights to the house begins by the seller signing the deed and affidavit for the closing. The buyer then signs the mortgage and newly drafted note that clears the old loan owed to the seller. All the parties to the closing are then paid their dues. Other parties not present at the closing but have entitlement in the transaction are paid after the closing.
If you are planning a closing, you will have peace of mind engaging with Marina Title Company. They will walk with you up to the stage where the title support documents are recorded in the local county office in the county where the property stands. The last step and which is handled by the Florida Title Company is preparation of the title insurance policies that are meant to protect the buyer and new lender will also be handled.
Call us at (305) 901-5628 or email us at Info@MarinaTitle.com.
