What is a Real Estate Closing?
If you have heard the term real estate closing and are wondering what it means, the answer is actually quite simple – a real estate closing is the last step in a real estate transaction. In other words, it is the last thing a homebuyer will do before getting the keys to his or her new home. At this point, both the buyer and the seller are ready to sign the paperwork that officially closes the real estate transaction, as long as everything is in order. However, while the closing process is the last step, it is the most important one and should be handled with great care.
Generally, real estate professionals take the closing process very seriously, which can be intimidating to first-time real estate buyers and even experienced ones. If a single element of a real estate closing is out of place, it can delay the transaction for days or even weeks. That is why hiring a title company to handle your real estate closing is crucial.
The Real Estate Closing Process – Step by Step
The following are the things that generally take place at a real estate closing to give you an idea of how important this part of the home buying process is:
- Step 1:
The buyer’s lender sends the funds to the title company that is handling the transaction. The funds then go directly to the buyer upon signing and filing all of the necessary paperwork. - Step 2:
The identity of every individual present at the closing is verified through Government-issued ID’s to ensure all parties are who they say they are. - Step 3:
A representative of the title company that is handling the transaction goes over the documentation with the buyer and the seller and answers any questions the parties may have about the transaction. - Step 4:
All parties sign the required paperwork. This process is often long and repetitive, as many real estate closing documents are very similar. However, every single document is important and necessary, so the parties must be sure to take their time to review them and sign them. - Step 5:
All documents are then notarized. If you hire a title company to handle your real estate closing, a representative will be present at the closing to take care of everything and help with whatever you need – from walking you through the documents to notarizing and filing them. This is one of the many reasons why hiring a title company to handle your real estate closing is crucial, especially if they offer a full range of services, like Marina Title, which minimizes the number of parties involved and, therefore, simplifies the closing process. - Step 6:
The title company handling the real estate closing updates the title search to ensure that there are no new or previously undetected title defects and that all of the information pertaining to the loan has remained the same. This step is critical, as any previously undetected title defects will delay the closing process. - Step 7:
Your full-service title company records the deed and the mortgage so you do not have to worry about it. - Step 8:
Just before closing is complete, your title company distributes the escrow funds, hands you the keys to your new home, and records all the required documents.
Title and Escrow Services in Florida
At Marina Title, our main priority is to provide every single one of our clients with high-level real estate closing services. No matter how big or small the property you intend to buy is or how complex the transaction may seem, Marina Title can handle it and take you on a smooth ride towards a memorable real estate closing.
Are you ready to close on your new home? Contact the real estate professionals at Marina Title today and let us show you why we do not hesitate to say that our real estate services are the best in Florida. Call us today at (305) 901-5628 or fill out the form here on our website.
