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what is the real estate closing process in FloridaWhat is the real estate closing process in Florida

What is the Real Estate Closing Process in Florida?

05 Apr 2021

 

In a real estate transaction, the closing process is perhaps the most crucial step of the entire process. 

 

It is at the closing of the transaction that the seller and the buyer of the property sign the sales contract. In this way, the buyer becomes the new owner of the property, and the seller receives the money stipulated in the property sales price. 

 

In this article, you will discover what the real estate closing process is in Florida. 

 

Closing Process in Florida – The Basic Concept 

 

Also known as a mortgage closing or a settlement, the closing process is the last phase of any real estate transaction. This process typically happens between 4-8 weeks after the parties in a real estate transaction reach an agreement.

 

When the date of the closing finally arrives, both parties are ready to sign the contract that will officially settle the transaction between them. 

 

Once the closing procedure is concluded successfully, the seller will receive the money and the buyer will the keys to the newly acquired property. 

 

Understanding the Real Estate Closing Process in Florida

 

The closing stage of any real estate transaction must be taken very seriously. Sometimes, first-time buyers get somewhat intimidated at this stage, especially due to the amount of paperwork both parties are required to sign. 

 

In this sense, it is crucial to ensure all elements of the transaction are in place before closing occurs. In case one factor is out of place, the whole transaction can be delayed or even canceled, depending on the situation.

 

Who is Involved During the Real Estate Closing Process in Florida?

 

Typically, the people involved in the process include the buyer’s real estate agent, representatives from the title and escrow company (e.g., Marina Title), a person representing the title insurance company, and the attorneys representing both parties. 

 

In case the transaction involves some type of mortgage/financing, it is likely that someone representing the lender will be present at the closing. 

 

It is worth noticing that the buyer and seller do not necessarily need to attend the closing at the same time if they do not want to. However, if both parties want to meet at the closing and sign the papers in the presence of each other, they can do it.

 

Real Estate Closing Process in Florida – A Step-by-Step Overview 

 

  1. Acknowledging the Process and Verifying Information 

As most transactions include a mortgage, the most common initial step is the lender sending the funds to the closing company.

 

These funds go to the buyer after all the necessary paperwork is properly filled and signed. At this point, the buyer and the seller need to submit their government-issued ID to be verified. The purpose here is to ensure that all parties are who they say they are. 

 

Then, a legal expert of the closing company will go through the documentation with the buyer and the seller. Here, all questions will be answered and all specific details will be cleared up before proceeding with the transaction. 

 

  1. Filing and Signing the Paperwork

Once both parties have acknowledged their duties in the transaction, they can sign the required paperwork. Even though this part of the process may seem too demanding, it is utterly necessary to ensure that all documents will be filed accordingly and properly signed. 

 

In case there is a mortgage involved, a loan officer will provide further information and clear up any questions the parties may have about the financing (e.g., loan term, due dates, etc.).

 

Once all the paperwork is properly filled and signed, the documents will proceed to be notarized. 

 

  1. Final Proceedings  

At this stage, the title search must be updated to ensure there no undiscovered or even new title defects. This approach is essential to ensure all the information associated with the mortgage loan is still the same. 

 

It is worth noticing that if any undiscovered information about the title is found here, the closing process will be delayed. 

 

Once this phase is concluded, it is time to distribute the escrow funds. The escrow account will release the content only after the necessary paperwork is signed and all details have been verified. 

 

At the same time, the buyer receives the keys to the property and all parties will receive the appropriate documents. Once it is all done, the closing process is complete. 

 

Real Estate Closing Process in Florida – We Can Make It Easier for You

 

Waste no time with uncertainty. Avoid unexpected issues by working with Marina Title – the best title and escrow company in South Florida.  

Call us today at (305) 901-5628 or email us at Romy@MarinaTitle.com to schedule an initial consultation.

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