Florida Real Estate Closings Don’t End At The Closing Table

Posted By on October 31, 2017

Real estate closings in Florida can be complicated and overwhelming to some sellers and buyers. With all of the effort that goes into buying a home, including reviewing the contract and addendum, negotiations, inspections, the loan application process, and the actual closing, it is important to know what to expect when the day comes to close the deal.  The closing itself has more than one part.  The time sitting at the closing table is just one of them.

Here are 5 tasks involved with a real estate closing that most buyers and sellers are familiar with:

  1. The mortgage lender sends their loan documents to the closing agent along with their closing instructions
  2. The closing agent gathers the documentation from both the buyer and the seller, including the Deed, Affidavits and a Bill of Sale and ensures they are all signed and notarized.
  3. The closing agent ensures that the funds are disbursed to the seller, real estate agents, insurance companies, inspection company, surveyor, and the lender.
  4. The closing agent will explain the documents being signed, and every charge on the disclosure form before any money is transferred and the transaction closes.
  5. Once the transaction closes, the closing agent will then send the Deed and Mortgage to recording in the Public records for the county in which the property is located.

Once the closing agent performs all of the preceding tasks, there’s still more to do after the closing, including issuing the title insurance policies.  Issuing the title insurance policies is often a forgotten element of a closing because to some, it’s a perfunctory task.  However, it should not be seen that way.  After all, these are policies of insurance.  They insure that title to your real estate is marketable, meaning that the property is clear of defects that could impact the title and the value of the land.

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