For most, the real estate closing table is a place visited just a few times in a lifetime, and in some cases, visited just once. Because of the level of importance and infrequency, the closing table can be an intimidating place. When you are represented by a trained and experienced professional, your fears can be set aside to enjoy the excitement of home ownership.
I define a real estate closing as the procedure by which the title to the property is transferred from the seller to the purchaser. It is actually a fairly straightforward transfer. This is also where any loan documents are signed and executed by the buyer if financing is involved.
My first tip in enjoying your closing is to know that you are not in control of the schedule, especially when there is buyer financing involved. Generaly speaking, closings occur when they are good and ready, and never before! Only after financing is approved and all of the closing documents have been approved, can a date and time to close the transaction be scheduled.
My second tip is to ask questions which relate to the transaction and/or the closing documents. There is no better time to get clear answers than right there and then!
To complete the closing, the seller signs the deed and other seller documents, the buyer signs the buyer’s documents and the loan documents if financing is invloved, and both parties sign the HUD-1 settlement statement, which documents all of the financial aspects of the entire transaction.
After the closing is completed, funds are dispearsed. The seller, real estate agents, attorneys and other parties to the transaction are paid. And tradionally, keys are handed over to the buyer. Finally, certain documents are recorded with the county. Some time after (about 4-8 weeks), the buyer is sent an official “warranty deed” from the county that the property is located in.
Unfortunately in Florida, we have relatively high closing costs. The real estate sector is a large part of our local economy and supplements much of what our state and cities do not receive by way of income taxes. Your title company and attorney should provide you with estimates that are extremely accurate and closely resemble the actual amounts listed on your final HUD-1 settlement statement.
Call us for general title services, from title searches to complete attorney based closing services. We’re available to discuss your specific transaction and answer any questions you may have regarding our services.
The Law Office of Donna Hearne-Gousse
Royal Palm Beach, FL