Real Estate Closings In Fort Lauderdale & Florida State

Acquiring a home is an exhilarating process. Just think of this: Finding a perfect home within your budget where the seller has affirmed your offer, possibly after some negotiation. What if you discover that you still have an essential step to make before you are handed over the key- the closing process? Usually known as “settlement,” “escrow,” or “completion,” real estate closing is the final step in property acquisition that you need to undertake before you term the whole process a success. Since this step is critical in buying a property, it’s always good to know its basics.  This way, you will be sure of a smooth and effective transaction.

What happens at real estate closing?

When a seller finally accepts an offer given by a home buyer, a purchase agreement is established. Subsequently, a closing date is arranged. At this stage, the property ownership is officially shifted from the seller to the buyer. Afterward, the buyer can move in or make some renovations as their liberty. The title agency, lender, and the agent will work jointly to complete the end of their contract. Possibly, their timeline might differ from the seller and buyer’s agreed-on closing date. That means you don’t need to have a fixed closing date- give it an allowance of a week or two.

So how does a real estate closing work?

Here are the details you should know.

• You will analyze and sign your loan documents. Before signing, be sure to understand the terms outlined in each document. Should you find anything contrary to your expectation or something you don’t agree to, pause. You don’t have to sign until the matter is resolved.
• You give documentation of homeowners insurance as well as inspection where necessary.
• You provide an accredited or cashier’s check to meet the down payment (where applicable), prepaid interest, closing costs, insurance, and taxes. You may also wish to transfer the funds upfront through wire transfer.
• The lender will distribute the funds meeting your property mortgage sum to the closing agent.
• In some cases, you may be required to establish an escrow account to pay for homeowners insurance and taxes plus your monthly mortgage installment.

Both the seller and the buyer will probably be excited when they lastly get to the closing day. Still, some other formalities may cause some upset during the last day. The worst is a delay caused by improper preparation. Make the hay while the sun still shines! Get organized by evaluating the HUD-1 form in advance. Also, do a last walk-through of the property to be sure that the buyer dealt with any matter that arose during the inspection process.

At the closing meeting, expect many people to be involved, such as your real estate closing attorney, the seller, real estate agents of both parties, and representatives of the Title Company and lender. Finally, anticipate signing any legal documents before the property can be legally declared as yours.

During the closing day, organize all your real estate closing papers, the form of payment, and a government-issued photo license. To be sure, you can also carry your checkbook just in case some unanticipated charges come up.

How long does real estate closing take?

Giving you a straightforward answer to this would be my favorite. However, since there are many processes and factors involved in the closing, you could end up taking longer than expected.

Lost documents, hidden fees, and uncertainties from the other party are some of the things that make time estimation taken unclear.

A major challenge notable about homebuyers is the expiry of interest rate lock or loan commitment. Should the rate locked in by a homebuyer expire before the closing, they will get stuck trying to pay a greater interest rate. Worse still, as a homebuyer, you can find yourself struggling to qualify again. Generally, the closing process will take some weeks despite some delays.

Where does a real estate closing take place?

The function will possibly be conducted at the lender’s office, that of the title company, or the real estate closing attorney. For an analysis of your fine print on the paperwork, involve your attorney. This way, the interest rate will be kept at an acceptable value. Also, the attorney will help you to verify that there is no prepayment penalty. You can get your real estate closing attorneys serving Fort Lauderdale and be guaranteed that your closing will be a breakthrough.

Fort Lauderdale Title and Escrow real estate closing

We offer real estate closing and other real estate-related services at Fort Lauderdale Title and Escrow. Gladly, we have been in the field long enough to gather the expertise you need. You can get your real estate closing attorneys serving Fort Lauderdale and be guaranteed that your closing will be a breakthrough.

Why should you choose Fort Lauderdale Title and Escrow? We are attorney-owned and operated so will be no hustle and bustle in the long run. Rather, you will have an upper hand given the legal pieces of advice given by our legal team.