How to Close on a Home with a Title Company in Florida
Learn the step-by-step process of closing on your new home in Florida with the expert assistance of Location Title & Escrow LLC. From contract to keys, we've got you covered.
Step 1: Secure a Purchase Agreement
Once your offer on a home is accepted, you'll have a legally binding purchase agreement. This document outlines the terms of the sale, including price, contingencies, and closing date. Your real estate agent will typically guide you through this.
Step 2: Choose a Title Company & Open Escrow
Select a reputable title company like Location Title & Escrow LLC. Provide them with your purchase agreement. They will open an escrow account to securely hold funds and documents related to the transaction. Consider our expert residential title services for a seamless experience.
Step 3: Title Search and Examination
The title company will conduct a thorough search of public records to verify the seller's legal ownership and uncover any liens, encumbrances, or defects on the property's title. This is crucial for ensuring you receive a clear title.
Step 4: Obtain Title Insurance
Based on the title search, you'll obtain title insurance. An owner's title insurance policy protects you (the buyer) against unforeseen title problems that might arise after closing, with premium rates promulgated by the Florida Office of Insurance Regulation (OIR). A lender's policy protects the mortgage lender.
Step 5: Satisfy Contingencies & Secure Financing
Work with your lender to finalize your mortgage. Address any contingencies in your purchase agreement, such as home inspections, appraisals, and obtaining loan approval.
Step 6: Review Closing Disclosure (CD)
At least three business days before closing, you'll receive a Closing Disclosure from your lender. This document details all final loan terms and closing costs. Review it carefully and compare it to your Loan Estimate.
Step 7: The Closing Appointment
On closing day, you'll sign various legal documents, including the mortgage, promissory note, and deed. This can happen in person at the title company's office or remotely via Remote Online Notarization (RON) if offered. Be prepared to pay your down payment and closing costs. Location Title & Escrow LLC will facilitate this process.
Step 8: Funding and Recording
After all documents are signed, the lender funds the loan. The title company disburses funds to the seller and other parties, and records the new deed and mortgage with the county. Congratulations, you now own your new Florida home!
Ready to Start Your Closing Process?
Location Title & Escrow LLC is here to ensure a smooth and secure closing for your Florida property. Explore our Residential Title Services or contact us today for a free quote.
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