A Look Into Real Estate Closing Procedure
The real estate sector can be quite challenging especially to those who are not well versed about it. When it comes to closing a real estate sale, here is a look at the process involved:
- Submission of title order – The buyer’s lender (if the transaction is being financed) or the buyer's real estate agent (if the transaction is a cash transaction) will submit a request for title to the closing attorney chosen by the buyer to start the process.
- Processing the file – This includes ordering tax information that shows the status of current and prior years taxes, loan payoff statements, surveys, homeowner or condominium association estoppel letters showing maintenance fees and any assessments, inspection reports, and certificates evidencing hazard insurance.
- Title search – A thorough search is made of the public records in the county in Florida where the real property is located.
- Title examination – The closing attorney will examine all of the documents found during the title search that affect the title to the property in order to determine the current status of title and whether any title clouds exist which need to be cleared prior to closing.