Residential Real Estate/Loan Closings
In residential home sales and refinancing transactions, there is a lot that needs to happen in order and on time to ensure a straightforward closing. Errors in documentation, missing documentation and other issues can lead to delays, cause unnecessary stress and undermine buyers’ and sellers’ confidence in the settlement process.
At Clear Title, we are committed to making the closing process as simple and painless as possible. When you choose to work with our title agents and other closing professionals, you can rest assured knowing that we are putting more than a century’s worth of residential real estate closing experience to work for you. We provide efficient, professional closing services, and we handle every step of the process with the same attention to detail and personal touch.
What Is Involved in the Closing Process?
Here is a general overview of what you can expect during a typical residential home closing in Northwest Florida:
- Delivery of the Purchase Agreement - Once the buyer and seller both sign the purchase agreement, it gets sent to the closing company along with the buyer’s earnest money deposit (if any). This starts the closing process. The closing company then makes contact with the appropriate parties to begin assembling the necessary documentation. At Clear Title, we handle escrow of buyers’ earnest money deposits in-house.
- Title Search and Title Insurance - Early in the process, the buyer or lender typically chooses to order a title search. The buyer will also generally need to obtain title insurance, both for itself and the lender. In Florida, the party responsible for covering the cost of title insurance varies by county.
- Document Preparation and Review - Once the closing company collects all of the necessary information, it will prepare the documents needed for closing. This includes the loan agreement, mortgage pay-off documents, deed, government forms and any other paperwork needed to fully and finally transfer ownership of the property.
- Closing Day - Long awaited, closing day finally comes. The buyer, seller and their real estate agents will meet with the closing agents assigned to their transaction. The closing agent will walk the buyer and seller through all of the required signatures; and, once everything has been signed, the buyer will get the keys to the property.
- Post-Closing Finalization - While the buyers’ and sellers’ work is generally done when they leave the closing table, the closing company’s work is not. After the closing is finished, the closing company will release the escrowed funds, make all necessary recordings and filings, deliver the necessary paperwork to the lenders and title insurance companies, and complete the other steps necessary to finalize the sale.
You have the right to choose your own closing company, and your choice of closing companies matters. Learn more about the benefits of choosing Clear Title.
Contact Clear Title to Discuss Your Needs Today
With offices in downtown Pensacola, Pace and Pine Forest, Clear Title provides professional residential real estate closing services throughout the Florida Panhandle. If you are looking for a professional closing company with a long track record of successful, error-free closings, we invite you to get in touch. To speak with one of our professionals about your closing in Northwest Florida, inquire online or call Pace office (850) 994-3838, Pine Forest office (850) 202-8518 or downtown Pensacola office (850) 378-8765 today.