There are a whole lot of moving parts in a Fort Myers Real Estate Closing, so here at Title Junction we recommend using a local real estate agent and local mortgage lender so we can all work as a team to facilitate a smooth closing.
The closing process can be a bit nerve-wracking even for a seasoned homebuyer or seller, but fear not, our Title Junction team has your back! Sit back, Title Junction is handling your real estate closing!
1. Choosing a Closing Agent
Picking a closing agent is an important decision in the process! As the seller in the transaction, where you close is 100% up to you! Here at Title Junction we have two real estate title closers to make sure that your real estate closing is smooth sailing. If you are working with a real estate agent they might offer to place a title order with a closing agent as soon as your sales contract is accepted. Remember, it is your choice, so choose Title Junction!
Why is the closing agent in the transaction important? What does the closer actually do? Well that is a loaded question and we won’t bog you down with the particulars. Basically the closer will oversee and facilitate the home closing process and make sure the timing is right for all of the moving parts that make up the process. The closer is like your own personal circus ring master; it is their job to make sure there are no unnecessary delays in your real estate closing.
2. Draw Up a Contract
First, a contract is drafted, which your real estate agent reviews for completeness and accuracy. The agent will also advise of how to put your deposit into an escrow account, where the funds will remain until closing. Generally the closing agent will hold all monies for closing!
Most sellers and buyers believe that the contract comes first, but you will need to know where your contract will close, so do your research on your closing agent first!
3. Title & Lien Search Is Conducted
Once the contract is received our Title Junction team will do a title & lien search of the public records and municipalities. This will identify any issues with the title such as liens against the property, utility easements, judgements and such. All items discovered will then be processed and make sure the person selling the property actually owns it. This is one of the most important steps of the closing process.
4. Know About Title Insurance
Unlike other insurance policies, title insurance is purchased with only ONE PAYMENT.
There are two kinds of title insurance policies (coverage): a Lender’s policy, which covers the lender for the amount of the mortgage loan; and an Owner’s policy, which covers the buyer for the value of the property.
As a buyer, if you are obtaining a loan, the bank or lender will require that you purchase a Lender’s policy. However, it only protects the lender.
Hint: If it’s good enough for the lender to require title insurance it’s good enough for you as the buyer to require Owner’s title insurance for yourself. Protect your property rights.
5. The Closing
Once the title process has been completed and closing documents have been prepared and approved, Title Junction’s team will arrange a closing time for you to visit our office.
Our well-trained closing team, which consists of a Notary Public, will assist in signing all necessary documents. All of our closing staff work closely with one another from start to finish for your closing.
One of Title Junction’s licensed title agents will be available in the event any questions arise during your closing; simply ask the staff and we will be happy to facilitate.
6. Post Closing
After all documents are signed and filed in the county records, Title Junction’s excellent post-closing specialist will put together copies of all signed and recorded documents.
You will also receive a letter from our office with your title policy shortly after the closing.
At Title Junction we care about helping you stay informed throughout your real estate transaction. Have questions? Give us a call at 239.415.6574.
In case you missed it, check out our last Title Junction post: What Do I Bring To Closing?