What happens during the closing process?
Once a contract is final it is sent to your title company. The title company will then start your file and order the title search (also known as a title commitment). This can take anywhere from 2-5 days. Once the search is complete the title agent will review to see what needs to be completed to bring your file to close. The title company will work with the seller to clear any liens or assessments that are needed. They will also work and communicate with the buyer if there is a loan in process. Once all the to-do list items are completed, the title company will then prepare documents and schedule all parties for the signing.
What is a title commitment?
A title commitment (also known as a title search) is the title company’s promise to issue a title insurance policy after closing. It discloses to all parties of the transaction any liens or defects that effect the property. The title commitment contains all the same conditions, terms and exclusions that will be in the actual title insurance policy issued.

There are multiple parts of the title commitment;
Schedule A – this states the facts surrounding the transaction, such as the owners’ of title, the purchaser’s, the sales price, the loan amount, and the legal description of property.
Schedule B-I – this is basically a to-do list for the title company, showing all the satisfactions and requirements that must be met in order to get to the closing table.
Schedule B-II – these are the exceptions, or items that will not be covered in the final policy issued.

Do I need title insurance?

Absolutely! Title insurance is a way to protect what is likely your largest investment. An Owner’s Policy provides peace of mind that your title company will stand behind you if a covered title issue or defect arises after closing.

When you buy Florida real estate — a house, condo, land or commercial property — you buy everything that comes with it, including the history of the property. When a seller transfers ownership to a buyer, the seller needs to safeguard that the buyer is getting the property free of encumbrances and liens. Title insurance agents perform title searches, which will reveal problems that the buyer will need to be made aware of. A title search can show a number of title defects, liens, encumbrances and restrictions, which include but are not limited to unpaid taxes, unsatisfied mortgages, and judgments against the seller. However, even with the most careful of due diligence mistakes are made or situations will arise that are unknown. The same is said for the lender who will take an interest in the property when a borrower obtains a loan. Having title insurance can potentially help you to avoid a financial nightmare later on. And if it’s required by a lender, you should also seriously consider that you might need it!

What is the difference between owner’s title insurance and lender’s title insurance?
There are two types of title insurance. One type of policy covers the lender – called a Loan Policy or Lender’s Title Insurance. The other policy type covers the owner – called an Owner’s Policy or Owner’s Title Insurance.

The Lender’s Policy is a separate policy, protecting the lender’s interest in the property up to the outstanding balance of the borrower’s mortgage. The lender requires that the borrower (buyer) purchase a Title Insurance Policy on behalf of the lender. The loan policy protects the lender against loss due to unknown title defects. This policy protects only the lender’s interest; it does not protect the borrower.

The Owner’s Policy protects against loss due to unknown title defects as well as coverage for certain matters such as theft of identity and forgery. Owner’s coverage provides legal defense and compensation for any liability or loss that may arise.

How much does title insurance cost?
Florida title insurance premiums are a one-time fee based on the sales/purchase price of the property, unlike other insurance premiums, which must be paid annually. The rates for title insurance in Florida are set by the Office of Insurance Regulation and have not increased since 1999.

Looking to get a quick quote on a closing? Please visit our Net Sheet page.

What type of payment is required for closing?
Wire transfer of funds is required for any monies due over $1,000.00. We cannot accept ACH credits. An actual wire transfer must be sent. We accept certified, treasurer’s or bank checks up to $1,000, but they MUST be payable to TITLE JUNCTION. (Personal checks are accepted for funds due up to $1,000 for earnest money deposits only.)

All checks including certified, treasurer’s or bank checks MUST BE PAYABLE to TITLE JUNCTION. We will not accept checks payable to the borrower/buyer (even if the bank that issues the check tries to tell you otherwise). Any excess funds presented at closing, will be refunded to you. Title Junction will issue a check back to you for the difference.


What do I need to bring to closing?
You will be required to have a valid photo ID – preferably state issued such as a driver’s license or passport. You will also need to decide if you will want a business check for the closing proceeds or a wire. If you request a wire, you will need to bring instructions from your bank. (Sometimes a voided check, as it shows the account number and seller name.) You will also want to discuss transferring the keys with your real estate agent.
How long will my closing take?
There are only a handful of documents–you should plan on 20-30 minutes for signing.
What happens after closing?

Once signing and funding have taken place you will receive a fully executed settlement statement and deed. You will receive your closing proceeds either by business check or wire, based on your choice. You will need to turn off all of your utilities and cancel any services you have on the property.


What do I need to bring to closing?
We will require a valid photo ID if you close cash, and two forms of ID if you obtain a loan. One should be a valid photo ID such as a driver’s license or passport and the other should be a Social Security card. You will be required to wire your closing funds 24 hours in advance to be ready for your big day! No cash, cashier’s checks or personal checks are accepted EVER for closing day.
How long will my closing take?
If you are closing on a loan it’s best to plan for 60-90 minutes to complete signing and funding. If you are closing cash, it will be a quick close—usually 10 minutes.
What happens after closing?

Once signing and funding have taken place you will receive fully executed copies of the settlement statement, deed and any other closing documents you may have signed. You will need to turn on all of your utilities and start services on the property. About 8-10 weeks after closing you will receive your owner’s title policy in the mail and your original recorded deed.

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