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What To Know About Florida Real Estate Closings

October 14, 2022 by in Blog

When buying or selling real estate in Florida, there are many steps between making or accepting an offer, and move-in day. Reaching the closing stage is one of the most exciting milestones of any real estate transaction. Getting to this milestone means all the paperwork has been finalized, and the property is ready to change hands from the Seller to the Buyer. In this blog post, Lacey Lyons Rezanka Attorneys at Law will discuss what Buyers and Sellers should know about real estate closings in Florida, by covering topics such as; what happens at a closing, who is involved, and what you need to bring. If you are planning on buying or selling real estate in Florida, then be sure to read this post!

Why are real estate closings so important?

Real estate closings are essential to finalizing the sale of any property. Completing the closing means the buyer can move in, and the seller will receive the money from the sale. It is also at closing that any liens or mortgages on the property will be paid off.

What exactly happens during a closing?

During a real estate closing, the seller signs a Warranty Deed, which transfers ownership of the property from the seller to the buyer. The Deed then gets recorded with the County Clerk’s office, making the transfer of ownership official. The buyer also pays any remaining balance of the property’s purchase price and signs any mortgage documents if they are using a Lender. The money paid by the buyer at closing is used to pay off any of the seller’s outstanding mortgages or liens on the property, before the remaining balance is paid to the seller. This clears the property of any liens or encumbrances that could otherwise be transferred to the new owner. 

 

Once all of the paperwork is signed and the money has been exchanged, the real estate closing is complete. The buyer will then be the official owner of the property. While this process may sound straightforward, it is strongly recommended to have a real estate attorney review the closing documents before reaching the closing table, to ensure that the documents and information is correct, and to ensure that all necessary paperwork is executed correctly.

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Who is involved in a real estate closing?

There are typically five parties involved in a real estate closing:

  • The buyer
  • The seller
  • The real estate agents or brokers
  • A title company or attorney
  • Mortgage lenders

real estate closings

What does “clear to close” mean in real estate?

“Clear to close” from a Lender means the final step in the mortgage approval process has been completed. The bank has approved your loan, and you met all the conditions. Once you get the “clear to close,” your lender will work with the title company to solidify your closing date.

How long does a real estate closing take?

The real estate closing process usually takes 30 to 45 days from the time the contract is signed until the buyer takes possession of the keys.

real estate closings

Who is responsible for an accurate real estate closing?

All parties involved in the real estate transaction are responsible for contributing to an accurate closing. If there are errors in the real estate closing, it could delay the process or even void the contract completely. That’s why all parties involved must double-check all documents and information before signing anything.

real estate closings

What should I bring with me to a real estate closing?

As the buyer, you will need to bring the following:

  • Your driver’s license or another form of government issued photo identification

As the seller, you will need to bring the following:

  • The keys, garage door openers and gate access codes to the property
  • Your driver’s license or another form of government issued photo identification
  • Wiring instructions for sales proceeds

real estate closings

Title companies vs. real estate attorneys

Traditionally, title companies have been responsible for real estate closings with limited attorney involvement. However, in many cases, real estate attorneys should be involved, as it is essential to consult with an experienced real estate attorney to protect your interests during the real estate closing process.

real estate closings

What a real estate attorney can do for you

A real estate attorney can help you understand all the documents involved in a real estate closing. They can also represent you during the closing process and make sure that everything is correct. If there are any problems with the closing, having an experienced attorney who is already familiar with the facts of the closing can help expedite the process of resolving any unexpected issues.

Need advice on real estate closings? Contact Lacey Lyons, Attorneys At Law

We formed Lacey Lyons Rezanka with a clear objective: to establish long-term and mutually beneficial relationships through a proven client-centered methodology. We believe in three fundamental principles: trust, excellence, and professional ethics. Our attorneys collectively have many years of legal experience and are knowledgeable in various areas of law. Recognizing the legal field’s flexibility, we feel that staying updated with these changes is critical in meeting our client’s legal demands.

 

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