One of the benefits of working with a title insurance company when closing on your new South Florida property is it handles all the steps to make it legally yours. There are many steps involved to complete this process, so many homebuyers rely on these agencies to manage all the details. 

Before you start house shopping, it’s always a wise idea to understand how the closing process works when working with a title company. This article breaks it all down into ten simplified steps.

A Simplified Look at the Closing Process 

At All Florida Title Company, our attorney-led agency provides all the necessary services to ensure that your closing experience goes as smoothly as possible with the following ten steps: 

1.  Generating the Title Order

When you agree to buy a home or property, this creates a title order. Essentially, this is the point when a review of the chain of title to your property gets conducted. Everything from inspections to liens and other related reports gets generated, reviewed, and then sent out to your processor. 

2.  Opening Escrow

Another step your title agency will handle as part of closing on your new residence is opening an escrow account to hold your deposit and real estate contract. Doing this protects both parties involved and ensures compliance with the terms of your purchase agreement.

3.  Home Inspection

One of the most important steps you need to take before closing on a property is getting a home inspection. While this is optional, we strongly encourage you to check the property for any major defects. If you don’t, any undisclosed problems that arise later will be your responsibility. Full-service title companies like All Florida Title Company can handle this for you.

4.  Appraisal 

Your lender will require an appraisal to determine the value of the home you’re buying and that the loan amount you need is appropriate. Depending on the title company you hired, they may be able to refer you to an appraisal service provider. This report will include several important details about the property, including:

  • Sales information
  • Neighborhood
  • Condition of the home
  • Impacts on the value

5.  Title Insurance

After all of the necessary appraisals, inspections, and research on the property are complete, the title company will compile this information and review it all for any transaction risks. Also known as title clouds, these are issues that would interfere with completing the closing process. If everything comes back free and clear of these issues, the agency’s title underwriter will submit a title binder (commitment to insure) to the lender. 

6.  Closing the Title Search Process

With the insurance underwritten, your title company agent will send out all the necessary documentation to the buyer, seller, realtors, and lender. Under Florida law, this must be made available in advance of the closing date. As the purchaser, you can expect to receive the following if applicable to the circumstances of your transaction:

  • Promissory note 
  • Mortgage and loan documentation
  • Title Insurance Policy
  • Closing disclosure and/or loan statement
  • Additional documents related to purchasing the property
  • Documentation with personal identification information

The seller should receive: 

  • Bill of Sale
  • Power of Attorney 
  • Warranty Deed
  • Related documents that clear the title for sale

7.  Confirming Closing Date Information

After all the paperwork has been sent out for the parties’ to review, your title agent will contact everyone involved to set up the closing details. 

8.  Sealing the Deal

Depending on the circumstances of your sale, your title agent may be present when finalizing the deal on the closing date. Then, you, the seller, and your representatives will sign the paperwork and complete the transfer of ownership. 

9.  Publicly Recording the Sale

All signed transfer documents will get registered in the county where your new property is located. Typically, this is public information, and once complete, the title is officially transferred and in your name. Again, your title company should handle this step on your behalf.

10.  Storing Your Purchase Documentation

At All Florida Title Company, we provide secure electronic storage of your real estate purchase documentation on an encrypted server so you can access this information at your convenience. 

Trust the All Florida Title Company with Your Closing Needs

Whether you are a buyer, seller, or realtor in South Florida, All Florida Title Company provides all the services necessary to complete your real estate closing process. As an attorney-owned agency, you also get peace of mind knowing we can handle any issues that might arise during the title process. Please contact us today to discuss your title needs. Our team looks forward to assisting you.