Florida Real Estate Closing Procedures

Florida real estate closing procedures are similar in the majority of other states in many respects, though in Florida the Buyer has the opportunity to allow the title company to handle the closing with no representation to you or to hire your own attorney.

Florida Real Estate Closing Procedures

The Home Buyer’s Offer to Purchase Contract

The majority of residential sales contracts are written by real estate agents using standard forms provided by the Florida Association of Realtors exclusively or in conjunction with the Florida BAR Association. Home buyers sometimes ask their attorneys to draft offers for them.

Prepare the offer

Your Exclusive Buyer Agent should provide you with a comparative market analysis on the property or properties of your choice in order to assist you in making an informed decision. Your Realtor will go through the contract with you and complete your offer.

Your Exclusive Buyer Agent will obtain the Seller’s Disclosure and any Condo or Homeowner’s Association documentation requiring Buyer review and approval.

Negotiations will proceed until both buyer and seller agree on all terms and sign. All documents will be sent to the Title Company or closing attorney where a file will be opened, and title commitment and property tax information ordered.

Make your loan application

Give your loan officer a copy of the contract and apply for the loan within the stated period contractually agreed to.

Inspect the property

Select an inspector and arrange for both a general inspection and wood-destroying insect inspection. Your Realtor also can provide information about other environmental assessments such as Radon, mold inspection, sea-wall inspections, lead based paint, etc.

Appraisal and survey of property

The lender and Title Company will make arrangements for the property appraisal and survey. The Buyer will be provided a copy of the Title Commitment Letter and will make arrangements for homeowner’s (hazard) insurance, and arrange for the insurance agent to talk with the closing officer at the title company or closing attorney’s office.

Seller’s closing is also arranged

Buyer and Buyer’s agent  receives a copy of the closing statement for review prior to closing.

Buyer and Buyer’s agent does a final walk-through inspection of the property.

The Buyer’s agent arranges a closing date and time with the buyer and title company or closing attorney. The Seller’s closing is also arranged.Buyer brings a cashiers check or wires funds for all closing costs and the balance of the down payment.

After the closing

Documents are sent to the buyer’s loan company for approval and funds are disbursed. The title company or closing attorney receives and funds all money from the loan company. Payment of any accrued expenses in connection with the closing are due including taxes, attorney’s fees,professional real estate fees and title company fees.

Legal documents will be recorded in the office of the county clerk and mailed or emailed to the buyer.

Title Company prepares and issues the title policy, and sends it to the Loan Company and new homeowner.

To ensure a smooth Real Estate Closing  make sure to retain an Exclusive Buyer Agent.