Q: What Is a "Closing"?
What Is a "Closing"?
A real estate "closing" is the process by which ownership or "title" to the property being purchased is transferred from the seller to the buyer. If the buyer is financing the purchase with a mortgage loan, the closing is the time when that loan is finalized. A closing takes place only after the buyer's mortgage lender processes and approves the loan application, the background title search on the property is complete, a survey has been performed, and the title company has confirmed that there are no obstacles to closing the sale.
In Florida, all of the involved parties usually meet at the closing to execute the necessary documentation to transfer title to the property from the seller to the buyer. Closings take place under the direction of title companies like us.
Q: Who Attends the Closing?
Who Attends the Closing?
Generally, a closing is attended by the buyer(s), seller(s), their respective real estate agents, and, in some cases, a loan officer from the buyer's mortgage lender. Anyone who will be in title and who is to sign closing documents must attend the closing in person unless special arrangements are made (see below). For example, if two buyers are married, then both the husband and wife must attend the closing in person. If you are purchasing the property as your homestead and obtaining a mortgage, your spouse must attend and sign the mortgage, even if your spouse is not going to be on the title with you.
Q: What If I Cannot Attend the Closing?
What If I Cannot Attend the Closing?
If you are unable to physically attend closing, you may be able to close by Power of Attorney. A properly executed SPECIFIC POWER OF ATTORNEY granting another party the power to execute closing documents on your behalf is the most commonly used document. In some cases a DURABLE FAMILY POWER OF ATTORNEY will be acceptable. Furthermore, your lender will not allow you to close by Power of Attorney without its prior approval and a through review and approval of the executed form you intend to use.
Thus, please notify us as soon as you realize that you are unable to attend your scheduled closing. We can coordinate the execution of a SPECIFIC POWER OF ATTORNEY for you and assist you in obtaining approval from your lender.
Q: What if no one in my family or in my party can attend closing? Can I close by mail?
What if no one in my family or in my party can attend closing? Can I close by mail?
Title Source USA regularly conducts closing via mail, e-mail and fax, depending upon the circumstances. If you are not financing your purchase, many times we can close your transaction by fax or e-mail with your wiring of funds to our escrow account. If you are financing your transaction, we’ll require the original notarized documents in our possession prior to disbursement. So coordinate with our staff for delivery via overnight courier.
Q: How Do I Determine Whether I Need to Bring Money to the Closing and, If So, How Much I Should Bring?
How Do I Determine Whether I Need to Bring Money to the Closing and, If So, How Much I Should Bring?
Your lender can tell you whether or not you will need to bring money to the closing. Your good faith estimate is a good starting point and your lender may have more specific information as your closing approaches.
If you do have to bring money to closing, you will have to bring certified funds, either a cashier's check or wired funds from your bank (see Buyers' Closing Checklist below).
Many times we can tell you a fair pre-estimate of what to bring to closing once your lender transmits their final closing instructions to us. Generally, we can do this between 12 to 4 hours before your closing, depending upon when we receive the lender’s closing instructions. Either you, your mortgage broker or loan officer, or your real estate agent can contact us for the figure. (Please note, sometimes numbers are adjusted or can change at closing. If you bring a little more than you ultimately need, it will be refunded at closing.
If you prefer to obtain your funds more in advance - before we can tell you the amount, then we recommend that you bring certified funds in the amount stated on your Good Faith Estimate (see the "cash from borrower" line on the statement). At closing, if you bring more than is actually required, we will refund the excess difference. If you bring less than is due at closing, then you write a personal check for the difference.)
Q: To Whom Do I Have My Cashier's Check Made?
To Whom Do I Have My Cashier's Check Made?
Please have your cashier's check made out to Title Source USA Escrow Account. For all cashier’s checks originated Out-of-State, you’ll need to furnish Title Source USA will contact details for the bank branch where the check was issued for verification.
Q: How Do I Have Funds Wired To You?
How Do I Have Funds Wired To You?
Please visit our wiring instructions page or inquire with our personnel and we’ll be glad to furnish them to your bank. Go to wiring instructions