A real estate closing is the last step in paying for your new home. The closing, or settlement, is the point when you and everyone else involved in the mortgage loan transaction signs the official documents. After signing these documents, you as the buyer are responsible for the mortgage loan.
So, what exactly happens on the closing day? Basically, at the closing ownership of a property is transferred from the seller to the buyer. The escrow company disperses the funds, and a new deed is registered in the buyer’s name. The buyer also must submit a check that covers all of the mortgage and title fees that have accrued during the process. At the closing, a final distribution of the funds takes place as follows:
- The sellers get a check for the proceeds they earned from the sale.
- The real estate agents receive a check for their commissions.
- The home buyer provides a cashier’s check to cover all of the closing costs.
On closing day, the home buyer has to sign a lot more paperwork than the seller. The number of times you have to sign may range from 10 to 30 during the closing process. Also, on closing day the buyer or the buyer’s lender provides a check for the amount owed on the purchasing of the property. The seller then signs the deed over to the purchaser, which means that the ownership from the seller to the buyer is now official.
Contact the experts at Florida Abstract & Security Title Corp. when you want to work with an experienced and reputable company for real estate transactions in Port Charlotte, FL.
Welcome to our Blog! Here we plan to have short articles about real estate transactions in Port Charlotte, FL, that are of interest to real estate agents, lenders, attorneys, homebuyers, and building contractors. We offer personalized service to each of our clients, which includes protecting ownership and claims to all kinds of properties. Over the years our experience has shown us the importance of real estate titles. You’d be surprised how often we have had the unfortunate experience of finding out that a seller did not actually have the rights or claims for the property in question.
For nearly three decades the team at Florida Abstract & Security Title Corp. has helped clients through the entire real estate purchasing experience. We specialize in title insurance, mortgage documentation, and closing techniques. Our knowledgeable staff is able to keep you informed about all of the latest industry standards, particularly throughout Florida.
We work with first-time homebuyers and business veterans alike. Our goal is to offer you clear solutions that provide you with the confidence you need to move smoothly through your significant real estate investment. To secure your ownership and financial responsibility in your purchase, work with Florida Abstract & Security Title Corp., a leading title company based in Port Charlotte, FL.