When purchasing a home in Florida, there is quite a bit to consider before packing your flip flops and swimsuit. Purchasing a new home comes with a lot of planning, and as you approach the finish line and get ready for your closing, there are a few things you’ll need to do.
Knowing what to expect and how to make the home buying process as easy as possible for you and your family is a Grimaldi Law Firm mission. This is a time where you’d like things to go off without a hitch, and we understand that.
So, what should you plan for when getting ready to close on your dream home?
1. Hiring a closing agent
A closing agent is an impartial third party who plays the important role of overseeing the final details of a real estate transaction, like collecting funds, etc. Relying on a title company to help you close on your new home is not the best option. By hiring a real estate attorney as your closing agent, you will get the most bang for your buck. Here’s the thing: While a title company may make sure that the title to your property is clear and be able to offer you title insurance to protect the lender and/or owner, a title company does not represent you. A Real Estate Attorney Closing Agent does all that plus here are a few other things your attorney can do that your title company cannot:
- Answer your legal questions pertaining to your closing.
- Decipher the ‘legalese’ of any documents you are signing.
- Resolve any issues with the title and/or existing contract.
- Give you legal advice as needed.
-Represent you in the event there is a conflict during the process.
-Protect your “Good Faith Deposit” if there is a claim.
2. Making a “good faith deposit”
A deposit made in good faith on your soon-to-be new home shows the seller that you’re serious and ready to business. Once you have made an offer and are under contract for your future home, your good faith deposit is put into an escrow account, where they will be held until closing.
3. Having a title search conducted
Knowledge is power, and a title search on the home of your dreams could uncover some problems you may not want to deal with down the road. This will help you determine whether there are any issues with the title such as liens against the property. If a problem is discovered, not to worry, this usually can be resolved by your real estate attorney before you even know about it. Once the search is complete and any problems are dealt with, the closing agent can then provide you with a title insurance policy to take you the next step.
4. Lender’s and Owner’s Title Insurance Policy
Speaking of title insurance, it’s important to know that there are two types of coverage you’ll need when purchasing your home. There is something called a Lender’s policy, which protects the lender for the amount of the mortgage loan and an Owner’s policy, which covers the homebuyer for the amount of the purchase price. Title insurance is a important took to protect your investment with a one-time premium payment.
5. Receiving a Closing Disclosure
A closing disclosure is you closing statement which includes all your debits, credits, costs and expenses for the purchase. When you are down to the wire and getting ready to close, did you know that by law your lender must provide you with a closing disclosure at least three days prior to closing? If any major changes are made in this period between receiving the closing disclosure and the closing date, a new disclosure must be issued.
6. The last step: Preparing for Closing
You’ve dreamt about it. You’ve stressed over it. You’ve planned and plotted and packed and waited as patiently as possible. And just like that, your closing date is around the corner. Your team of Real Estate professionals have likely been working around the clock to make sure all of your paperwork is in order and has been handled appropriately. Now is the time to make sure you are briefed on what you’ll need to bring to your closing. Most closing agents require a wire for the funds that you will need to bring with you in order to close. Make sure to call the closing agent’s office to ensure that you received the correct wire instructions as wire fraud is unfortunately not an uncommon practice. Additionally, you’ll need to bring your government issued ID so that your signature can be notarized.
Grimaldi Law Firm, a leader in Real Estate Law in Florida, loves to celebrate the home buying process right along with you. We know just how exciting, and challenging, the process can be. Allow us to help you make this, the biggest purchase of your life, a smooth one, by having your back during the real estate process.
At Grimaldi Law Firm, your future is our present.
We can be reached at (954) 491-8707
Special Note: The information on this blog is of a general nature and is not intended to answer any individual’s legal questions. Do not rely on information presented herein to address your individual legal concerns. If you have a legal question about your individual facts and circumstances, you should consult an experienced real estate attorney. Your receipt of information from this website or blog does not create an attorney-client relationship and the legal privileges inherent therein.