How we protect you – We possess the knowledge and experience it takes to keep you protected and informed throughout the course of your real estate transaction. Here are just a few examples of how we watch out for your best interests:
- Not all title insurance policies are the same. We automatically remove the standard exceptions when there is a survey and other affidavits signed at closing.
- Many properties have restrictive covenants in place from homeowners associations, condominiums, or plats. We can review the relevant documents and advise you if any covenants might potentially impair your plans for the property.
- The budgets & capital reserves of a homeowners or condominium association should be reviewed in conjunction with the physical state of the property. Are there adequate funds available to cover unexpected expenses? We’ll make sure you know whether or not the association has enough money to cover unexpected expenses.
- The purchase contract should be reviewed to ensure that all language is clear as to the rights and duties of both the buyer and seller. If it is, the transaction will go more smoothly and the deal will be completed with ease.
What all should be included in a contract between a buyer and a seller?
What is a Sale and Purchase Agreement (SPA)? – A Sale and Purchase Agreement (SPA) is a legally binding contract outlining the agreed upon conditions of the buyer and seller of a property (e.g., a corporation). It is the main legal document in any sale process. Source: LawDepot.com Essentially, the sale and purchase agreement spells out all the details of the transaction so that both parties share the same understanding. Among the terms typically included in the agreement are the purchase price, the closing date, the amount of earnest money that the buyer must submit as a deposit, and the list of items that are and are not included in the sale.
Who does a closing agent represent in Florida?
Home – Real Estate – Duties of a Real Estate Closing Agent A closing agent is responsible to perform numerous functions prior to and during the real estate closing, including:
Ordering title work; Ordering the HOA or Condo Estoppels (seller usually takes care of this task) Ordering a survey; Ordering a Lien Search (and a building and zoning check if requested by the buyer); Assisting in obtaining required insurance (homeowners & wind); Communicating with the mortgage broker; Communicating with the lender; Issuing the title commitment; Preparing the closing disclosure; Completing the loan closing package; Requesting from the Seller a loan Payoff Statement; Conducting the closing; Disbursing the closing funds; Sending the signed mortgage documents to the lender for a funding number and/or disbursement approval; Recording the documents; Forwarding recorded documents to the parties and lender; Issuing and sending title insurance policies to lender and buyer; and Preparing and filing Form 1099, if applicable.
The attorney for either the buyer or seller may act as the “closing agent” to close a Florida real estate transaction. The contract should always set forth which party shall select and pay for these services. In most instances, it is best to have an attorney close a real estate transaction especially when it does not cost any more than using a title company, because of the added advantage of having legal representation on stand-by should those services be needed.
What is a closing agent Florida?
Is Escrow Agent the Same as Closing Agent? | Clear Title | Escrow Agent Pensacola When you are buying a new home, there are many details that need to be managed throughout the process. Sometimes you will need multiple people/companies to help you with different aspects of the purchase.
For this blog we will be focusing on escrow agents and closing agents. An escrow agent is a neutral third-party that is responsible for protecting your earnest money – the funds you invest to show the seller that you are truly interested in purchasing the property. The escrow agent will manage these funds for you as the closing process is completed.
The escrow agent must act on behalf of the best interests of both parties: the buyer and the seller. A closing agent is another neutral third-party that manages the entire process of homebuying on your behalf. The closing agent will handle such details as:
Title searches (identify any liens, judgements, check ownership, etc.)Title insurance (for protection against legal claims made on the property)Tax benefit assistance (1031 Exchanges)Paperwork completionLoan closingsTransfer and file the deedEscrow instructions (coordinating the release of earnest money)
The closing agent may also act as your escrow agent. Some title companies offer both services under one umbrella to make the process more seamless. Clear Title, a title company in Pensacola, Florida, offers escrow services – even if you do not choose to close with them.
However, if you want to simplify the closing process and reduce the number of third parties involved, Clear Title offers a full range of services: real estate/loan closings, title searches, title insurance quotes, escrow services and 1031 Exchanges. Clear Title is led by Board Certified Real Estate Attorney Stephen R.
Moorhead. The team has 100s of years of combined experience with title services. The bottom line: an escrow agent is not technically the same as a closing agent – but they can be the same person/company! Just make sure you choose a reputable company to handle this very large investment on your behalf.
Who chooses closing agent in Florida?
In a real estate transaction, who chooses the closing agent? – Lewis, Longman & Walker, P.A. Video Transcript It depends on where you are. In some counties, for instance Pinellas County, it’s customary for the seller to choose the closing agent. Whereas, right next door in Manatee County and Sarasota County, the buyer may choose the closing agent.
- Under the law, really it’s up to the parties to decide.
- It’s a completely negotiable term.
- Each party or each side has an interest in choosing the closing agent.
- For the seller, they’re the ones that have to provide clear title at the seller’s table.
- They want to work closely with that closing agent to understand what do they need to do in order to provide that clear title.
The buyer on the other hand, they want to make sure that there’s no defects down the road. They may want to be in close contact with the closing agent to make sure that all of the issues that come up are in fact clear. But, with the power to choose the closing agent comes the responsibility to pay for certain costs.
What’s the relationship between the loan estimate and the closing disclosure?
What’s the difference between a loan estimate and closing disclosure? – A Loan Estimate is a document given to you by your lender after you’ve applied for a mortgage. The Loan Estimate details all of the estimated costs and fees associated with your particular loan. Your Estimate includes three main sections: loan terms, payment schedule, and closing costs.
Loan terms : The loan terms section will cover information about the amount of your mortgage, interest rate, and the monthly principal and interest payments.
Payment schedule: The second section breaks down the payment schedule of your mortgage. Your payment schedule will show you estimated payments for things like homeowners insurance, taxes, and private mortgage insurance.
Closing costs: The final section of your Loan Estimate gives you a detailed list of the different closing costs you will pay for your new home. Closing costs may include appraisal fees, escrow fees, and more.
- Meanwhile, the Closing Disclosure is given to you three days before your closing date and includes similar information to the Loan Estimate.
- However, the numbers and details on the Closing Disclosure are much more precise.
- Where the Loan Estimate provides you with an approximate amount for your closing costs and monthly payments, the Closing Disclosure provides finalized numbers for the cost of your mortgage.
- It’s designed to let you know exactly how much you’ll pay for your loan each month.