The CG Title Closing Process
The Real Estate Closing Process
Real estate transactions don’t happen all at once. Usually, the process of closing on a real estate transaction takes place over the course of several weeks after the contract is signed. The closing date is negotiated by the Buyer and Seller and is memorialized in the Contract. Once the contract is signed, the following occurs:
- The fully executed contract is provided to the Closing Agent (or “Title Company”) for handling.
- The Title Company orders a commitment for the issuance of a title insurance policy (policies) from the title insurance underwriter, and also orders all relevant and required searches, i.e., title search, lien search, name searches, and judgment lien searches, etc.,
- Upon receipt of the commitment for title insurance, the Title Company begins to work through the requirement for issuance of the policy. These requirements include things like obtaining a payoff for the Seller’s mortgage (if applicable), obtaining releases of lien (if applicable), and other matters incident to closing the transaction.
- Title Companies work hand in hand with lenders, realtors, surveyors, and other professionals involved in the transaction.
- And finally, the Title Company will administer the closing by coordinating the execution of all closing documents, collecting and disbursing all funds, and recording the conveyance and encumbrance documents (as applicable).
What to Bring to a Real Estate Closing
When you close with CG Title all you need to bring is
- Two forms of identification (these may include driver’s license, passport, state issued identification card, etc.,)
- Cash to close (if you are the buyer) and destination bank account information (if you are the seller).
For questions in advance of your closing just call our office (305) 400-8802 and we’ll be delighted to help you.
A Little about Closing Costs
Closing costs are a major consideration when buying or selling real estate. The allocation of closing costs as between the buyer and seller is a matter of negotiation. There are no rules requiring that one party or another pay a certain category of closing cost. That being said, and absent an agreement between the Parties, the forms of real estate contracts used in Florida come with preset allocations of closing costs.
For example, as a general premise, Seller’s pay documentary stamp taxes and Buyer’s who obtain financing pay any and all fees imposed by their lender. Contrary to popular belief, Title Companies do not define the majority of the closing costs. The precise amount of many closing costs are directly related to the purchase price of the property, the loan amount, and other factors not within the Title Company’s control. Title Insurance, for example, is promulgated by statute. This means that the amount of the premium, with few exceptions, is pre-defined and directly correlates to the purchase price.
There are some discretionary fees, such as the closing fee. At CGTE, we pride ourselves on being incredibly competitive when it comes to the closing fee.
Have a Question About Closing with CG Title?
Not sure where to start or need more information about Florida Title Insurance? Contact us for a quote or to learn more.