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.

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.

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.

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.

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.)

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.

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.

What Are "Joint Tenants with Right of Survivorship" and "Tenants in Common" - Is There a Difference?

    When more than one person buys or owns property together, they can hold title to the property in several ways: Either as "joint tenants with right of survivorship" (abbreviated as "JTWROS"); as "tenants in common"; or as separate individuals with distinct and severable interests in the property.
   " Joint tenants with right of survivorship" means that each owner has a whole, undivided interest in the entire parcel of property. (Not that one owns the western half and the other the eastern half, for example). Upon the sale of the property, each owner would get one-half of the total proceeds. Because the owners have a "right of survivorship", if one were to die before the other, the deceased owner's interest would pass automatically to the surviving owner. The deceased owner's interest does not go through probate and cannot be given to an heir or devisee. This can be a great estate-planning tool.
   " Tenants in common" also means that each owner has a whole, undivided interest in the entire parcel of property. However, with no right of survivorship, if one tenant in common dies before another, the deceased's interest does not automatically pass to the other. Indeed, it could be devised to another person or, if the owner died without a will, then the interest in the property would pass to the deceased owner's legal heirs through probate.
Finally, if individuals hold distinct and separate interests, e.g. a divided "one-quarter" or "one-half" interest, then the individual has exactly that - a partial interest in the property in the amount stated.

Surveys

    If you are not financing your purchase or if your lender is one of the few that doesn’t require a survey or survey coverage for closing their loan, you may still wish to purchase a survey for your own piece of mind and for the coverage it provides. 
Essentially, a survey is a map of the property drawn by a registered land surveyor to clearly delineate and show the property boundary lines, total acreage, and exact location of the house and other improvements. The surveyor also will indicate whether and where any easements, building lines, or set back lines exist on the property.  By obtaining a survey, you can determine if the property violates any restrictions, reservations, set back lines or homeowners' association restrictions. The survey also will show any encroachments from neighboring property.  That is, a survey will reveal if your soon-to-be neighbor has a fence, driveway, garage, etc. that that extends over the property line. 
    Frequently, we hear home buyers discount the importance of a survey when they are buying new construction because they apparently believe that there can be no encroachment issues in new construction.  While the builders and developers in this area are very careful, new construction does not necessarily obviate the need for a survey.  Building set-back violations and driveway encroachments have been revealed on new construction surveys.
    Additionally, some buyers wonder why you would need a survey if a plat of the subdivision has been recorded. A subdivision plat shows where the boundary lines of each lot in the subdivision are supposed to be and where building lines, homeowners association restrictions, set backs, drainage easements, and access easements exist. The plat, however, does not display the actual location of the house or other improvements on the property in relation to these restrictions. Only a survey drawn for the property will reveal this information and where the lot lines indeed fall.
    Typically, the cost of a routine survey is about $275-450 for an average sized property in the Central Florida Area. Of course, the cost will increase for a larger tract of land or if there are complicated or numerous easements, encroachments, or improvements the surveyor must document.  If you decide that you wish to obtain a survey, Title Source USA maintains a list of reliable surveyors in the area and will be happy to assist you with your order.  (Please be advised that surveyors need as much notice as possible to prepare and complete your survey in time for a scheduled closing, and we must have sufficient time to review the survey prior to the closing.)
    There is one additional benefit to obtaining a survey.  When an acceptable, properly certified, survey is presented either at closing or just prior to closing, Florida law requires the standard survey exclusion in an Owner’s Title Insurance Policy be removed, thus broadening your valuable coverage.

Home Warranty

    You are about to make one of the largest purchases of your entire life.  The last thing you need is the stress, complication and bad feelings that a breakdown of a major system in your new home can cause after your closing.  Many times a Home Warranty can give you piece of mind by protecting your home’s major systems such as plumbing, electrical, heating, air conditioning and major appliances.  The cost of this coverage is very affordable and usually available from your Real Estate Agent.  If not, ask your Title Source USA professional about this valuable coverage prior to closing.