What to Expect in the Closing Process

Real estate transactions are among the most complicated that most people will ever go through. Handling the real estate closing process is something that needs to be done with great care in order to avoid potential problems. The first step is to learn what you can expect during this process, and how we can help.

Leading Up to the Closing

The days leading up to the actual closing can be quite busy. During this time you will need to read through the closing disclosure form, do a final walk-through of the real estate that you are buying, and take steps to ensure your down payment is available. If you are sending the money via a wire transfer, it should be sent to the escrow account so it is ready.

Be Prepared for a Crowd

On the day of the actual closing, many people are surprised at just how many people are involved in the process. At the closing will be the buyers, the sellers, real estate agents for both parties, real estate attorneys for both parties, and possibly a representative from the bank or other lender where the loan is from. This can be intimidating, but it is all part of the normal process.

Title Clearance

Any issues that were discovered during the title search will be made known at the closing if they hadn’t already been made known. If there are outstanding liens or other issues with the property, it could cause a delay of the closing, or even end the process completely. This is why it is important to have a full title search done in advance to avoid surprises.

Lots of Signatures

Most of the time during the closing will be spent signing and initialing documents. This will need to be done primarily by the buyers and sellers, but other parties may have to give their signatures at times as well. Being prepared to see a large number of legal documents, having them reviewed, and signing them is very important.

Don’t Close Alone

If you are going through a real estate transaction, the closing process is the most important step. You will be signing a seemingly endless number of legal documents. This is not something you want to go through without legal representation. Contact the Law Office of Ray Garcia to get the help you need to successfully navigate the Florida real estate closing process.