What to Expect at Your Closing?
After months, maybe even years, of searching for the perfect home, you’ve finally found the property of your dreams. You may think that the hardest part is over: you’ve negotiated a deal and sorted out your financing situation, BUT did you know that 80 % of your real estate transaction occurs AFTER you’ve entered into a valid contract? Not to fret because we have all your “Now what?” and “ How to?” questions covered here…
At ZSPA, we work hard to ensure the process of clearing title time is swift and easy for the buyers and sellers. Our work is very much “behind the scenes” and you can read more about the title clearing process (Here) ß Hyperlink.
Skipping forward to our FAVORITE DAY (closing day) we will provide you here with all that you can expect from your closing with ZSPA. When the closing day arrives you can rest assured that ZSPA has worked closely with your realtors, lenders and insurance agents to make sure everything for the transaction was handled properly. Closing day means we are in the home stretch and all you have to do is sit back, “warm up” your hands and practice your autograph.
Closing Day is also known as “settlement” or “escrow” day. During this time, all parties involved meet to successfully complete the transaction and title and ownership of a property is officially transferred from the seller to the buyer. All funds are disbursed by the escrow agent, and a new deed is recorded with the county to register the property in the buyer’s name. To ensure that you are fully prepared for this final stage, below we will list the closing process, step by step.
Step 1: Review your closing disclosure forms
If you’re taking out a loan, one of the best ways to prepare is to thoroughly review your closing disclosure settlement statement (“CD”). A preliminary CD MUST be provided to you by your lenders at least three days before the closing. The CD outlines your exact mortgage payments, the loan’s terms, and additional fees (closing costs—which range from 2% to 7% of your home’s price). Compare your CD to the good-faith estimate that your lender gave you at the outset. Make sure they’re similar and ask your lender or ZSPA attorney to explain any discrepancies prior to closing day. This document will also be thoroughly reviewed with you at the closing to ensure you fully understand where and what all the figures represent.
Step 2: What to Bring to Closing
At ZSPA we do our best to ensure we have everything you’ll need going into your closing. All we ask is that you bring with you an original government-issued photo ID. A passport or drivers license works fine.
In addition to your ID, you must also bring the sum of your down payment and closing costs. This amount will be provided to you on your CD. A personal check will not be an accepted form of payment., Rather, buyers may wire transfer funds or provide a cashiers check made payable to the Escrow Agent. Be sure to bring your personal checkbook as well, since personal checks are typically acceptable for smaller fees.
Step 3: What and Who to Expect
Exactly who will be present at a closing depends on the state a transaction occurs in. You can expect to see the home seller, the seller’s real estate agent as well as your own, buyer and seller attorneys, a representative from a title company, and, occasionally, a representative from the bank or lender where you got your loan. However, in Florida, it is not atypical for the seller’s and buyers to be closed separately. The seller’s attorney may close the seller’s prior to closing day for various different reasons in which case the seller’s closing documents would be held in escrow until the buyer and lender have funded the transaction and the buyer is closed.
That’s right, with ZSPA on your team, it truly is as easy as 1, 2, 3… We are here every step of the way protecting your interests and moving closer to closing.
For more information on what to expect at your closing, feel free to contact our office at 954.817.5982 or email us at Natalie@zaguryscottpa.com