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What do I need to bring to closing?
You will need to bring:
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Funds for closing in the form
of a cashiers check or wire. |
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Valid Photo identification: State issued
driver's license, passport or state issued
ID card |
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If you are married you will need to bring
your spouse |
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If you are moving into a condominium or a
planned unit development requiring association
approval, you will need to bring the original
certificate of approval to closing. If approval
has not been issued, the closing will need
to be postponed until such time as the original
approval can be obtained. |
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Proof of paid Homeowners Insurance. |
What is the Florida Homestead exemption and who qualifies?
Florida's Homestead Exemption allows to reduce by $25,000
the value on which property taxes are levied. To qualify,
you must own the property as of December 31st, reside in
the property, and be a legal resident of the state of florida. Please
see our resource page on how and where to apply.
How are title insurance costs calculated?
Title insurance rates are regulated by the State
of Florida as follows: $5.75 per thousand dollars
of the sales price up to $100,000, and $5.00
per thousand dollars of the sales price from
$100,001 to $1,000,000.00. See our Title Insurance
Rates & Calculator
What types of claims, or risks, are generally
covered by title insurance?
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Forgery and impersonation |
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Lack of competency, capacity or legal
authority of a party |
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Deed not joined in by a necessary party
(co-owner, heir, spouse, corporate officer,
or business
partner) |
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Undisclosed (but recorded) prior mortgage
or lien |
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Undisclosed (but recorded) easement or
use restriction |
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Erroneous or inadequate legal descriptions |
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Lack of a right of access |
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Deed not properly recorded |
What are endorsements?
An endorsement is an addition to or modification
of a title insurance policy that expands or changes
the coverage of the policy, fulfilling specific
requirements of the insured. Most lenders require
endorsements as a condition of the loan to further
protect their interest.
How much will the closing costs be and what are
they?
Generally, your closing costs will come out
to between 4 and 5 percent of your purchase
price.
The closings costs will include title searches,
government taxes, notary fees, loan fees, escrow
fees, recording fees, reconveyance fees, prorations
and sales commissions.
What happens on the day of closing and can I move
in on that day?
The actual day of your closing will be the day
in which the buyer deposits any remaining money
due into escrow and signs his escrow and loan documents
and it is the day in which the seller will sign
the deed and closing statements and receive a check
for the money due to him. In some parts of the
country, the buyer and seller go into the closing
agent's office separately. In other parts of the
country, the buyer and seller go in together.
Either
way, closing is the day in which the deed is exchanged
for the sales proceeds money. "Recording" will
take place on that day, which means that the deed
and any mortgage documents are taken to the county
court house and recorded in the official records.
These documents are them made of "public record" for
anyone to see. The actual day that you can move
in will be determined by local practice and the
terms of your purchase agreement. It may be the
day of closing, or it may be a day or two after
the closing.
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