The Process of Clearing Title and Real Estate Closings in Florida

The Process of Clearing Title and Real Estate Closings in Florida

Many of our real estate clients come to us unsure about what goes on behind the scenes in a real estate title and closing transaction.  They usually come to us with a signed contract, but then have very little understanding of what comes next.

  1. Title search: Before a real estate closing, a title search is typically conducted by a title company or attorney to ensure that the title to the property is clear of any liens, encumbrances, or other issues that could affect the buyer’s ownership of the property. The title search will review public records and other sources to uncover any potential issues that need to be resolved before the closing
  2. Municipal Lien Search: A similar search is done with the city where the property is located to verify that there are no municipal lines, violation, or open permits.
  3. Title insurance: Once the title search is completed and any issues are identified, the buyer will typically purchase title insurance to protect themselves and their lender against any unforeseen title issues that may arise in the future.
  4. Clearing title issues: If any issues are uncovered during the title search, the seller or their attorney will need to work to resolve those issues before the closing. For example, if there is a lien on the property, the seller will need to pay off the lien and provide proof of payment to the buyer.
  5. Closing documents: Once the title is clear and all issues are resolved, the buyer and seller will sign several closing documents. These documents will include the deed, bill of sale, various affidavits, and loan or mortgage documents (if applicable), and other paperwork required to the transaction.
  6. Closing costs: The buyer and seller will need to pay closing costs, which may include fees for the title search, title insurance, loan origination, appraisal, document and transfer taxes and other services related to the closing. Please ask us for our Fee Guide for more information.
  7. Recording: After the closing, the deed and other relevant documents will be recorded with the county or municipal recorder’s office. This officially transfers ownership of the property to the buyer.

Overall, the process of clearing title and closing a real estate transaction in Florida can be complex and involve many different steps. It’s important for buyers and sellers to work with experienced professionals to ensure that everything is handled properly, and that the transaction goes smoothly.

At Isriel Ponzoli, we specialize in providing our clients with expert legal representation in real property transactions. Learn more about how we can assist you by scheduling your consultation today.