Can a Title Company Do a Closing in Florida?
March 29, 2023The purchase of a real estate property is preceded by many inspections and reviews. Everything should be in order when it's time for closing, and understandably, people want the most reliable service to oversee the process.
Title companies are an integral part of any real estate transaction. Many people and businesses in the U.S. seek the assistance of title companies every year, specifically to provide specialized assessment and to serve as a neutral third party during the closing.
Title Companies and Florida ClosingsIf you're wondering about the standard practices in Florida's real estate market, we're here to confirm that title companies are legally allowed to do closings if they're licensed within the state. Moreover, the growing number of title companies all over the area speaks of the clients' preferences during their own purchase process.
The other common option is hiring an attorney specializing in real estate, but most people go for both options to leave no room for errors.
It really doesn't hurt to have more than one set of eyes overseeing the closing if there's a lot to unearth from a property title or many adjustments pending before the closing deadline. For the same reason, buyers and sellers regularly bring their own separate real estate agents to take part in the reviews leading up to closing.
Here are the main advantages of having a title company in your corner:
- The support of an expert with up-to-date knowledge of the local market and real estate laws.
- The latest technology to accelerate the process. This will help save time while going over all the necessary reviews and will help protect your personal/property documents.
- The ability to schedule your closing in the way that's more convenient to you. The company can help you through your communications with the other party to make the process as smooth as possible for everyone.
- The best customer service from a company you can trust with your financial information. Of course, this follows a selection process where you check the company's experience and reputation in the market.
A title company should strive to keep clients in the loop as the process moves along. Companies and real estate agents need to know how to customize their services to the needs of each client. Each property is different, and the county's closing practices also play a hand in the transaction. Don't be afraid to question things if you're not 100% at ease with the process, or if you feel something needs a closer look.
What Are the Responsibilities of a Title Company?A reputable title & escrow company has more than one role over the course of a real estate transaction. You can guarantee a successful closing without doing due diligence in advance, and this is where a title company can ease the clients' burden.
- First, a title company takes over the title search, assessing all the documents on public record to rule out liens, claims against the property, or unsolved ownership disputes. As you'd expect, these companies specialize in conducting these searches and their technical resources go far beyond the information that clients are able to find on their own.
Among other things, a thorough title search can uncover unpaid taxes, undisclosed parties with ownership rights, restrictions on land usage, and legal mishaps. These are the most relevant issues to take note of before buying a property, but title searches can reveal many other important details that can easily go unnoticed otherwise.
- The next logical step after conducting a title search is providing the most fitting insurance coverage. Title insurance protects future owners from financial loss while facing any of the issues described above. It's the ultimate backup in case of fraud and ownership conflict, and your best long-term asset to keep your peace of mind after becoming the property owner.
- Closings can be difficult to navigate when you don't have the support of a real estate expert. On average, the closing process takes weeks and entails many reviews from multiple parties, including real estate agents, lawyers, and title & escrow officers.
The title company takes over the most arduous tasks and the company's representative keeps the client constantly updated on any developments. Before the buyer and seller sign the contract, the title company needs to confirm that all the items in the initial agreement have been addressed (all parties agreeing to the payment schedule, pending repairs, errors or omissions on any of the documents, etc.)
At the end of the process, the buyer and seller sign the agreement with their representatives validating the transaction. The title company checks that the deposits have been made and puts the closing on record, confirming that the property's ownership has officially been passed to the buyer.
There's no denying the benefits of working with a title company. If you plan to buy a new property or make a new sale in the real estate market, we invite you to check out all the services Key Title & Escrow has to offer. We can simplify things for you and ensure a smooth closing.
Don't let stress ruin the mood in the time leading up to the closing! Key Title & Escrow can handle all the most grueling parts of any real estate transaction. Our specialists don't leave anything to chance; we evaluate all the documents meticulously and provide the best representation from the moment you make your offer, and all the way to the closing date. Call (305) 235-4571 or toll-free at (800) 547-0006 to start getting the best assistance from the top title and escrow company. You can also talk to our specialists via the contact form on this page, so don't hesitate to reach out to us.