You signed the contract. The closing date is on the calendar. Now what?
For many buyers and sellers, the weeks between going under contract and sitting down to sign can feel surprisingly quiet. Behind the scenes, however, your title company is doing a great deal of work.
A Florida title company helps coordinate the transfer of real estate from the seller to the buyer. That can include researching the property’s title, identifying issues that need attention, coordinating with Realtors and lenders, handling escrow and closing funds, preparing for signing, issuing title insurance and completing post-closing requirements.
In other words, the closing table is only the part you see.
What Happens When the Title Company Receives the Contract?
Once the executed real estate contract arrives, the title company begins opening the file and reviewing the transaction.
Who are the buyers and sellers? What property is being transferred? When is the scheduled closing? Is financing involved? What deadlines and requirements need to be tracked?
Depending on the transaction, the title company may also receive and hold an escrow deposit.
From there, the process moves into one of the most important parts of the transaction: researching the property’s title.
What Is a Florida Title Search?
A title search examines relevant public records to help determine ownership and identify recorded matters affecting the property.
That research may uncover existing mortgages, liens, judgments, easements, restrictions, prior ownership interests or other recorded matters that require attention.
Sometimes a title issue has nothing to do with the current owner. An old mortgage may have been paid years ago without the appropriate satisfaction being properly recorded. A previous owner may have died, creating an estate or probate issue. A deed in the property’s history may require additional research.
Finding an issue does not necessarily mean the transaction cannot close.
Finding it early gives the title team more time to determine what needs to happen next.
What Happens If There Is a Title Problem?
This is where experience becomes especially important.
Some title issues can be addressed by obtaining a payoff, satisfaction, release or additional documentation. Others may involve estates, trusts, business entities, divorce, incorrect documents or ownership questions requiring additional professional assistance.
At Title Insights, we believe potential issues should be identified and addressed as early as possible.
A problem discovered weeks before closing is much easier to manage than a surprise discovered when everyone expects to sign tomorrow.
How Does the Title Company Coordinate the Closing?
A real estate transaction involves far more people than the buyer and seller.
There may be Realtors, lenders, mortgage professionals, insurance agents, surveyors, homeowners or condominium associations, attorneys and other parties involved.
The title company often becomes one of the central points connecting those moving pieces.
As closing approaches, figures need to come together, documents need to be coordinated, lender requirements must be addressed, applicable payoffs need to be obtained and everyone needs to know what is expected of them.
Good communication is a significant part of a smooth closing.
How Does a Title Company Help Protect Closing Funds?
Real estate transactions involve significant amounts of money, making them attractive targets for fraud.
Criminals may attempt to impersonate buyers, sellers or real estate professionals. Fraudulent emails can also contain fake or altered wiring instructions.
Title Insights uses fraud-prevention safeguards and provides secure options through YourTitleSource.com for submitting sensitive information and funds.
We also encourage every client to remember one important rule:
Inquire Before You Wire.
If you receive unexpected wiring instructions or are told that previously provided instructions have changed, verify the information directly through a trusted source before sending money.
Convenience should never replace security.
What Is Title Insurance?
The title search looks into the property’s past. Title insurance provides protection relating to covered title risks, subject to the terms, conditions, exceptions and exclusions of the applicable policy.
Depending on the transaction, there may be an owner’s title insurance policy and a lender’s title insurance policy.
These policies serve different purposes. A lender’s policy generally protects the lender’s interest, while an owner’s policy protects the insured owner’s interest in the property against covered title matters.
What Does the Title Company Do on Closing Day?
By closing day, much of the title company’s work has already happened.
Final figures have been coordinated. Documents are ready. Title requirements have been addressed, and the transaction is prepared for signing and funding.
Then comes the part everyone has been waiting for: signatures, funding, completion of the transaction and, when appropriate, keys.
If closing day feels surprisingly easy, that is often a good thing.
A smooth closing is usually the result of considerable preparation.
Can You Close on Florida Real Estate Remotely?
In many transactions, you do not necessarily have to be sitting inside the title company’s office.
Remote Online Notarization, commonly called RON, may allow eligible documents to be signed and notarized remotely when appropriate for the transaction.
This is particularly convenient for out-of-state buyers and sellers, investors, builders and clients purchasing property elsewhere in Florida.
Title Insights is headquartered in Palm Harbor, but we handle real estate transactions throughout Florida. Technology allows us to provide a seamless experience whether the property is nearby or several counties away.
What Should You Look for in a Florida Title Company?
Look beyond the closing table.
Consider experience, communication, security, technology, accessibility and the company’s ability to handle a transaction when something unexpected appears.
Title Insights brings more than 30 years of real estate and title industry experience and 27,000+ successful closings to residential, commercial, vacant land, new construction and investment transactions throughout Florida.
Whether you are buying your first home in Palm Harbor, selling elsewhere in Tampa Bay, purchasing vacant land or building a new home, our goal remains the same:
Clarity. Security. Peace of Mind.
Title Insights
2600 Tampa Road, Palm Harbor, FL 34684
727-20-TITLE
Team@YourTitleSource.com
YourTitleSource.com
Frequently Asked Questions
Who chooses the title company in Florida?
The answer can depend on the contract and negotiated terms of the transaction. Buyers and sellers should review their contract and ask their real estate professional questions about their specific transaction.
How long does a title search take in Florida?
Timing varies depending on the property, available records and whether issues requiring additional research are discovered.
Can I close on a Florida home while living out of state?
Often, yes. Depending on the transaction and documents involved, remote or other signing arrangements may be available.
What happens if a title search finds a lien?
The title company will review the matter and determine what requirements may need to be satisfied before the transaction can close.