Southwest Florida Title Insurance & Real Estate Blog -
Certificate of Title

This is the ninth of FSBO: 10 Tips for Selling Your Real Estate which can be downloaded as a free guide.

Once you’ve accepted an offer to sell your home and have finalized the contract, it’s closing time! But first, you should make a list of all the things that you and your buyer must do before closing.

For example, the property may need to be formally appraised, surveyed, inspected or repaired. Depending on the written contract, you may pay for all, some, or none of these items.

Your title company or real estate attorney can help you review this list and ensure you understand what you will be responsible for.

If each procedure returns acceptable results as defined by your contract, then the sale may continue. If it is discovered that there are problems with the home, then your next step will depend on the terms set forth in your contract.

At this point, you or the buyer may decide to walk away, open a new round of negotiations, or proceed to closing.

Once an offer is accepted, any earnest money from the buyer should be deposited with the title company. In some states, so-called “escrow companies” hold these funds. However, in Florida a title company or the attorney handling the real estate settlement and title insurance could hold the earnest money.

When you submit a fully executed agreement to the title company, the title work will begin.  The title process starts with a title search – a search of the public record that discloses documents of record that could affect the title to the property. Examples of such documents include:

  • Liens
  • Covenants
  • Easements
  • Tax assessments
  • Conditions and restrictions
  • Homeowner association bylaws

The buyer and lender must approve of the preliminary title report prior to closing.

The right title company will have communicated with you frequently during the title process and will have you more than educated and prepared by your closing date.

If you have not heard from the title company and your closing date is approaching, you should contact them to make sure that closing is on schedule and to ensure that you are to fulfill your end of the bargain in a timely fashion.

For example, you want to make sure that you will be able to execute all of the required closing documents in ample time for an on-time closing.

REMINDER: At this point, you should also make sure that you have the necessary arrangements in place for your upcoming move! Once everything is settled, you should try to move out as quickly as you reasonably can.

Ready to try your hand at selling your house without a Realtor?

Download a copy of our free eBook and learn all the ins and outs to selling your house “for sale by owner.” When you’re ready to proceed, contact us to help you with the closing in Florida.

-Chris

 

 

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NOT LEGAL ADVICE: This information is not to be construed as legal advice. Legal advice must be tailored to the specific circumstances of each case. Every effort has been made to assure that this information is up-to-date as of the date of publication. It is not intended to be a full and exhaustive explanation of the law in any area. This information is not intended as legal advice and may not be used as legal advice. It should not be used to replace the advice of your own legal counsel.

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