CLOSING BASICS

WHAT TO EXPECT AT A REAL ESTATE CLOSING

Allow adequate time for your closing. A normal real estate closing, when a loan is involved, should take about an hour.

Bring some form of photo I.D., preferably a driver’s license or state issued identification card.

This is required in the State of Florida in order to notarize documents. Some Lender’s require two forms of I.D. so bring another along just in case.

All funds for closing are required by law to be certified. Certified funds can only be obtained from a bank or credit union; brokerage firms cannot issue certified funds. Funds needed for closing that are less than $500 can be received in the form of a personal check. Funds over $500 but less than $10,000 must be received in the form of a cashiers check. Anything over $10,000 must be wired into our escrow account. We advise our clients to initiate all wires the day before the scheduled closing to insure that the funds will be available at the closing.

If you have questions concerning your funds or if you have any special needs, please call our office and speak with your closing agent well in advance of the closing date.

We will make every possible effort to complete your Closing Disclosure at least 24 hours before the closing so that all parties have a chance to review their charges. However, we cannot complete the Buyer’s figures unless we have been given instructions, figures and approval by the lender.

We can normally Complete the Seller’s Closing Disclosure well in advance of the closing; call your closing agent if you need the figures sooner than the day before closing.