The different phases of real estate transactions in Florida each hold significance. Skipping over or rushing through any of the phases may have legal implications and create ongoing problems for you.
One phase, called the closing process, embodies a variety of steps required for finalizing any real estate transaction. It is also referenced as a settlement. Once completed, property ownership is officially and legally transferred from one entity to another.
Closing the sale
Verifying that you and the other party share a common understanding will protect your assets. Closing phase includes steps like:
- Locating the title
- Verifying title insurance
- Executing responsibilities between you and the other party
- Securing the transfer of payment for the property
Maintaining a record
Throughout the process of closing a real estate sale, document and record all interactions between you and the other party. Before you sign any closing documents, make sure you have thoroughly read and understood the contract. If you have any confusion, verify your responsibilities to ensure you meet legal requirements and avoid costly mistakes. Sometimes contract disputes arise and may threaten your benefit from the sale. Keeping a record of all communications and transactions between you and the other party allows you ample evidence to support your claim if something happens. Never agree to anything unless you secure a copy of the agreement in writing.
The closing process takes time. Preparing all aspects ahead of time can help you to shorten the time it takes to finalize everything. Local real estate laws may influence the time it takes for your property to close.