1. The Closing Process for
your Lakeland Fl Home
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic,
Inc.
2. The Closing Process for
your Lakeland Fl Home
Wouldn’t it be great if buying a Lakeland Fl home could be as
easy as buying a new TV, just go to the shop, pick the model
you like, and pay for it at the register? Unfortunately, real
estate transactions aren’t that simple. The complex process of
buying or selling a Lakeland Fl home involves many players
including the buyer, seller, real estate agents, attorneys,
lenders, appraisers, inspectors, and sometimes contractors.
Add to that, a real estate transaction takes generally around
30-45 days to close.
Right after a buyer finds the right home and makes an offer to
the seller, the closing process begins.
3. The closing process starts with the seller’s acceptance of
the buyer’s offer which is prepared by the parties
your Lay Lakeland Fl Home
themselves, the Lakeland Fl real estate agent, or
sometimes, an attorney.
The process may vary from state to state but usually
includes an initial offer or letter of intent from the buyer.
Afterwards, a series of negotiations will follow. Once both
parties reach an agreement, all the details are placed in
a written form which both parties sign.
Once the offer is accepted, it is placed with an escrow
company along with an earnest money deposit also
known as a good faith deposit, which is a depository for
legal documents. An escrow company also acts as a
notary and a closing agent to process the signatures and
money involved from all parties in the deal.
4. The Closing Process for your Lakeland Fl Home
Escrow companies are neutral third parties and do not
represent any party included in the sale. In some states, it is
customary for an attorney to act as the closing agent who
prepares the documents for closing.
Before the closing, all of the conditions or contingencies of
the sale must be met. One of the most common
contingencies is the buyer’s ability to acquire a new
mortgage. This is the longest part of the transaction since
the lender would have to conduct credit report checks,
employment verification, financial statement reviews, and
home appraisals.
5. The Closing Process for your Lakeland Fl Home
While the documents are in escrow, a preliminary title report
is done by a title company. After the preliminary report is
approved, all the parties can sign all the necessary
documents. Some states require all parties to be present
and sign documents at the same time and place while in
some states, it is customary to have the parties sign
independently. After all the documents are signed, notarized
copies will be sent to the lender, so the funds can be
released. The sale is then recorded at the local clerk of
courts office.
6. Authored by Petra Norris
Petra Norris - REALTOR®, SFR
Managing Broker - CDV TransAtlantic, Inc.