WHAT IS A CLOSING?
The closing is your final step in the sale of real property. It is where the title to the real estate changes hands as well as any funds
that are involved. It is where mortgage documents are signed and witnessed (if a mortgage is being taken out) and where keys and
the like are handed over. Sometimes the term closing is used to refer to the period of time between the signing of your contract and
the time you actually sit at the closing table.
WHY DO I WANT TO USE AN ATTORNEY RATHER THAN A TITLE COMPANY?
By having an Attorney closing the deal for you, you have the legal expertise of an attorney to represent you without any additional cost.
You have a legally trained expert examining the title to your new property who can not only spot problems but fix them as well.
Often times, during the course of your closing certain issues arise. An example might be an encroachment that is found on your
survey. (Like your neighbor’s fence is on YOUR property). If you are at a title company, you would now have to find yourself a lawyer to
represent you and remedy this situation. The title company itself cannot legally do this because they are not permitted to represent
anyone. When you close at Roland H Acosta & Associates, P.A., an attorney is available to help out when situations like these arise.
The attorney’s knowledge and expertise is at your disposal at all times.
I’M BUYING MY HOUSE “AS IS”, WHY DO I NEED INSPECTIONS?
Although you are buying your house “as is”, you still want to make sure you are purchasing what you THINK you are purchasing.
Have our in house attorney review your contract for you to explain what rights you do or do not have in this situation. Remember, you
are under no obligation so feel free to ask your questions.
IF I PURCHASED TITLE INSURANCE FOR MY MORTGAGE, ISN’T THAT ENOUGH?
No, Mortgage Title Insurance ONLY protects your lender for the amount of the mortgage but it in no way protects YOUR rights. For
example, a claim arises as a result of an improperly probated will from a prior owner. You decided not to get Owner’s Title Insurance
because you though the Mortgage Policy was sufficient. You are now brought into court (at YOUR expense) because a claim is being
made on your policy. You then lose the case. Your mortgage gets paid as a result of the Mortgage policy but you lose your home and
are out of pocket all of your legal expenses. Remember, Title Insurance is different from all other insurances. You do NOT pay
premiums every year. You pay ONE TIME and are covered FOREVER…even AFTER you sell your property.
WHERE AND WHEN CAN I CLOSE MY DEAL?
At Roland H Acosta & Associates, P.A. we strive to accommodate the client. If the closing location is not convenient, we can perhaps
arrange a mail away closing for you. As for “WHEN” can you close your deal, that all depends upon your contract or what you and the
seller can agree upon. The sooner you get your information to us, the sooner we can do our title examinations so we are ready to
close whenever you are.
WHERE ARE YOU LOCATED?
Our office is located at 399 Carolina Avenue, Suite 210, Winter Park, Florida 32789. We can be reached at 407-644-2531 or by email
at RAcosta@Acostaatlaw.com
HOW LONG DOES IT TAKE FROM START TO FINISH?
Again, this question depends largely upon you. If you are paying cash for your new purchase and there is a prior title insurance policy
upon which we can rely, we can close your deal within days. If you are taking out a mortgage, once you are approved, from THAT
point, we can close your deal in days.
HOW LONG IS THE ACTUAL CLOSING?
At Roland H Acosta & Associates, P.A., your closing should not take more than 30 minutes. All of us have heard horror stories about
fights breaking out at closing tables over issues that “just come up”. That does not happen here. At Roland H Acosta & Associates, P.
A., closings are not scheduled until all issues are resolved. Whether this means we have to spend hours on the phone with the
mortgage companies, sellers, other attorneys or you, you can come to closing confident that your deal will be successful and easy.
WHAT HAPPENS AFTER I CLOSE?
At closing, you will receive copies of certain documents such as the deed, and other instruments which must get recorded. After they
are recorded, some go to the lender but others, such as the deed will be mailed to you. Along with the original deed, you should
expect to receive your final Owner’s Title Policy.
Another detail that needs to be taken care of is your homestead application. You must apply for homestead by March 1, to be eligible
for your homestead exemption for the following year. This is a detail that is often forgotten, so please, do it now so you won’t have to
think about it anymore.
WHAT IS A HUD 1 AND WHY DO I CARE?
At closing, you will be required to sign a HUD-1 (also known as your settlement statement). This is a Government required and
approved document that sets forth every charge in connection with your closing. It sets forth who has to pay what charges, who gets
credit for what and ultimately, will tell you how much money you must bring, or get at the closing table.
WHAT DO I NEED TO BRING TO CLOSING?
At closing you will be required to sign certain documents which must be notarized. As such, the notary will need proof of
identification. In other words, Photo ID. A driver’s license with your picture will do just fine. If you are married, and you are taking out a
mortgage, your spouse must also come with you and bring Photo ID. Additionally, you will need to bring a Certified or Cashier’s
Check for the amount indicated by your closing agent. In the event that the check you brought to closing is not enough or too much,
we can either accept a personal check up to $300.00 or we will cut a check back to you after closing.
IF MY SPOUSE IS NOT GOING TO BE ON THE DEED, WHY DOES HE/SHE NEED TO BE AT THE CLOSING?
Although your spouse is not on the deed, if you are taking out a mortgage, your spouse will be required to join in the mortgage
acknowledging that the mortgage exists on the property. In Florida, we have certain homestead laws which are part of the Florida
Constitution. These laws provide for restrictions on the transfer of homestead property. In its simplest terms, homestead property is
a person’s primary residence. Due to these laws, a spouse is required to join in the execution of a deed or mortgage of homestead
property owned by the other spouse or such a transfer may be voided. Likewise, if you are the seller of the property, even if your
spouse is not on the deed, your spouse must sign the deed upon the sale of the property.
DO YOU DO OWNER & ENCUMBRANCE REPORTS?
Yes
Back to Frequently Asked Questions
The closing is your final step in the sale of real property. It is where the title to the real estate changes hands as well as any funds
that are involved. It is where mortgage documents are signed and witnessed (if a mortgage is being taken out) and where keys and
the like are handed over. Sometimes the term closing is used to refer to the period of time between the signing of your contract and
the time you actually sit at the closing table.
WHY DO I WANT TO USE AN ATTORNEY RATHER THAN A TITLE COMPANY?
By having an Attorney closing the deal for you, you have the legal expertise of an attorney to represent you without any additional cost.
You have a legally trained expert examining the title to your new property who can not only spot problems but fix them as well.
Often times, during the course of your closing certain issues arise. An example might be an encroachment that is found on your
survey. (Like your neighbor’s fence is on YOUR property). If you are at a title company, you would now have to find yourself a lawyer to
represent you and remedy this situation. The title company itself cannot legally do this because they are not permitted to represent
anyone. When you close at Roland H Acosta & Associates, P.A., an attorney is available to help out when situations like these arise.
The attorney’s knowledge and expertise is at your disposal at all times.
I’M BUYING MY HOUSE “AS IS”, WHY DO I NEED INSPECTIONS?
Although you are buying your house “as is”, you still want to make sure you are purchasing what you THINK you are purchasing.
Have our in house attorney review your contract for you to explain what rights you do or do not have in this situation. Remember, you
are under no obligation so feel free to ask your questions.
IF I PURCHASED TITLE INSURANCE FOR MY MORTGAGE, ISN’T THAT ENOUGH?
No, Mortgage Title Insurance ONLY protects your lender for the amount of the mortgage but it in no way protects YOUR rights. For
example, a claim arises as a result of an improperly probated will from a prior owner. You decided not to get Owner’s Title Insurance
because you though the Mortgage Policy was sufficient. You are now brought into court (at YOUR expense) because a claim is being
made on your policy. You then lose the case. Your mortgage gets paid as a result of the Mortgage policy but you lose your home and
are out of pocket all of your legal expenses. Remember, Title Insurance is different from all other insurances. You do NOT pay
premiums every year. You pay ONE TIME and are covered FOREVER…even AFTER you sell your property.
WHERE AND WHEN CAN I CLOSE MY DEAL?
At Roland H Acosta & Associates, P.A. we strive to accommodate the client. If the closing location is not convenient, we can perhaps
arrange a mail away closing for you. As for “WHEN” can you close your deal, that all depends upon your contract or what you and the
seller can agree upon. The sooner you get your information to us, the sooner we can do our title examinations so we are ready to
close whenever you are.
WHERE ARE YOU LOCATED?
Our office is located at 399 Carolina Avenue, Suite 210, Winter Park, Florida 32789. We can be reached at 407-644-2531 or by email
at RAcosta@Acostaatlaw.com
HOW LONG DOES IT TAKE FROM START TO FINISH?
Again, this question depends largely upon you. If you are paying cash for your new purchase and there is a prior title insurance policy
upon which we can rely, we can close your deal within days. If you are taking out a mortgage, once you are approved, from THAT
point, we can close your deal in days.
HOW LONG IS THE ACTUAL CLOSING?
At Roland H Acosta & Associates, P.A., your closing should not take more than 30 minutes. All of us have heard horror stories about
fights breaking out at closing tables over issues that “just come up”. That does not happen here. At Roland H Acosta & Associates, P.
A., closings are not scheduled until all issues are resolved. Whether this means we have to spend hours on the phone with the
mortgage companies, sellers, other attorneys or you, you can come to closing confident that your deal will be successful and easy.
WHAT HAPPENS AFTER I CLOSE?
At closing, you will receive copies of certain documents such as the deed, and other instruments which must get recorded. After they
are recorded, some go to the lender but others, such as the deed will be mailed to you. Along with the original deed, you should
expect to receive your final Owner’s Title Policy.
Another detail that needs to be taken care of is your homestead application. You must apply for homestead by March 1, to be eligible
for your homestead exemption for the following year. This is a detail that is often forgotten, so please, do it now so you won’t have to
think about it anymore.
WHAT IS A HUD 1 AND WHY DO I CARE?
At closing, you will be required to sign a HUD-1 (also known as your settlement statement). This is a Government required and
approved document that sets forth every charge in connection with your closing. It sets forth who has to pay what charges, who gets
credit for what and ultimately, will tell you how much money you must bring, or get at the closing table.
WHAT DO I NEED TO BRING TO CLOSING?
At closing you will be required to sign certain documents which must be notarized. As such, the notary will need proof of
identification. In other words, Photo ID. A driver’s license with your picture will do just fine. If you are married, and you are taking out a
mortgage, your spouse must also come with you and bring Photo ID. Additionally, you will need to bring a Certified or Cashier’s
Check for the amount indicated by your closing agent. In the event that the check you brought to closing is not enough or too much,
we can either accept a personal check up to $300.00 or we will cut a check back to you after closing.
IF MY SPOUSE IS NOT GOING TO BE ON THE DEED, WHY DOES HE/SHE NEED TO BE AT THE CLOSING?
Although your spouse is not on the deed, if you are taking out a mortgage, your spouse will be required to join in the mortgage
acknowledging that the mortgage exists on the property. In Florida, we have certain homestead laws which are part of the Florida
Constitution. These laws provide for restrictions on the transfer of homestead property. In its simplest terms, homestead property is
a person’s primary residence. Due to these laws, a spouse is required to join in the execution of a deed or mortgage of homestead
property owned by the other spouse or such a transfer may be voided. Likewise, if you are the seller of the property, even if your
spouse is not on the deed, your spouse must sign the deed upon the sale of the property.
DO YOU DO OWNER & ENCUMBRANCE REPORTS?
Yes
Back to Frequently Asked Questions
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| Real Estate FAQ's |
| ROLAND H. ACOSTA & ASSOCIATES, P.A. 399 Carolina Avenue, Suite 210 Winter Park, FL 32789 Telephone: (407) 644-2531 Facsimile: (407) 628-9289 |
| ** This web site does not contain or constitute legal advice. Contents are for informational purposes only. Consult with an attorney for any legal concerns. ** © 2009 Roland H. Acosta & Associates, P.A. Winter Park, FL, 32789 Phone: 407-644-2531 Fax: 407-628-9289 Email Us |