The feeling when you click Submit on your test answers…

The moment you walk down the aisle…

The sensation before public speaking…

Finalizing the sale of a new home can give anyone butterflies in their stomach – just like the situations listed above. After all, buying a home is one of the largest purchases you will probably ever make in your life, so you don’t want anything to go wrong. 

A title company is responsible for ensuring that all research is done regarding the validity of the sale and all paperwork is completed in a timely manner to finalize the transaction between the seller and buyer. Because so much is riding on this process, it is important to hire a well-respected, experienced title company in Pensacola to handle these services.

Steps in Title Closing

When buying a house or other property, the process is not as simple as a PayPal or Venmo transaction. There are many steps in title closing:

1. To start the process, a real estate contract is signed by the buyer and seller. If your title closing company has direct access to a Board Certified Real Estate Attorney, this will make the process even more thorough because a fair price can be offered for the house.
2. Next, an escrow account needs to be established so earnest money can be protected throughout the closing process. This earnest money demonstrates the buyer’s good faith in pursing the transaction. Some title companies offer escrow services as part of their closing process. Again, this will make the process more seamless because fewer parties need to be involved.
3. Prior to any money exchanging hands, it’s imperative that you verify that the property being sold is legally owned by the person who is selling it – meaning there are no other people who might also have a claim to the property. A title company will research public records to locate any individuals who have ownership through divorce settlements, wills or trusts, for example.
4. This research should also uncover any outstanding liens, mortgages, deeds, back taxes, fraudulent claims, etc., that could affect your ownership. These must be resolved before the closing can be wrapped up.
5. When everything is in order, the title company will prepare all of the closing documents for all parties to sign. There will be a list of documents for both the buyer and seller.
   1. Buyer:
      1. Mortgage promissory note
      1. Mortgage loan documents
      1. Title insurance policy
      1. Closing disclosure
   1. Seller:
      1. Bill of sale
      1. Deed
      1. Loan payoff
6. After all documents have been signed, they are recorded in the public records of the county where the home is situated.

At Clear Title in Northwest Florida, thousands of homebuyers and sellers have trusted our team of experts to handle all of the intricacies of title closing. In fact, we are the only title company in Northwest Florida that is owned by a Board Certified Real Estate Attorney: Stephen R. Moorhead. Our team has 100s of years of combined experience – you simply can’t find a more qualified, helpful team of closing experts.  

To schedule a meeting with our experts and explore our Pensacola closing services, contact us today at (850) 202-8518 or visit ClearTitlenwfl.com.