The closing is the conclusion of all the actions and paperwork in the home purchase process. It is when the purchaser becomes the owner of a property. A closing agent manages the closing and has functions prior to the closing date. This article explains Florida closing agent responsibilities.
Role of a Closing Agent
A closing agent is usually chosen by the lender to compile documents and other tasks for a closing. The agent actually acts on behalf of the lender although the purchaser is responsible for paying the charges as included in closing costs. Some home buyers choose to use that same company to analyze paperwork such as the Purchase and Sales Agreement on their behalf. However, they do have the freedom to get representation from an attorney of their choosing.
Closing Agent Responsibilities Before the Closing
The closing agent is responsible for many tasks related in a home purchase. One of the first is a title search. This is an analysis of municipal paperwork on the property to ensure that the title is clear to be given to a new owner. The second is compiling legal paperwork for the property transfer and mortgage. Lastly, they are required to also produce settlement documents that spell out the amounts for all individuals in the agreement. Each of these important for a proper closing.
The Actual Closing
The closing agent manages the actual closing by making sure the documents are signed and funds are transferred. The purchaser and seller are accountable for signing certain paperwork, although most need solely the signature of the purchasers. Some documents are placed into public record while others are held by the lender. Another important aspect of a closing is the transfer of funds. All charges and calcualtions are described in a settlement form given to both buyer and seller. In most closings, funds are given from the mortgage company to the closing agent for proper disbursement.
Florida Closing Agent Responsibilities
The official capacity of a closing agent normally starts with a title search, but may sometimes also involve examination of documents such as condominium documents or purchase contracts. It is important to note that they act on behalf of the lender in the transaction irrespective of who pays their fee. Purchasers, Sellers, and real estate brokers must all work well with a closing agent to secure a successful closing.
