Florida Home Sale Closing Process

The closing (also referred to as settlement) is usually the final step for a home buyer or seller. It is often a day of both apprehension and excitement. It is important to understand what to expect and what can lead to delays. Below is an introduction to Florida home sale closing process for purchases with a mortgage.

Clear to Close

A clear to close is issued by the lender after all contingencies have been met. This may not be received until shortly before the planned transfer date. Sometimes a tentative date and time is determined, however, the clear to close must be received before a complete closing can take place. Loan officers and Realtors will track the progress of this important milestone.

Scheduling of Closings

Beyond the clear to close, there are several other factors that determine the timing of closings. The most common are document receipt, issuance of funds, and registry of deeds hours. The settlement agent needs paperwork from the mortgage company and requires enough time to compile the HUD-1 settlement statement. The funds must also be wired to the settlement agent (unless other arrangements are in place), so variances in time zones can be important. After paperwork is signed, it must be submitted to the registry of deeds, which usually have specific hours of operation. All of these factors, in addition to the schedules of the parties in the transaction, will play a role in scheduling.

Items Needed at Closing

To facilitate a successful closing, buyers and sellers must bring certain items. The first is legal identification for all persons signing paperwork. Secondly, any money owed must be certified (bank check, money order, or similar form of payment). Finally, it is a good idea to also bring a personal checkbook for any final changes to the closing figures. Other items may be needed beyond this, but these are the most common.