Settlement
What Happens and When?

Prior to Settlement:

In a purchase situation, after a buyer has been through the "challenging" process of searching, selecting, and negotiating for their dream home, then, in most cases, the seller will select the title company. If you are refinancing a property, then the borrower chooses the title company. Once the title company is chosen, an order is placed for title work and settlement. The buyer ,seller or borrower must wonder what happens from that point. They should! Title companies do far more than merely appear at a settlement with arms full of papers, a smile, and a checkbook.

First, after receiving the "order" for the examination of title, preparation of the conveyance papers, and anything else needed to close the transaction, Title Professionals of Florida will have the title search conducted and order the land survey, if requested. In addition, we will send written request for pay-off or assumption information on any outstanding liens secured by the property. After obtaining all the necessary title information, the data is reduced to legal documents and a summary of title referred to as the Title Insurance Binder or Title Commitment, committing to insure said transaction is provided to the customer. These documents are also forwarded to the lender along with, if requested, a copy of the land survey.  Next, Title Professionals of Florida will coordinate efforts with that lender, prepare any other necessary documents, and finally, prepare the settlement statement.

The day before or the day of the scheduled settlement, the buyer should contact the closing agent to determine what amount of money is needed for the completion of settlement. This generally cannot be done sooner because the figures needed in order to compute the final settlement costs are not received from the lender until shortly before the scheduled settlement. As required by your sales contract and/ or your lender, in order to disburse funds in a timely manner, your funds must always be in the form of a certified or cashier's check.

In most cases, the lender will require the buyer to purchase a hazard or homeowner's insurance policy and pre-pay one year's premium. In addition, the lender may require the purchase of flood insurance if the property is located within a flood zone. Typically, the lender needs the policies and paid receipts in their possession three to five days in advance of the date of closing; however, some lenders will permit you to bring the policies and receipts to the settlement.

During Settlement:

While at settlement the Sellers, Buyers and/or Borrower, will be presented with various documents for their signature. These may include items such as a mortgage, note, truth-in-lending statement, and settlement statement. In addition, the lender most likely will require many other documents to be signed. All documents are understood by Title Professionals of Florida and will be fully explained to all parties. The sellers ,if applicable, will also be required to sign the settlement statement as well as the deed and other documents necessary to complete the settlement.

All monetary adjustments and proration's between Buyer ,Seller or borrower will appear on the settlement statement. If any disputes between the parties should arise at settlement, Title Professionals of Florida will provide a forum for those parties to resolve their differences. We want everyone to leave the settlement satisfied with the transaction and with a smile on their face.

After Settlement:

When a Buyer, Seller and/or Borrower leave the settlement table, their part is finished; however, Title Professionals of Florida's job continues. We must do all or most of the following: (a) completely audit the disbursement sheet and review all documents involved; (b) assemble and return the lender's package per the lender's written instructions; (c) record deed, mortgage or assumption documents in the county's land records; (d) disburse all funds to appropriate parties; (e) issue the title insurance policy; and, (f) if required, after paying off the appropriate lenders, obtain, or prepare and record all releases and issue all Title Policies to the buyer’s and lenders.