When purchasing or refinancing real estate there are two components handled by Title Partners of Florida, Inc.: Namely, Title Insurance and Settlement. This page discusses common questions asked about the settlement procedure.
What does a settlement/closing/escrow agent do?
A settlement agent will:
review the title commitment for requirements to obtain a clear, insurable title
contact a surveyor to have the property surveyed, if you wish or your lender requires it to be done as a condition of the loan;
coordinate with your insurance agent the hazard (homeowner’s) coverage;
obtain copies of termite, well and septic reports, oil prorations and similar documents as applicable;
prepare the settlement statement;
arrange with your mortgage lender the review of your closing documentation;
conduct the closing with you, briefly describing the documents you are to sign;
arrange for keys;
record the documents among the land records; and
disburse proceeds to the parties in the transaction according to written instructions.
Who attends settlements?
All purchasers and borrowers are required to attend in person unless arrangements have been made in advance to use a power of attorney if a particular purchaser cannot attend.
A specific power of attorney form must be approved by your mortgage lender and by Title Partners of Florida, Inc. to guarantee title insurance can be issued. A power of attorney authorizes another person to sign documents on your behalf and must be prepared, signed and notarized. The original must be delivered to the settlement agent before closing. Sometimes in addition to the borrowers, the Realtor who sold you the home attends, and on occasion the loan officer from the mortgage company attends the settlement.
Where is settlement held?
Unless special arrangements are made, settlement takes place in one of our offices:
What should be brought to settlement?
You must provide a government issued identification that has your photograph on it (valid driver’s license, passport, etc.) plus evidence of your taxpayer identification number (social security number).
How much money will be needed?
Final figures are rarely available more than 24 hours before settlement.
You can use your good faith estimate as a guide. However, if you switched loan programs, interest rates, or terms which could affect those figures you should call your loan officer for a revision so you will be prepared. Your funds should be readily accessible for conversion into a Certified or Cashiers Check which should be made payable to TITLE PARTNERS OF FLORIDA, INC. As soon as possible we will give you the exact amount to have your certified or cashiers check drawn. Frequently this amount will change in the few hours prior to settlement. If you bring in too much money, the difference will be refunded. If you do not bring in enough, Title Partners of Florida, Inc. may accept a personal check for the difference, if it is written on a local bank.