Florida Transfer of Real Estate – Listing In MLS
Real Estate Transfer of Ownership
Closing (or settlement) represents the final stage when transferring (or conveying) title to Florida real property. The closing date is set forth in the real estate purchase and sales agreement
At closing, the parties will execute a number of documents, prepared by their closing agent, including the deed (a.k.a the instrument of conveyance).
The deed is a legal instrument used to convey title
The most commonly utilized deed in the state of Florida is the statutory warranty deed. With this type of conveyance, the grantor (seller) fully warrants that the title to the real property is free and clear of all liens and encumbrances and will defend against the lawful claims of all persons whomsoever. See Sec. 689.02, Fla. Stat.
Ownership is officially transferred when the fully executed (and notarized) deed is delivered to the buyer and recorded in the official county records in the office of the County Recorder in which the property is located. The closing will be conducted in a manner consistent with instructions provided by the parties. The real estate purchase and sales agreement, together with the loan documents, will serve as the basis for closing instructions. Several things happen during closing:
The buyer(s) and/or lender(s) will deliver funds (generally in the form of a Cashier’s check or wire transfer) for the balance owed on the purchase price.
The seller(s) (grantor) will deliver the executed and notarized deed to the buyer (grantee).
The instrument of conveyance, together with all other documents needed to perfect the transfer of ownership, will be recorded in the official county records.
The attorney agent (or licensed title insurance agent) conducting the closing will issue an owner’s and/or lender’s policy in favor of both buyer and/or lender.
The buyer/borrower and seller will pay closing costs, as shown on the uniform settlement statement (HUD-1), provided to them at closing. See also borrowers closing costs.
The seller receives proceeds, less closing costs and mortgage payouts, in connection with the sale.
The HUD-1 Form Explained
Finding A Local Title Company, Glosary of Title Terms
Why You Need Title Insurance
Shopping For Title Insurance
The Closing Process Explained
