Buying or selling a home is a big milestone, and understanding the closing process is crucial for a smooth transaction. Whether you’re a buyer or seller, this guide will take you through every step from contract to closing day.
At Vacay & Co Real Estate, we specialize in assisting international sellers through the entire closing process. We work closely with their FIRPTA tax accountant to ensure a seamless transaction and can also arrange online notarization, so they don’t need to travel for the closing.
Step 1: Offer Acceptance & Contract Signing
Once a buyer submits an offer and the seller accepts, both parties sign a purchase agreement outlining the terms of the sale, including the price, contingencies, and deadlines.
Step 2: Earnest Money Deposit
The buyer submits an earnest money deposit to show serious intent to purchase. This deposit is typically held in escrow by a third-party company.
Step 3: Opening Escrow & Title Search
A title company or attorney will conduct a title search to ensure there are no liens or legal claims on the property. The buyer typically purchases title insurance for protection against future claims.
Step 4: Home Inspection & Appraisal
A home inspection ensures the property is in good condition.
The lender orders an appraisal to confirm the home’s market value matches the loan amount.
Step 5: Loan Approval & Underwriting
If financing is required, the buyer works with a lender to finalize mortgage approval. The underwriter verifies all financial documents, including credit, income, and assets.
Step 6: Contingency Removal
Once all contingencies (like inspections, appraisal, and financing) are satisfied, the deal moves forward. If a contingency isn’t met, the buyer may renegotiate or back out.
Step 7: Final Walkthrough
The buyer does a final walkthrough to check that any agreed-upon repairs are completed and the home is in the expected condition before closing.
Step 8: Closing Disclosure & Signing
Three days before closing, the buyer receives a Closing Disclosure outlining all fees and loan details. On closing day, both parties sign the necessary documents, and funds are transferred.
Step 9: Recording & Funding
The deed is recorded with the county, and the lender releases the funds to complete the transaction. The seller receives their proceeds, and ownership officially transfers to the buyer.
Step 10: Receiving the Keys!
Congratulations! Once everything is finalized, the buyer gets the keys to their new home, marking the end of the closing process and the beginning of homeownership.
Final Thoughts
Understanding the closing process can help make your Florida home purchase smooth and stress-free. Whether you’re buying or selling, Vacay & Co Real Estate is here to guide you every step of the way. Contact us today for expert assistance with your real estate journey!
📞 Contact Us: 321-333-1338
🌐 Website: www.vacayreflorida.com