What happens at a real estate title closing?

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Two Businessman Shaking HandThe closing is the final step before you buy or sell your home. At the closing, all parties review and sign documents related to the mortgage loan and purchase. Many of these documents, especially the important HUD statement, which details all the fees, costs, and charges, are distributed in advance of the closing, so all parties should be familiar with that. Other documents, especially those from a mortgage lender, most of the time are not distributed beforehand. Some of these are very important documents that should be thoroughly reviewed before signing.

At the closing, money also changes hands. Realtors bring a check for any extra money they are holding above the commission that is owed them. Buyers must send a wire transfer to Gary M. Landau Trust Account (if I am the closing agent) for the amount they still owe. If there is any dispute, some money may be held in my escrow account until it is resolved. The sellers get a check for the profit on the house, the buyers get the keys to their new home, and the deal is complete.


Although the contract for any deal may stipulate that one party or another pays specific fees, certain fees are routinely allotted to one side or the other. This differs somewhat for Miami-Dade, Broward, and Palm Beach counties. The following is a sample of standard costs typically assigned to each party in real estate transactions in Coral Springs.

Buyer’s costs:

  •  Title Insurance; this varies based on the price of the property.
  •  Simultaneous lender’s policy (if you are getting a mortgage).
  •  Survey of property (if it is a home).
  •  Recording Fees: Deed, Doc stamps on mortgage (if applicable), Mortgage (if applicable), Intangible tax on the mortgage (if applicable), Condo approval (if applicable).
  •  Recertification
  •  Flood/hazard insurance (must be prepaid with evidence that you have done so)).

Seller’s costs:

  •  Real estate brokers’ commissions (if applicable).
  •  Title abstract or update.
  •  Doc stamps on deed.
  •  Document preparation fee by an attorney or another closing agent.
  •  Recording of satisfaction of mortgage.

Hiring a real estate attorney to handle a title closing of a transaction ensures that both the buyers’ and sellers’ legal rights are protected. A real estate attorney knows the latest laws and can handle the intricacies of any type of transaction.

If you are buying or selling a property, give the associates at Gary Landau, PA a call at (954) 979-6566.

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