Nationwide Land Title Company
What Should You Expect From a Real Estate Closings?
Buying a property can be a complex process, especially if this is your first time in real estate closings. Knowing what to expect is crucial to simplify the process and make it easier for you to get help when you need it. A real estate closing can have many components to it in South Florida, and you need to know what they are to be prepared. Here is what you should expect from a real estate closing: Settling of Outstanding Debts The original property owner (and the seller) will need to settle any debts that may have been acquired on the property before the final transfer. If there is an outstanding balance that the buyer will be covering, they need to provide proof of funds to ensure that the property won’t foreclose without transparency. The buyer may take out a loan to purchase the property, in which case the mortgage documents need to be shown at this stage. If a mortgage is being paid off, the title company in charge will ask for a payoff statement from the mortgage lender (or whoever settles the debt). The outstanding balance, along with interest, will be highlighted in this statement. Title Transfer There....
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