Basic Information About Real Estate Closing Services

When selecting a closing company, pick one which will take care of all the work. The company should also keep you informed throughout the process.The closing process is as important as any other process during a real estate transaction. 

Closing services companies have dedicated to service all buyers and sellers of real estate in Orlando, Florida by providing expert closing guidance and service to all real estate transactions in a professional and timely manner.

Companies specializing in closing services in Orlando, FL can help you with coordinating the transfer of property starting when an offer is accepted until the buyer receives the title in hand. The company will take care of all the paperwork, including the transfer of funds through the escrow company of the client’s choice. Closing services also help with any title related matters, such as changing the substitute beneficiaries in a customer’s trust, payment of trust fees and payment of property taxes, among others.

The following are some of the questions commonly asked regarding the closing process.

How much is the closing cost?

There is not a fixed percentage of the closing costs as establishing a new trust has fixed expenses that are not based on the value of the property. If the value is low, then the percentage might be a little higher. The average rate runs around 5%.

What is included in the closing costs?

Closing costs include taxes and everything you need to take title to your property. Closing costs do not include escrow fees or Title insurance.

What documents do I need as a buyer?

The documentary materials needed as a purchaser depend on the closing as well as how the customer wants to take the title (As an individual, an LLC or a Family Trust).

In general, the needed documents are:

  • Filled Trust Application
  • ID (Passport, Birth Certificate)
  • ID for substitute beneficiary (Passport, Birth Certificate)
  • Recent Utility Bill
What kind of documents do I need as a seller?

It depends on the way the property is held, for example, an individual, an LLC or a Family Trust).

The general documents required to a seller:

  • Manifestation of Construction/Lot
  • Current Property Tax receipt
  • ID (Passport, Birth Certificate)
  • Recent Utility Bill
  • HOA receipt
  • Last month’s water receipt
How long does it take to close a transaction?

Closing periods vary on a case by case basis, averaging four and a half months. This time starts the moment all documents are acquired. The Closing is executed at the signing with a notary. The process is completed when the buyer is holding the original title registered at the Public Registry.

Find a company that has extensive experience in closing services in Orlando, FL that has been working with different clients over the past decade.

For a smooth and fast closing process, talk with your listing agent regarding the needed paperwork and keep in mind the following:

Your trust records should be the actual price that you paid for the property.

Make sure that you have understood the documents before signing.

Check if your construction license is based on the amount that you will be investing in the development. Declaring lower value might save you some money. However, it will backfire when you sell your property due to the Capital Gains Tax.

Check if the substitute beneficiaries are included in the Trust.

When closing is finished, notify all utility services of the change in ownership, so that all new receipts are under your name.

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