Selling Your Home and The Closing Process:
If you are selling your home then chances are you have experienced the closing process from the Buyer’s side. Now as the Seller, what can you expect?

You may have enlisted the help of a qualified Real Estate Agent to help in the selling process. They are able to assist and give you guidance through the process. You will still need a title company for the closing procedure. You as the Seller make the choice of the title company you want to handle your closing.

Selling Your Property Yourself:
If you are selling your property yourself, you can enlist your title company to help you with your closing needs. As the title company we are able to hold the Buyer’s Earnest Money Deposit . We need a copy of the executed contract between you and the Buyers stating “Palm State Title” as the company holding such deposit.

It is important to realize that only a licensed Real Estate Agent, an Attorney or you as an individual can prepare a Contract for Purchase.

Providing for You . . .
As a Title Company, we can prepare all closing documents on your behalf. We will do the title search in order to clear title before transferring the property to your buyer. We will close the sale based on the terms stated in your contract. We will record all the proper documentation to create the new ownership of the Buyer as free and clear.

We collect all required funds and disburse all funds as stated on the Settlement Statement prepared for closing and signed and agreed to by all parties.

As the “third party”, we represent all parties and our responsibility is to be sure everyone’s interest and needs are accounted for while creating a free and clear title and closing to the terms of the contract.

We will issue the new “Owner’s Title Policy” to the new Buyer and any “Loan Policy” to the lender that may be required depending on the Buyer’s financing of the transaction after all documents have been recorded.

Who normally pays and why.

Title Fees
It is customary here in the Central Florida area that the Seller normally pay for the “Owner’s Title Policy” in order to present the Buyer with evidence of a free and clear title as required by the contract between Buyer and Seller. This will include a Search and Exam fee.

The Buyer usually pays for any title costs associated with acquiring a Loan Policy required when financing the purchase. Other areas of Florida the Buyer may be the responsible party to acquire and pay for the title insurance and to choose a title/ closing company.

Recording Fees
In the Central Florida area the Seller normally pays for the Documentary Stamps collected on the Warranty Deed which is currently

.70 cents times the sales price rounded to the next $100.00 increment. The fee is collected at closing and paid to the recorder’s office at the time of recording. The Buyer is responsible for the Documentary Stamps and Intangible Taxes paid on the Mortgage (if any). Palm State Title will collect fees based on the Contract agreed to by all parties.

As the Seller, you would be responsible for any other miscellaneous recordings as may be required to clear title.

Other Fees
There are various other fees that may be required based on the type of closing and what it may take to clear title. Examples of other costs would be closing fees; courier fees for sending out payoffs or requesting information from other parties; satisfaction handling fees for paying off and retrieving your Satisfactions of the liens recorded against the title, if any.

Remember, this is what is customary unless you and the Buyer agree to other terms and are detailed in the contract between Buyer and Seller.

Sound confusing?
If so, that is why you will want to call a reliable, experienced and knowledgeable title group, “Palm State Title” to help you through all the stages and to answer all your questions. We will be there for you, you can be assured! Call for your quote.