Boca-Raton Home Buyer's Guide Tip of the Month Florida

Go To Closing

The big day has arrived. You are ready to sign the final papers and officially become a new home owner. It is very important to have last-minute problems cleared up before you transfer title. Once the closing takes place, many matters are merged into it. In other words: you have bought the problems with the property. Do not rely on promises of something to be done after closing. If it is not practical to solve a problem immediately, get it in writing that it will be fixed. Then require money be withheld from the seller and put into escrow to be released to the seller after the matter is resolved.

At closing, you will sign a note for the mortgage (your personal promise to repay the loan). You will sign the actual mortgage or deed of trust. This is the financial lien (claim) against the property that gives the lender the right to foreclose if you default. You will endorse a check from the mortgagee (the financial institution providing the financing), and you will give the closing agent your certified funds.

The seller will sign the deed (written document that transfers title to real property) and it will be sent to the county recorder (generally the clerk of the court). It will be sent to you later.