South West Florida is one of most beautiful places one can own a home. Many people visit this area and immediately fall in love with it. With time they race out to purchase a piece of their dream home in South West Florida. They get excited with the brochures that show the various scenic view and beautiful home. Then they sit down with the broker to write a purchase contract. However, it is essential to understand what one is getting into to avoid costly consequences during the closing. Therefore, the following tips will enable you to understand what is expected of you when closing your South West Florida Home.
Ideally, the closing process in South West Florida Home is expected to involve the signing of documents, payment of money, exchange of keys and handshakes. Therefore, one must be prepared for a smooth closing day. The first thing is to ensure that you review all the documents before the closing on the house. This review will require that you make sure the paperwork is in order, the money is accessible and the utilities are turned on.
If you have a Mortgage Broker, Realtor or Closing Agent, they will advise you the amount payable to the property and other expenses which are often paid in US Dollars. Therefore, you should be able to estimate the buying price of South West Florida Home to avoid being short of money. Cost such as document stamp (tax on transfer), legal fee, title, inspection, title insurance premiums, and survey must all be covered.
Another factor to expect when closing your South West Florida Home is the closing statement which should be provided by your closing agent three days before the closing. This statement provides all the expenses of the transaction which reflects the credits and debts of the people involved in the sale of the property. Generally, the closing statement seeks to balance all the cash flow between the buyer, seller and third party agent receiving payment. Interestingly, this statement will help you to transfer money in one lump sum and avoid several small transactions. The form explains who pays whom as well as the settlement cost.
Additionally, the following items should be available before the closing of your South West Florida Home. On closing day, the house typically belongs to the buyer meaning that the buyer will foot all the expenses. So it is essential that the seller provide a statement of the balance due such as water, property taxes, electricity and insurance expenses. Other things to consider before closing is to bring your Photo ID which is required during the closing, contact the home service and utility provider as you may wish to continue using services such as telephone, internet, satellite TV, pool cleaning and more.
On the closing day, it is important that you are present to witness the signing of the contract and receive all the necessary keys. However, closing can be accomplished if you are not present via mail and email or you can choose a different location like a restaurant. Also, your closing agent can finalize the closing of your South West Florida Home. Once it is done, you must receive a warranty deed that shows you are the new owner.