escrow Archives - Naples Title Company | Marco Island Title Company

What Does The Closing Process Involve When I Sell?

We wanted to take a break from our blogging posts about the mortgage process which fundamentally educates our buyers, and offer something of interest to the sellers we serve.

As this video explains, a signed sales contract doesn’t mean your house is sold. There are still financial, contractual and legal steps for both sides.

What Does The Closing Process Involve When I Sell?

The buyer has to get financing to meet the contract terms – which includes credit checks.

The property is inspected and appraised; title insurance and escrow accounts are set up. And you are working on locating new housing, packing, and preparing to move.

One of the most important obligations for sellers is to cooperate with the title company to clear any title issues, and to assist with obtaining association estoppels, and mortgage payoff information.

Of equal importance, is addressing all obligations under the contract, such as providing a prior owner’s title policy, maintaining the property in good condition, and taking care of any obligations which come up during the inspections, such as painting or repairs.

After the contract is signed, it can take a month or more of undertaking these steps to get ready for closing.

A good seller leaves the property in the condition they would want to take it if they were buying, and nothing breeds good will more than taking such an attitude.

If you need help preparing for closing, please count on us. We are the title company that believes in “Putting You FIRST!”

Non other title company in Naples or Marco Island will go the extra mile like we will … we want to exceed your expectations and make your sale easy and hassle-free.

Please call upon us to assist you, and if you wish to be represented separately in your closing, please contact us. Our real estate attorneys and title attorneys at Woodward, Pires & Lombardo, P.A. can handle seller-side only representation.

So please plan on being amazed at our service. We’re here for you!

Understanding Your Loan Estimate: Other Costs

Your Closing disclosure will contain an area showing you other costs of your mortgage. These may include: taxes, certain pre-payments, and escrow funding.

Recording fees are charged by government agencies for keeping legal ownership records, while “transfer taxes” may be imposed by states, counties and municipalities on real estate ownership transfers.

Prepayments may include homeowner’s insurance premiums on the property mortgage insurance, if required property taxes for a period of months in advance, and prepaid interest, typically for the period from closing to the first mortgage payment.

Escrow funding may also be required against future annual charges for homeowners insurance, mortgage insurance and property taxes.

Understanding Your Loan Estimate: Other Costs

Another important fee you’ll see on this section of the Closing Disclosure is for title insurance. This is an optional purchase, but most buyers purchase title insurance to protect their legal ownership under an “Owner’s Title Policy”

For more information on title insurance, be sure to call us, and review our Resources page.

Some of these “Other Costs” may vary substantially between Loan Estimate and Closing Disclosure ask your lender about the tolerance rules or watch the video “Could My Loan Cost Exceed The Loan Estimate?”

Most title agents won’t take the time to help you understand your Closing Disclosure. But we will!

At First Title & Abstract we believe in “Putting You FIRST!”

Realtors and lenders have come to recommend us as the top title company in Naples and Marco Island. For nearly forty years, we’ve served our clients successfully, always with friendly and professional service.

We look forward to assisting you with your closing, and answering any questions you may have!