subject: 6th of 6 Steps to Buying a Home or Condo in Florida [print this page] 6th of 6 Steps to Buying a Home or Condo in Florida
6. Closing the deal.
By the time of the closing, the major work has been done and basically all that is left for you and the sellers to do is to sign the paperwork, verify the funds you have wired have arrived(and those from the lender if you are getting financing), and get the keys to your new place.
This can be done here locally at the title company or attorney's office that is handling the closing. However, if you won't be in the area at that time, the paperwork can be sent to you where you are and you can get all the signatures and notarizations done and then send it back and arrange for the wire transfer of funds for closing. This is called a mail-away closing and can be done as long as you let everyone know very early on so that the timing can be planned out properly.
Most closing agents from title companies or attorney offices are very good about explaining the paperwork you are signing. But it is important that you know it is up to you to ask about anything you don't understand. And it is also very important that you make sure everything is correct, especially regarding the terms of any loan.
For a fixed rate loan you'd minimally you want to check on:
Interest rate
Amount of each monthly payment
Length of the loan
Is there a prepayment penalty?
On an adjustable rate loan you also need to know:
What is the interest rate?
How long does that last ?
What will the interest rate go up to at the end of that period?
How much can the interest rate go up?
When the closing is done you will then own the property. Unless you have some agreement that allows the seller to occupy it after the closing, you will now be able to start moving in, remodeling, finding a tenant or whatever you have planned for it. This is the time to celebrate!
Hopefully this series of article has provided you with a better understanding of a good part of the residential purchasing process in Florida. I've found that the more you understand, the more comfortable you will feel about the process and the better able you will be to watch out for your interests.
If you have any questions that weren't answered by the info in these articles, feel free to email me.
