Title insurance is a onetime paid premium which is intact for the life of the current ownership and any heirs thereto. It protects against any claims of lien, possessions, or encumbrances after your closing. Depending on the type of policy you purchase, the policy either protects the owner (owners policy), the lender (loan policy) OR the owner and lender (simultaneous policy).
If you are getting a loan, the lender is bound to their underwriting guidelines. Depending on the lender, they may allow you to electronically sign your loan package. However, in most cases there are still a handful of documents that must be signed in person by the borrowers listed on the loan application. Title documents are always acceptable via electronic signature and notarization.
Most counties have an online portal to apply for the exemption. Some counties will require you go in person with a copy of the deed to the tax collector’s office to file. Check our resources page for links to the Broward, Miami Dade and Palm Beach County Tax Collector websites.
No, in fact you should NOT do either. Running water and electricity is required for the final walk thru. After the closing, the buyer will go with a copy of their deed to the water/utility office and have water turned on in their name which will automatically stop service and generate a final bill. Our office will always hold a water escrow from your (seller) proceeds to pay this bill so you (seller) should NOT go to the utility office to clear a balance.
For a cash closing, the only items required for closing are the earnest deposit, title examination, lien search and estoppel if there is an HOA. Some associations require approval, so that may be the part that takes the longest. In most cities a lien search takes 10 days and title exams take 5-7 days. Under the law, an association can take up to 15 business days to generate an estoppel (that’s 3 weeks!)
On a cash deal, it’s a guarantee that you will see a settlement statement at least 48 hours prior to closing. On a loan transaction, most must abide by the TRID 3-day rule. That said, each lender has their own interpretation of that rule so there are cases where finalized figures aren’t available until 24 hours prior to closing.
Generally, a loan signing takes 1 hour for the actual signing of the documents. Some require and allow for table funding and others require a queue for funding, in that scenario buyers and realtors may leave and be notified of funding approval OR you can standby until approval is received and keys can be exchanged. A cash signing takes about 30 minutes or 15 minutes per signor.
You will receive a copy of your unrecorded deed at closing, you will need it to turn on water in your name and your association may also request a copy. Your recorded deed and title policy will be sent within 30 days of closing. If you misplace your original deed or title policy, feel free to reach out to our office info@selecttitleservicesfl.com. We can request a certified copy of your deed from the county and provide you with a new signed policy.
