Title Agents & Title Insurance : What you need to know when buying, selling or refinancing your home

Oct 28, 2015

Finalizing a deal Buying a home is the largest purchase most of us will ever make.

Indeed, home ownership also represents the biggest financial obligation most people will incur. In fact, home ownership is considered a fundamental part of wealth building.

During the home buying process—and particularly during closing—many of us are faced with a barrage of terms and procedures we have never heard of, especially if we are first-time buyers. The closing process is often shrouded in mystery, and many home buyers face it with only a minimal understanding of what will happen, or what their rights and obligations are.

In Florida, your closing transaction typically will be handled by a title insurance agent, attorney or notary. In addition to ensuring that title insurance is purchased, your title insurance agent or attorney will facilitate the entire closing process. They hold any funds, such as earnest money, in escrow until they are disbursed. But who are these professionals, and what exactly are their responsibilities? What is your role as the home buyer or seller? And, most importantly, how can you save money in this process?

By providing an overview of the closing process, it is hoped that this publication will help demystify the process for you.

Your Closing

During closing, the title to real estate is transferred from the seller to the buyer. This process generally includes the collection of all necessary funds and the completion of all required paperwork. For many years, closings took place in a title agency or in an attorney’s office. Today, however, closings may take place in any location, as long as a notary is present. In Florida, an attorney or a licensed title agent may facilitate real estate closings.


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