5 Major Things All Buyers Need Know Before Closing
- Be Vigilant When Sending Wire Transfers
Prior to closing, you will need to wire the remaining balance of funds due for the purchase.
To help assist our customers in more safely sending and receiving wire instructions, Echelon Title Services has partnered with CertifID to safely exchange wiring instructions using state of the art computer security technology while providing a guarantee on every transaction of up to $1 Million against fraud.
You can learn more about CertifID on its website.
- Joinder of Spouse Required for Mortgage of Homestead (Primary Residence)
If you are married and the property that you are buying will be your homestead (primary residence), the Florida Constitution requires that your spouse sign the mortgage.
If a married person attempted to mortgage their homestead property without their spouse signing, the ‘mortgage’ would be void, not foreclosable, and thus uninsurable.
If you have concerns about the foregoing with respect to a closing we are handling, please contact your closing coordinator to discuss.
- Signing of Closing Documents
If you are obtaining a mortgage loan to finance your purchase, there are many documents which you must sign in the presence of a notary.
You will need to present a valid, current, government issued photo identification to the notary.
If you are signing in person at our office, notarization of your documents is included in our closing fee.
If you cannot be here for closing, please contact your closing coordinator to make other arrangements.
If you are paying cash you do not need to appear before a notary.
- Check Policy
We accept personal checks for up to $2,500.00 for initial deposits only and subject to adequate time for clearance before your closing date.
All subsequent deposits and final funds due at closing must be submitted by wire transfer only (see item 1 above).
If you are obtaining a mortgage loan and the property is not a condominium, you are going to need a survey of the property.
Often, we can use the seller’s existing survey, but only if the seller has a legible copy and the seller is able to affirm that the survey is still reflective of the current improvements on the property i.e. no substantial changes such as new pools, additions, or fences.
If you are paying cash, you may forego a survey, but there will be a general survey exception on your title insurance policy for any matters which would have been disclosed by an accurate survey of the property.
If a new survey is needed, your closer can assist in procuring a survey on your behalf, but we need you to complete our survey order authorization form.