Buyer's General Closing Information

BUYER'S GENERAL CLOSING INFORMATION

Property Insurance: Before your closing, you will need to select an insurance agent and obtain and pay for an insurance binder on the property you are purchasing. Please make sure this binder is issued to you as the owner and, if applicable, to the mortgage lender. You may need Hazard, Windstorm, and/or Flood insurance coverage. Your insurance agent will need to know the amount of coverage you are obtaining and the amount of coverage the mortgage lender will need along with the mortgage lender’s mortgagee clause. Once you have the binder coverage, you will need to provide proof of insurance and payment thereof to the mortgage lender and a copy to us in advance of closing.

In the event the property you are purchasing is a condominium, the structure of the building may be covered by the Association for fire and other hazards. You may need to furnish the mortgage lender with evidence of this master insurance policy. However, the master policy does not cover the contents of the interior of the unit. Therefore, you may wish to consider obtaining a Condominium Owner’s Insurance Policy.

Survey of the Property: Our office will order a survey of the property you are purchasing. The survey will be reviewed with you at the closing. However, please note that the survey does not reflect ownership of fences. If you have any questions regarding ownership of fences, please make inquiry.

Elevation Certificate: If the property you are purchasing is in a flood zone, our office will order an Elevation Certificate at the same time we order the survey. This Certificate will be requested from your insurance agent when obtaining a quote for your flood insurance binder. Please let us know the Insurance agency issuing your insurance, so we may fax the completed Elevation Certificate to them on your behalf.

Property Inspections: In the event you are ordering inspections of the property, it is important that you, and/or the real estate sales associate representing you, order them within the time frame provided for in your contract, and that a copy of the report is delivered to the Seller on a timely basis. If you need assistance with this, please contact our office.

New Mortgage: If you are obtaining a mortgage to purchase the property, please advise us as to the name and contact information of your mortgage lender. Your lender and our company will work in conjunction with one another in order to obtain all necessary documents for the closing, and also to complete the Closing Settlement Statement. Once the Closing Settlement Statement is approved by your lender, exact closing figures will be furnished to you.

Closing Funds:You will need a locally drawn cashier’s check for closing. The check should be made payable to Florida Title and Guarantee. Alternatively, you may wire transfer the funds directly from your bank to our trust account. If wiring funds, you will need to provide your bank with our wiring instructions. Please contact your title representative or closer to obtain these from our office.

If you are relocating from another State, and if you would like to have the proceeds of the sale of your existing home wired to our trust account to be applied in whole or in part to the purchase, please contact us. We will call the agency for your sale, and we will provide them with the written wiring instructions. Any overage not used for the purchase, will be tendered to you at the closing.

Photo Identification:It is required that each Purchaser bring to closing an official form of identification which includes a photo, such as your Driver’s License or Passport. In order for the Seller’s conveyance documents to be properly notarized, each Seller will also be required to present an official form of identification.

Condominium or Homeowner's Association Approval: If you are purchasing a Condominium, you may be required to file an application with the Condominium Association for approval as a Purchaser within the time frame provided for in your contact. Once you are approved, please have the Association issue to you the Certificate of Approval. You must bring this Certificate to closing, as it needs to be recorded with the deed. If you are buying a property that is not a Condominium, but is governed by an Association, you may be required to follow the same procedure. Please inquire to the Association as to whether a Certificate of Approval is required or not. of Approval is required or not. If a Condominium, you should also receive from the Seller a set of the Association’s governing documents.

Closing By Mail: If you cannot attend the closing, please advise us as soon as possible to allow sufficient time to coordinate a "mailaway closing". This will allow our Company, along with the mortgage lender, to get documents to you by overnight mail. You must take these documents to your local notary for signing. Once all documents are complete, you will be asked to return them to our Company by the date on the instruction sheet that accompanies the documents.

Closing date: This is the date on the purchase contract. If the parties to the transaction plan on closing on a date other than the date set forth on the contract, please contact us and advise us of same.

Title to your Property: Your name will appear on the title to your property as set forth on the contract or on the mortgage lender's instruction sheet. If you desire any other variation, please contact us.

Scope of Services: This office will perform settlement services on your behalf. Settlement services are, in general, the examination of title and determination of insurability; processing the title requirements; ordering payoff statements and surveys; complying with homeowner's association requirements for copies of transfer documents; coordinating with the lender; preparing the closing statement, title insurance commitment and issuance of the final title insurance policy; conducting the closing; recording documents in the public records, and disbursing and balancing escrow funds.

Costs Advanced: In order for you to meet your contractual obligations in a timely manner, and to comply with your lender's requirements, this office will request a title search, a title examination, municipal lien search, survey of the property, and account information from the Association, if applicable. Our office will advance the funds for these necessary items. Payment for the costs that pertain to the Purchaser will be reflected on your closing statement

We look forward to a successful closing!

Greetings from Florida Title and Guarantee and Staff. In connection with your upcoming real estate purchase, please note the following basic information which is provided in order to facilitate a smooth closing transaction:Property Insurance: Before your closing, you will need to select an insurance agent and obtain and pay for an insurance binder on the property you are purchasing. Please make sure this binder is issued to you as the owner and, if applicable, to the mortgage lender. You may need Hazard, Windstorm, and/or Flood insurance coverage. Your insurance agent will need to know the amount of coverage you are obtaining and the amount of coverage the mortgage lender will need along with the mortgage lender's mortgagee clause. Once you have the binder coverage, you will need to provide proof of insurance and payment thereof to the mortgage lender and a copy to us in advance of closing. In the event the property you are purchasing is a condominium, the structure of the building may be covered by the Association for fire and other hazards. You may need to furnish the mortgage lender with evidence of this master insurance policy. However, the master policy does not cover the contents of the interior of the unit. Therefore, you may wish to consider obtaining a Condominium Owner's Insurance Policy.Survey of the Property: Our office will order a survey of the property you are purchasing. The survey will be reviewed with you at the closing. However, please note that the survey does not reflect ownership of fences. If you have any questions regarding ownership of fences, please make inquiry.Elevation Certificate: If the property you are purchasing is in a flood zone, our office will order an Elevation Certificate at the same time we order the survey. This Certificate will be requested from your insurance agent when obtaining a quote for your flood insurance binder. Please let us know the Insurance agency issuing your insurance, so we may fax the completed Elevation Certificate to them on your behalf.Property Inspections: In the event you are ordering inspections of the property, it is important that you, and/or the real estate sales associate representing you, order them within the time frame provided for in your contract, and that a copy of the report is delivered to the Seller on a timely basis. If you need assistance with this, please contact our office.New Mortgage: If you are obtaining a mortgage to purchase the property, please advise us as to the name and contact information of your mortgage lender. Your lender and our company will work in conjunction with one another in order to obtain all necessary documents for the closing, and also to complete the Closing Settlement Statement. Once the Closing Settlement Statement is approved by your lender, exact closing figures will be furnished to you.Closing Funds:You will need a locally drawn cashier’s check for closing. The check should be made payable to Florida Title and Guarantee. Alternatively, you may wire transfer the funds directly from your bank to our trust account. If wiring funds, you will need to provide your bank with our wiring instructions. Please contact your title representative or closer to obtain these from our office.If you are relocating from another State, and if you would like to have the proceeds of the sale of your existing home wired to our trust account to be applied in whole or in part to the purchase, please contact us. We will call the agency for your sale, and we will provide them with the written wiring instructions. Any overage not used for the purchase, will be tendered to you at the closing.Photo Identification: It is required that each Purchaser bring to closing an official form of identification which includes a photo, such as your Driver's License or Passport. In order for the Seller's conveyance documents to be properly notarized, each Seller will also be required to present an official form of identification.Condominium or Homeowner's Association Approval: If you are purchasing a Condominium, you may be required to file an application with the Condominium Association for approval as a Purchaser within the time frame provided for in your contact. Once you are approved, please have the Association issue to you the Certificate of Approval. You must bring this Certificate to closing, as it needs to be recorded with the deed. If you are buying a property that is not a Condominium, but is governed by an Association, you may be required to follow the same procedure. Please inquire to the Association as to whether a Certificate of Approval is required or not. If a Condominium, you should also receive from the Seller a set of the Association's governing documents. Closing By Mail: If you cannot attend the closing, please advise us as soon as possible to allow sufficient time to coordinate a "mailaway closing". This will allow our Company, along with the mortgage lender, to get documents to you by overnight mail. You must take these documents to your local notary for signing. Once all documents are complete, you will be asked to return them to our Company by the date on the instruction sheet that accompanies the documents. Closing date: This is the date on the purchase contract. If the parties to the transaction plan on closing on a date other than the date set forth on the contract, please contact us and advise us of same.Title to your Property: Your name will appear on the title to your property as set forth on the contract or on the mortgage lender's instruction sheet. If you desire any other variation, please contact us. Scope of Services: This office will perform settlement services on your behalf. Settlement services are, in general, the examination of title and determination of insurability; processing the title requirements; ordering payoff statements and surveys; complying with homeowner's association requirements for copies of transfer documents; coordinating with the lender; preparing the closing statement, title insurance commitment and issuance of the final title insurance policy; conducting the closing; recording documents in the public records, and disbursing and balancing escrow funds. Costs Advanced: In order for you to meet your contractual obligations in a timely manner, and to comply with your lender's requirements, this office will request a title search, a title examination, municipal lien search, survey of the property, and account information from the Association, if applicable. Our office will advance the funds for these necessary items. Payment for the costs that pertain to the Purchaser will be reflected on your closing statementWe look forward to a successful closing!