Services
Title ClearingHouse of Jacksonville is a full service title insurance company providing title insurance and settlement services in the state of Florida.
What is title?
A title is the foundation of property ownership. Anyone who purchases real property also obtains a title to the land. The title is the buyer’s legal right to possess the property and use it within the restrictions imposed by zoning codes or other established limitations.
The person paying the title insurance premium gets the first choice of closing/title agent. However, the lender must approve of the closing/title agent chosen. The buyer and seller should agree on the selected closing/title agent, but they may choose to do a split closing where the buyer uses one agency and the seller uses another. The money would be disbursed by the agency the lender approved.
Like other documents, you shouldn’t sign a Closing Disclosure Form, unless you understand and agree to all the terms. Once it’s signed it becomes a legal document and it could involve a lengthy court battle if the consumer wants to make any changes.
What is closing?
Closing (also referred to as settlement) is the final step in executing a real estate transaction.
The closing date is set during the negotiation phase, and is usually several weeks after the offer is formally accepted. On the closing date, the ownership of the property is transferred to the buyer. In most jurisdictions, ownership is officially transferred when a deed from the seller is delivered to the buyer. Lenders providing a mortgage loan will often require title search, title insurance, appraisal and survey.
Several things happen during closing:
The buyer and/or their lender deliver a check (generally in the form of a cashier's check or wire transfer) for the balance owed on the purchase price.
The seller, or grantor, executes the deed transferring ownership of the property to the buyer, or grantee. The deed is then recorded in the public records of the county where the property is located.
Loan documents need final approval from Lender, Home Inspection, and Appraisal to be verified as well.
The seller delivers possession to the buyer, typically by giving the buyer keys for the home. Unless otherwise specified in the real estate contract, delivery of possession should be at the closing.
The seller receives a check or bank transfer for the proceeds of the sale, less closing costs and mortgage payouts.
From the funds allotted for closing costs, prepayments of real estate taxes and insurance may be required, and fees charged by other parties may be paid, such as real estate brokers/agents, title companies, etc.