[boleex]

According to this https://sandygadow.com/state-by-state-closing-guide/:

FLORIDA

Title companies and attorneys handle closings. Conveyance is by warranty deed. Mortgages are the customary security instruments. Foreclosures are judicial and take about 3 months. They involve service by the sheriff, a judgment of foreclosure and sale, advertising, public sale, and finally issuance of a certificate of sale and certificate of title. ALTA policies are commonplace. Buyers pay the escrow and closing costs, while county custom determines who pays for the title insurance. Sellers pay the documentary tax. Property taxes are payable annually, but the due and delinquent dates are months apart, November 1st and April 1st. Under Florida law, a widow or widower has the right to live in their deceased spouse’s house for the remainder of his or her life, even if the home is willed to someone else. A Homestead Exemption exists for an owner’s residence in Florida. Florida’s exemption is unique because it lacks any monetary cap on the homestead protection, while other states which offer a homestead exemption usually place a limit on the valuation which can be protected.

According to my agent, an attorney is not normally needed. I am interested in purchasing a FL investment property.

Please let me know your experience with this.

Thanks.

[sware2cod]

Typically title agencies handle the whole thing in Florida. Although, if you choose, you can have an attorney do the closing instead of a title agency. Most people go with the title agency though.

You can choose your own title agency. There are lots of them. You can contact them ahead of time with any questions and make sure you are comfortable with the one you choose.

[Hammocks Bum]

Either way, its my understanding that any title Co out there has to have an Attorney, even if just on retainers...We always used Title Co's in Fla but on the last buy of Real Estate, we bought the house from friends, NO R/E Sales-Hound in the middle..We did it all at an Attorneys Office.

Saved lots of money on both sides of the transaction.

[boleex]

Originally Posted by sware2cod

Typically title agencies handle the whole thing in Florida. Although, if you choose, you can have an attorney do the closing instead of a title agency. Most people go with the title agency though.

You can choose your own title agency. There are lots of them. You can contact them ahead of time with any questions and make sure you are comfortable with the one you choose.

Thank you. Does the title company prepare all of the necessary documents? I assume it's a standard sales contract with little no negotiation?

[TreeBeard]

Title companies will typically do closings in Florida. The real issue is who pays for the Owners' Title Policy. Is it the buyer or the seller? This is negotiable; however, different counties have different customary rules. In some counties buyers pay, in others the seller. Most realtors and real estate attorneys will know what is customary in the county.

[LifeIsGood01]

Originally Posted by boleex

Thank you. Does the title company prepare all of the necessary documents? I assume it's a standard sales contract with little no negotiation?

Yes between the bank, RE agent and title company everything is handled thru them. You just show up at closing and the title company will send the documents and in my case a notary as representative. I was the buyer. I think my title company was part of a law office. I did everything remotely because the seller wanted to pick them. I didn't care, I didn't know how to choose one, and it was the same price regardless and they were helpful and answered my questions and they were about 150 miles away. I think mine cost $500.

The negotiations are done between you and the seller regarding the price of the home with each sides RE agent handling it.

Title is just saying that no one else owns the property or there are no liens against the home and it's free and clear and when you buy it it's yours and you pay the bank and when you pay it off it's yours and no one can lay claim to it when you bought it.

So if something comes out later that they didn't catch the title insurance would pay for it to be your property while you pay and (once you pay it off). The insurance is forever but just up to the day it closed. [(meaning if you get liens on your home they wont pay them for you) ] So no other person can come after the property if the previous owner had liens pending that they didn't find after you bought it and no liens can be placed on your house that were the debts of the previous owner.

Title basically says yes you have the right to buy this house because no one else owns, or owes any money against it. none that you would be liable to pay, nor would keep your from eventually owning the property if there is a mortgage or outright if you pay cash.

So you are paying for title insurance really and they check all records and filings to make sure that the person you are buying for is not going to be sued or is already sued and owes money. If anything is found after you close the title insurance would pay it.


So it's all legal mumbo jumbo but if you have a legit bank, a legit Real Estate agent who is licensed and a title company they all handle the legal paperwork and you don't need a lawyer.

[sware2cod]

Originally Posted by boleex

Thank you. Does the title company prepare all of the necessary documents? I assume it's a standard sales contract with little no negotiation?

The title company does the closing documents - including title check, ensuring there are no liens on the property before you buy it, getting the correct amts of payoff and real estate taxes, etc. All the standard closing paperwork, including mortgage amts they get from the lender, payoff calculation, transfer of funds between buyer and seller. If there is a HOA or rules that need to be signed, they ensure all the forms are signed before closing occurs.

If there is a realtor involved in the sale, the realtor handles the sales contract. There can be any amount of negotiation in this contract.

However, if you go FSBO and no agents involved, some title companies will provide you with a blank standard sales contract as well as the blanks for inspection agreements and such. At least they did this at one time in the past, because I got a FSBO package from them before with said documents. You can check with them ahead of time about this if you plan to buy FSBO without an agent or attorney.

The sales contract and agreement is usually signed just prior to picking the title company and is provided to the title company. That is, if you choose to use a title company for closing.

[LifeIsGood01]

the title company will also hold earnest money deposits I believe. I got gift funds for closing, it was arranged thru the bank, but the funds were wired to the title company if my memory serves me, my father sent it from his bank via wire transfer from out of state.