Buyer / Borrower

Congratulations! You have an Executed Contract… Now What?!

Roles & Responsibilities During the Closing Process

Next steps after a Contract is signed by both Buyer and Seller

01

Please send the fully executed contract to welcome@foliotitle.com with the following information:

  • Mobile phone number and email of your client
  • Mobile phone number and email of the other agent
  • Name, Mobile phone number, and email of the lender or mortgage broker (if applicable)
  • Association contact information (if applicable)

02

Once we receive this information, our Onboarding Team will open the transaction in our Closing System within the next 6 to 24 business hours and assign a Processing & Closing Team to start working on your file immediately.

03

You will receive an email from our Onboarding team with the following:

  • A link to fill out a form with the information we need to begin processing the file. Delays in this information may delay the closing
  • A timeline of Key Contract Dates
  • An introduction to your Processing & Closing Team
  • Wire Information and Wire Fraud Prevention Tips

04

We offer our clients and their real estate agents a personalized Onboarding experience with the following services:

  • A personalized Whatsapp Chat Group for each transaction (optional)
  • Onboarding videos and checklists for all parties
  • A follow up Introduction call with the Processing and Closing team to answer any questions the clients or real estate agents may ask

05

If the Buyer is obtaining a mortgage loan, we prepare and send a preCD with the estimated closing costs to the mortgage loan originator within 48 business hours of opening the file in our system.

06

Our team will order the title search and lien search within 24-48 business hours of opening the file in our system. Surveys and Estoppels are usually ordered after the Inspection Period and sometimes after the Appraisal results. If you have any questions as to these orders or their timing, please let us know.

07

We ask that if you believe there will be any changes to the Closing Date, including a Closing that is earlier than the Contract Closing Date, you let us know as soon as possible as this may affect the timeline of key documents that expire and this may incur unnecessary additional expenses. For more information about the differences between the Contract Dates and Expected Dates, please click here.

Summary Of The Closing Process

These videos are presented by Ricardo Teran, co-founder and Director of Business Development of FOLIO Title.
If you have any additional concerns, please do not hesitate to contact us at support@foliotitle.com, visit our website www.foliotitle.com, or write to us at (786) 888-6640.

All videos can be watched in 2x speed.

01

What is the Role of the Title Company in the Purchase & Sale Process and Why is Title Insurance so Important? (04:55)

In this video, we will explore the role of the title company in the real estate closing process in Florida, how to protect your real estate investment with title insurance, and we will learn about the role of the Escrow Agent.

02

How does the Closing Process work? What are the Key Milestones, Dates, and Responsibilities that a Buyer needs to know? (14:01)

Get to know each stage of the closing process: Inspection period, Due diligence and financing, Pre-closing, and Closing. Learn what to expect in each stage and the most important dates and responsibilities to keep in mind during the transaction.

03

Frequently Asked Questions about the Real Estate Closing Process for Buyers and Real Estate Agents (13:39)

During the closing process, clients have understandable concerns and questions, which is why in this video, we review some of the most common questions related to the Closing Process:

  • Closing logistics – Where and when will we sign our closing documents?
  • How does the escrow deposit work and where do I send the money?
  • What is a condominium approval? Why is it so important and how does the process work?
  • What is the Role of the Lender, Real Estate Agent, and Title Company
  • What Information is required to Close an on-time and stress-free transaction?

Closing Process Checklist For Buyers / Borrowers

Here are the Next steps after a Contract is signed by Buyer and Seller
Click the button to download the blank checklist for use in your transactions.

Download Buyer Checklist

01

Onboarding (First 3 days after Signing Contract)

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Wire Instructions:

Carefully review the encrypted wire instructions sent in the onboarding email and ensure escrow deposits are made with the escrow agent listed in the contract within the specified timeframe.

Before sending any wires, always verbally confirm the attached wire instructions. WIRE FRAUD IS REAL – PLEASE BE CAUTIOUS.

Escrow Deposits:

Please note, the Escrow Agent holding the initial deposit may differ from the Closing Agent. Confirm the Escrow Agent with your Transaction Coordinator and, if different from the Closing Agent,, verify their wire details directly with the Escrow Agent.

Cash To Close:
Final cash-to-close must be a Same Day Wire Transfer to {Settlement Agency}. For best results, consider completing the wire transfer in person at your bank rather than online to ensure same-day processing.
Buyer Information Form:

Complete the required Buyer Information Form within 3 days of executing the contract to avoid closing delays.

Onboarding Call:
Schedule an onboarding call with your FOLIO Transaction Coordinator.
Watch Short Educational Videos:
Know what to expect during the process:

Key Transaction Dates:
Review the key transaction dates emailed to you with your realtor, lender, and transaction coordinator.
Estimated Closing Costs:
Examine the estimated closing costs from FOLIO Title and ensure they are included in the lender’s loan estimate for a comprehensive view of final closing costs and required cash to close. For more details, refer to the article “Understanding Closing Costs.”
Disclosure of Buyer and Seller Paid Commissions:
Ensure proper documentation of who will pay commissions, the commission amounts, and any credits that may apply.
Foreign Buyer Affidavit:
Sign and notarize the Foreign Buyer Affidavit.

02

Inspection Period

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Physical Inspections:
Hire a licensed and certified inspector for a physical inspection and review the report to decide whether to accept, reject, or negotiate based on the property’s condition within the contract’s timeframe.
Additional Reports:
Consider asking the inspector about a 4-point inspection and a Wind Mitigation Report. Although these add marginal cost, they might reduce homeowners insurance costs.
Mortgage Loan Applications:
If buying with a mortgage, submit the financing application within the contract’s timeframe, ensuring the application is in the same name as intended for the property title, matching your photo ID to avoid closing delays.
Loan Requirements:
Complete loan disclosures and pay the appraisal fee directly to the lender early, so the appraisal results are obtained within the contract’s specified timeframe.
Association Approval:
Apply for association approval within the contract’s timeframe. Check if there are other associations requiring applications or estoppel orders.
Title Holder Approval:
Ensure the association approval is in the name of the title holder. If a legal entity (e.g., LLC) will hold the title, approval must be in the entity’s name. Inform the association if closing under an LLC to avoid closing delays.

For more information, we invite you to read our Tips And Key Information When Purchasing A Condo In Florida

Homeowners Insurance:

Begin quoting homeowners insurance early. While mortgage loan originators may estimate insurance based on similar properties, understanding the real insurance cost early helps accurately project monthly payments, especially given Florida’s fluctuating insurance market.

03

Contract Due Diligence and Financing Period

  • Review documents provided by FOLIO Title.
  • For mortgage purchases, obtain Loan Approval or Commitment within the contract timeframe; provide all required documentation to the lender promptly.
  • Choose a homeowners insurance provider and policy early in the process.
  • For condo purchases, follow up on the association application process, including if there are additional associations, and ensure approval is in the title holder’s name.
  • Ensure the lender has approved all associations and obtained necessary documents from the Association within the contract’s Loan Approval Period.

04

Pre-Closing & Closing

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Confirmation of Buyer and Seller Paid Commissions:
Ensure proper documentation of who will pay commissions, the commission amounts, and any credits that may apply.
Mortgage Purchases:
For mortgage purchases, fulfill pending lender conditions, including insurance binding, and sign the Closing Disclosure (CD).

Await the title company’s final cash-to-close amount. Consult with your FOLIO Transaction Coordinator if you wish to send funds before the closing date.

Walk Through Form:
Conduct a walk-through and sign the Walk Through Form.

We recommend that Buyers Do not finalize moving plans until closing is confirmed, as various factors can delay it. There are many reasons why a Closing may be delayed and many of those reasons are outside the Control of the Buyers, Real Estate Agents, Lenders, Sellers, and the Title Company. If you have a particular need to move by a certain date, please let us know, and we will do our best to accommodate the date.

Cash to Close:
Send Cash to Close the Closing Agent by Same-Day Wire Transfer (usually day of Closing or day before) as indicated in Wire Instructions.
Coordinate Closing:
Coordinate Closing logistics with FOLIO Transaction Coordinator and FOLIO Closing Team.
Execute Lender Package:

Execute lender package and closing documents (Final HUD/ALTA, Closing Affidavits, etc) with FOLIO-approved notary.

05

Post-closing

  • You will receive electronic copies of necessary closing documents, including the executed Warranty Deed and Final HUD/ALTA after Closing.
  • The recorded Warranty Deed will be available online once published by the County Recording Office, which may vary in time. The Property Appraiser’s website may take longer to update ownership. Some counties take less than 48 hours and other counties more than 2 business weeks to publish recorded documents in the Public Records.
  • Electronic copies of the Recorded Warranty Deed and Owner’s Title Insurance Policy within 90-120 days post-closing.

06

Additional Resources

At FOLIO, we are dedicated to supporting you through the entire process from contract to closing, ensuring you have all the necessary information for an informed purchase decision. We recommend reading our Buyer’s Guide to Real Estate Closings to enhance your knowledge and readiness for the transaction. Contact us anytime with questions, and we’ll gladly provide clarification. For insights into the key activities and responsibilities of other roles involved, refer to our Closing Process Checklists.
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Closing Checklists:
Contact us to learn more about how FOLIO can simplify your closings.