Closing on your NW FL Home

Posted on by Crye-Leike

When buying a property, there are many things you must keep in mind. Here are a few quick tips to remember when approaching a closing.

A closing is the point in which the title to the property is transferred to the buyer. Usually, during this process a mortgage is given to the lender from the buyer or borrower.

Make sure that you have done a thorough inspection of the home before a closing. You want to be completely satisfied with your new home before you close.

When signing a loan for the home, make sure you know what you are signing. Be sure that you are aware of your interest rate and make sure you know when your first payment is due. You do not want to make financial mistakes that can hurt your credit over a misunderstanding. Do not be afraid to ask questions. Your Realtor is there to help guide you throughout the whole process and to find you the best deal. Always remember that the Realtor is on your side, and you must find a Realtor that you trust.

Always make sure that the costs associated with the closing are provided to you BEFORE you put a contract on a home or piece of property. Make sure you know how much money you will need when you close on the home.

Also, be sure to have all of the utilities transferred to your name so that you do not acquire any extra fees for the gap between you and the previous owner’s shut-off date. You must have addresses, account numbers, and contact information for the following:
-Utilities (electric, gas, water, trash)
-Property taxes
-Homeowner’s insurance

If you have any repairs or issues that you discussed with the previous owner that need to be repaired before you closing on the home, be sure that the previous owner has held up his or her end of the bargain. Be sure the issues have been resolved or you have been credited for any repairs that need to take place.

Some of the most common closing costs are:
Escrow fees — The escrow feels are commonly split between the buyer and the seller. However, who will pay the fees is usually decided during the negotiation process.
Credit check — This is a fee you have to pay for your lender to verify your loan.
Document prep fee — Again, one might assume that the mortgage and escrow companies could pay their own employees to prepare your documents, but once more you get the honors.
Title insurance — Title insurance helps to protect you in the unlikely event that there’s a transgression on your property’s title history.
Miscellaneous fees — These fees cover any extra work done in the buying process. For example, the transportation of your paperwork from the title company to the escrow company.


Buying a home is both an exciting and terrifying decision. However, as long as you have done your research and you are working with a Realtor you can trust, it is a piece of cake.

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