Seller

Roles & Responsibilities During the Closing Process

SELLER

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

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

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

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

2. 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.

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

a) 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
b) A timeline of Key Contract Dates
c) An introduction to your Processing & Closing Team
d) Wire Information and Wire Fraud Prevention Tips

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

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

5. 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.

6. 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.

7. 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

All videos can be watched in 2x speed. 

Chapter 1: 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.

Chapter 2: 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. 

Chapter 3: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?

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 +1 (786)-888-6640.

Closing Process Checklist for SELLERS

To download the blank checklist for use in your transactions, click here.

INSPECTION Period

Provide access for inspections and appraisals;

Decide on whether to hire independent attorney for representation or if title company will prepare conveyance documents;

Deliver prior title insurance policy (if available);

PRO TIP: If Seller does not have a prior Owner’s Title Policy, maybe the Seller’s have their Settlement Statement from their original Closing and we can help contact the old title company and solicit the policy if the Closing occurred within the last 7 years.

Contract Due Diligence and Financing Period

Review lien search, survey, estoppel, and title commitment. If title defects are presented, work to clear title conditions;

Be prepared to move out and provide possession at Closing (unless there is a post-Closing occupancy).

Pre-Closing & Closing

Seller must pay for the current water account balance.

Deliver fully-executed conveyance documents for Closing;

  PRO TIP: If you would like to learn more about the documents the Sellers must execute to properly transfer ownership, we invite you to read our Guide to Seller Documents here. 

  PRO TIP: For Sellers who are legal entities, check out our list of Required Corporate Documents here.

  PRO TIP: For Sellers who are out of the Country and/or may not be able to attend Closing, please read our article “HOW CAN SELLERS EXECUTE DOCUMENTS WHEN THEY ARE ABROAD OR OUT OF STATE?” here. 

  Deliver possession at Closing *once seller proceeds have been wired* (keys and access cards should be coordinated by real estate agents and/or delivered to Closing Agent with an escrow letter).

Post-closing

Close out water account and obtain final bill and provide to title company for water holdback escrow reimbursement

Close out electricity.

Additional Resources

To Understand the Key Activities and Responsibilities of Other Roles in the Transaction, please see our Closing Process Checklists

• • Closing Process Checklists for Buyers
  • Closing Process Checklists for Real Estate Agents
  • Closing Process Checklists for Title Companies
  • Closing Process Checklist for Lenders
• A Guide to Seller Documents – Click Here
• Policies Related To Transactions Where Seller’s Are Subject To Firpta Withholding – Click Here
• Sellers Required Corporate Documents –  Click here
• Understanding Closing Costs – Click here
• Use of power attorneys for executing seller docs – Click here
• How can sellers execute documents when they are abroad or out of state – Click here