Key To A Successful Closing
The strong expertise of our team is based on vast experience, knowledge and skills with 4 in-house attorneys between our Weston and Fort Lauderdale offices with over 85 years of combined experience.
Starting the process
The purchase contract, escrow deposit or lender title order is what typically starts the process for SafeKey Title & Closings to open a new title file. We identify and get contact information for all of the participants – Buyers, Sellers, Listing Agent, Selling Agent, Mortgage Broker, Lender, Seller’s Lender(s) being paid off at closing, Community Association(s), Lien holders, Surveyor, Local Government for lien search and closing requirements, Insurance providers, inspectors – just to start. We order the necessary loan/lien payoffs, reports, insurances, and searches.
Title search and examination
This is a search of the public records (Official Records Books) made by a licensed title agent examiner. Records searched include deeds, mortgages, liens, court and estate proceedings, judgments, and other documents affecting title to your property. This is when verification of the legal ownership of the property is made and debts secured by the property are determined.
In addition, the SafeKey staff orders reports from government entities and community associations to determine if there are any violations, assessments, outstanding fees, open permits or other matters that do not appear in the public records. These items may not be covered by your title insurance and must be verified so that you can have peace of mind that your ownership will be free and clear of unanticipated problems and expense.
Your SafeKey processor will review the lender instructions and requirements, review instructions from other parties to the transaction, review legal and loan documents, assemble all charges from the various parties, prepare the closing statement (HUD-1 or Closing Disclosure Settlement Statement) and set the closing. You can be assured that your transaction will close in compliance with all lender instructions, the terms of your contract, and all applicable laws.
Settlement – Closing the transaction
The attorney or trained closing agent oversees the closing of the transaction and explains all documents. Seller signs the deed and other closing documents required by the contract and local usage. Buyer signs all necessary documents including the usually voluminous lender package. Seller, real estate agents, attorneys, and other parties to the transaction are compensated.
After the signing is completed, the deed, mortgage and any title corrective instruments will be recorded in the public records in the county in which the property is located. In most counties, this is done almost instantaneously by electronic recording. All funds will be disbursed in conformance with the closing statement by paying off all required mortgages, liens and vendors. Title insurance policies will then be issued and mailed and the file scanned for digital storage.