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How it works.

After selecting the property you wish to purchase, the following steps are involved in closing the transaction using the services of a Florida Attorney Escrow Agent. 

SALES CONTRACT IS SIGNED BETWEEN BUYER & SELLER
A Real Estate contract needs to be fully completed and signed by the parties; Buyer and Seller. The contract includes the following items:

  • Names of the Seller and Buyer(s)
  • Purchase Price
  • Legal Description of the parcel
  • Address, City, State, County and Parcel Number of the property
  • Down Payment Deposit
  • Name of the Attorney Escrow Agent to receive Buyer's deposit funds
  • Financing amount (if any) 
  • Additional Terms, if any
  • Closing Date (the closing will be on or before this date)
  • Signatures of Seller(s) and Buyer(s)
  • Addresses and phone numbers of Seller and Buyers(s)

SIGNED CONTRACT IS SENT TO ATTORNEY ESCROW AGENT
The Attorney Escrow Agent handles all funds and oversees all documentation preparation and recordings. Only after receiving a fully executed Sales Contract will the Attorney Escrow Agent open a file and begin processing the order as described below:

  • The Completed Sales Contract will be reviewed for the necessary and accurate items as described above.
  • The Sellers and Buyers will be contacted by phone or email to confirm information such as spelling of names, mailing addresses, email addresses, phone numbers, form of vesting title into the buyer, and to answer any questions from the sellers/buyers.
  • If the Buyer is to obtain financing through a Lender, then the Lender's contact information will be requested by the Attorney Escrow Agent.
  • If the Seller has an existing mortgage on the property, then the Escrow Agent will require the Seller to provide the Lender's contact information for payoff instructions from the Lender. 
  • A Title Search of the public records will be performed to verify; current ownership, outstanding mortgages, liens, judgments, Homeowner Association dues if any, and outstanding taxes.
  • The Title Search is reviewed to determine any requirements necessary in order to convey clear title from the Seller into the Buyer.

  • Instructions will be provided to the Buyer, via email or mail, on how and where to make their deposit payment amount shown on the Sales Contract. (Payments must be in U.S. Funds and can be made several ways; Bank Wire, Bank Draft, or Credit Card).

THE ATTORNEY ESCROW AGENT PREPARES ALL SELLER DOCUMENTS AND SENDS TO THE SELLER
The following documents are prepared and sent to the Seller, either via email or regular mail. The Seller must sign these necessary documents and return them to the Attorney Escrow Agent.

  • Deed - This is the conveyance document that that Seller must sign in front of a Notary Public and two Witnesses. After the closing is completed, the title company will record the Deed in the Public Records of the county where the property is located.
  • Affidavits - Any statements of fact that the title company may require of the Seller.
  • Settlement Statement (HUD1) - A financial statement reflecting all charges affecting the Seller's side of the transaction. It shows the amount due to the Seller after closing.
  • Photo Id - A request for a copy of the Seller's driver's license or other form of photo ID to verify the identity of the Seller.

THE ATTORNEY ESCROW AGENT PREPARES ALL BUYER DOCUMENTS AND SENDS TO THE BUYER
The following documents are prepared and sent to the Buyer, either via email or regular mail. The Buyer must sign these necessary documents and return them to the Attorney Escrow Agent.

  • Settlement Statement - A financial statement showing all charges affecting Buyer & Seller. It shows the amount due from the buyer at closing.
  • Wiring instructions showing the exact balance needed to close.
  • Mortgage - If Buyer is obtaining financing from a Lender, then a Mortgage and Promissory Note will be prepared by the Lender and will be recorded against the buyer's property after closing.
  • Affidavits - Any statements of fact that the title company may require of the Buyer.

THE CLOSING
The Attorney Escrow Agent reviews all required documents received by the parties and verifies that they are properly executed by the related parties involved. The Final Closing, which includes; the disbursements of funds, the recording of documents into the public records, does not occur until all document requirements have been met. 


THE POST CLOSING PROCESS

DOCUMENTS ARE RECORDED
The Attorney Escrow Agent records the necessary documents into the public records only after the closing date. Documents recorded, but not limited to, are;

  • Warranty Deed - The Deed, which shows the new owner's name, will be recorded in the public records.
  • Mortgage - If any, will be recorded in the public records. This is the lien against the property and the amount owed to the lender from the new owner of the property.
  • Affidavits - Any statement of facts, if required by the title company, may be recorded in the public records.

 
TOTAL TIME: FROM CONTRACT TO CLOSING:  30 to 45 DAYS

 
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