Thinking about buying a home in Brevard County? It’s easy to see why! With its subtropical climate, gorgeous beaches, and lively communities, it’s hard to resist. That said, the closing process can feel a bit overwhelming.
But don’t worry—with the right guidance, you’ll be settling into your dream home in no time. This article lays out a step-by-step guide to help you close on a home in Brevard County, FL.
Pre-Closing Checklist for Florida Buyers and Sellers
Here’s a handy pre-closing checklist for buyers and sellers in Florida:
For Buyers in Florida
Final Loan Approval
- Look over your Loan Estimate (LE).
- Get the final green light on your loan from your lender.
- Go over your Closing Disclosure and match it with your Loan Estimate (LE).
- Arrange wire transfer or certified funds for closing costs and down payment.
Inspections and Repairs
- Get termite, home, radon, well, and septic inspections as needed.
- Take care of any problems that turned up during the inspection.
Title Review
- Ensure the title search is thorough and that the title is clear and marketable.
- Make sure insurance is covered. In Brevard County, like most parts of Florida, it’s typically the seller who pays it.
Necessary Insurance
- Get homeowner’s, flood, and windstorm insurance that satisfies your lender’s coverage criteria.
- Double-check that the effective date matches up with your closing date.
Final Walkthrough
- Plan a walkthrough about a day or two before closing to check that the property’s condition aligns with the contract terms.
- Verify that all repairs have been finished as promised and make sure there is no new damage.
Funds for Closing
- Just check in with the title company with title and escrow services Melbourne FL, or the closing agent to confirm how you’re supposed to pay.
- Have the funds ready in the right form, either a certified check or wire transfer, as instructed by the real estate closing services Melbourne Florida agent.
Utilities
- Set up the utilities to switch over to your name on or after the day you close on the property.
Closing Documents
- Don’t forget to bring your ID to the closing.
- Be ready to sign a bunch of papers like the promissory note, deed of trust, and settlement statement – it’s all part of finalizing the deal.
- Check the final Closing Disclosure and ask about anything unclear.
For Sellers in Florida
Prepare the Property
- Clean up, get rid of junk, and fix anything that’s broken.
Title and Lien Clearance
- Make sure the title company with title and escrow services Melbourne FL gets the payoff details for any mortgages or liens on the property.
- Give the title company the deed and any other documents that prove you own the place.
- If the property has a Homeowners Association (HOA), give the title company the contact info and arrange for them to get the necessary papers, like estoppel letters, from the HOA.
Utilities
- Let the utility companies (like water, electricity, and gas) know to turn off your service after the closing date.
Closing Documents
- Don’t forget to bring a valid ID, like a driver’s license or passport, to the closing.
- Be ready to sign a bunch of papers, including the deed and some other documents that finalize the transfer of the property.
Keys and Access
- Make sure you have all the keys, remotes, and codes for the property so that you can hand them over to the new owner at closing.
Joint Responsibilities (Buyers and Sellers)
Legal Representation
- You might want to hire a lawyer to look over the contracts and make sure everything is good to go according to Florida law.
Communication
- Keep everyone in the loop if anything changes or comes up.
Closing Appointment
- Check if you can do the closing by mail or electronic signature, which is an option in Florida.
Review Settlement Statement
- Double-check the ALTA Settlement Statement with the other party to make sure everything is correct, like prorated taxes, fees, and credits.
Florida-Specific Items
- Make sure the property tax proration for Florida is sorted out—it’s usually split based on the closing date.
- Check that all the required disclosures are done, like lead-based paint for older homes or flood zone status.
Breaking Down the Florida Settlement Statement
A Florida Settlement Statement (or Closing Statement) is a five-page document that lists all the costs and fees for both the buyer and seller in a real estate transaction.
Page 1: General Information and Loan Summary
Basic Details
These include the following:
- Borrower’s name
- Seller’s name
- Property address
- Closing date
- Settlement agent information
Loan Terms
You can find a summary of the loan details here:
- Loan amount
- Interest rate
- Monthly payment
- Prepayment penalty or balloon payment information
Projected Payments
Payment details are mentioned here, such as:
- Estimated monthly payments over time
- Accounting for changes
Costs at Closing
This includes the following:
- Total closing costs
- Cash needed to close (after credits and deposits)
Page 2: Closing Cost Details
Loan Costs
Here’s some info about closing costs for loans, like:
- Origination Fees
- Services Borrower Did Not Shop For
- Services Borrower Did Shop For
Other Costs
This refers to closing costs not related to loans, such as:
- Taxes and Government Fees
- Prepaids
- Escrow/Impound Account
Total Closing Costs
This is the sum of all the costs, broken down into what the buyer and seller pay.
Page 3: Calculating Cash to Close and Summaries
Cash to Close
This section figures out how much cash the buyer needs to bring to closing, which includes:
- Closing costs
- Down payment
- Credits
- Adjustments
Summaries of Transactions
Here are the tables for the buyer and seller, side by side, with the key details:
- Amounts owed
- Amounts paid or credited
- Net amount due from the buyer or paid to the seller
Page 4: Additional Loan Information
Loan Disclosures
Here are some key terms to consider:
- Whether someone can take over the loan
- Any rules that let the lender demand full payment
- Fees for late payments
- Policies that let payments be less than the interest owed, which can increase the amount borrowed over time
Escrow Account Information
This section indicates if an escrow account is needed to set aside funds for taxes and insurance, providing an estimate of future costs.
Page 5: Loan Calculations and Contact Information
Loan Calculations
This section gives you a big-picture look at the costs over the life of the loan. You’ll see things like:
- The total amount you’ll pay, including the loan amount, interest, and fees
- The total interest you’ll pay (also known as the finance charge)
- The Annual Percentage Rate (APR), which is like the loan’s interest rate
- The Total Interest Percentage (TIP), which shows what percentage of the loan goes towards interest
Contact Information
You’ll also find a list of important contacts, including:
- The lender’s info
- The mortgage broker’s details
- The real estate agents’ contact info
- The settlement agent’s info, in case you need to reach out to any of them
Signature Section
This is where you sign to confirm you’ve gotten the document (you don’t have to sign unless you’re agreeing to the terms).
Mobile and Remote Closings in Florida: What’s Legal and What to Expect
What’s Legal in Florida?
Florida now allows people to close on real estate deals remotely, using either mobile or online notarization, if they follow the right steps and meet the requirements.
Mobile Closings
In Florida, mobile closings are legal. This means a notary or real estate closing services Melbourne Florida agent will come to a location that’s convenient for you, like your home or office, to get everything signed.
Remote Online Notarization (RON)
RON is also legal. With online closings, everything happens over a secure website using video conferencing, so you can sign and finalize the deal from anywhere.
Mail-Away Closings
Florida allows “mail-away” closings, where documents are sent to you by mail or email, signed, notarized, and returned to complete the transaction.
What to Expect
Mobile Closings
- The best part is that you can close the deal at a time and place that works for you, so you don’t have to hassle with going to an office.
- You’ll still need to show a valid ID to prove who you are, just like you would in person.
- You’ll go over all the documents and sign them, and a notary will be there to witness your signature and make it official.
- You pay closing costs and balances when signing documents.
Remote Online Notarization
- You can finalize a property deal from anywhere with internet, saving time and the hassle of traveling.
- The online notarization must be done through a company that’s been approved by the state of Florida.
- Not all lenders accept RON, so check with yours before using it.
- You’ll sign documents via live video call with a Florida-licensed notary public, who will notarize your signature in real-time.
- In Florida, you can do real estate closings remotely through approved platforms, and a Florida notary can handle both the notarization and witnessing.
Mail-Away Closings
- You’ll get the closing documents to review, then sign them with a notary public who will verify your signature according to Florida law.
- Just send the signed and notarized documents back to the closing agent, either by mail or online.
- Just make sure to coordinate with the closing agent so everything gets signed, notarized, and sent back on time.
How Recording Works in Brevard County (and Why It Matters)?
Recording refers to property documents that are filed with the county. In Brevard County, the Clerk of the Circuit Court takes care of this.
Key Documents That Get Recorded
Here are the main documents that get filed:
- Warranty Deeds / Quitclaim Deeds
- Mortgages / Satisfaction of Mortgage
- Liens
- Plat maps and surveys
- Easements and restrictions
The Recording Process
Step 1: Prepare Documents
In Florida, documents must be easy to read, include required legal descriptions, and have proper signatures and notarization.
Step 2: Submit to the Clerk’s Office
You can submit documents in person, by mail, or online through approved vendors.
Step 3: Clerk Records and Indexes
The Clerk adds a timestamp, assigns a number, and scans the document to make it public.
Step 4: Official Record Book
The document is now in the Official Records, which is public and can be viewed online or at the courthouse.
Why Recording Matters
- It makes you the official owner.
- It helps prevent scams and fraud.
- It helps resolve disagreements.
- You need it for title insurance.
- It’s important when buying or selling a house.
Final Thoughts
Buying a home in Brevard County, Florida, can be overwhelming. But don’t worry, with a little help from this guide, you can make your dream of owning a home a reality.