The perfect home is within reach, whether you’re looking at oceanfront homes for sale in Broward County or shopping for homes with your real estate agent in Palm Beach County, Florida. After you’ve found the home you think is the best of the luxury homes in South Florida, you’ll need to set up closing. There is a litany of things you can do to ensure everything goes as planned on your big day.
1. Select a Closing Date
It is likely you need to move out of your rental apartment or existing home on a specific date. If this is the case, you can request your title company set a closing date and time matching your scheduled move-out date. If you can’t or don’t want to miss work, you can ask for an after-hours closing during the evening or weekend. One way to save some cash is to arrange your closing around the end of the month. That’s when you’ll pay the least amount of interest at the closing table.
2. Assemble Your Funds
Buyers frequently need to take money to closing. In most cases, you can’t pay with a personal check. It’s best to ask the title company in advance what forms of payment are acceptable. If you need to transfer money from one bank account to another, do it at least a week ahead of time to avoid last-minute problems. If you have to pay your closing costs with a cashier’s check, go to the bank a few days before closing.
3. Buy Title Insurance
Mortgage holders are required by lenders to purchase a title insurance policy. This policy does not protect you, the homeowner; instead, it protects the lender in case someone else had a claim on the home or the sellers didn’t actually own the home.
Title insurance policies are available for homeowners as well. They can be purchased online or through the same insurance company that sells lenders title policies. In some parts of the country, sellers pay for the buyer’s title policy as part of the deal.
4. Arrange Homeowners Insurance
Make sure your homeowners insurance is set up to begin coverage by your closing date. Shop around and obtain quotes from different companies. Homeowners in Florida typically see insurance costs of $2,000 to $10,000 per year, depending on the value and hurricane protection included on each home. Insurance companies frequently offer discounts to customers with multiple policies so it may be advantageous to stick with the same company that covers your vehicle. You also may need a separate policy for earthquakes, hurricanes or floods if you reside in an area prone to those disasters.
5. Go Over Your HUD-1 Settlement Sheet and Good Faith Estimate
Your lender should have previously given you a Good Faith Estimate (GFE). This document lists an estimate of your closing fees. Some of the fees are standard and won’t change, while others can increase by 10 percent. Before closing, go over the GFE and compare it to the HUD-1 settlement statement. Ask your loan officer if there are any discrepancies you do not understand.
If you are searching for luxury homes in South Florida, contact us. Our experienced real estate team can help you find your dream home and help make sure your closing is a non-stressful experience.