1. Who decides
which closing agent or attorney handles my closing?
It is your choice. In Palm Beach County, the seller of the property
chooses the closing / title agent. You could save hundreds of
dollars by making the correct choice.
2. What exactly does a closing agent do
and why do I need one?
The closing agent performs several functions. The closing agent
customarily orders a title search and performs a title examination
on the property. Next, the closing agent will order a boundary
survey, payoff statements for the existing mortgage, lien letters
from the city, a paid tax receipt from the county property tax
collector, and estoppel letters from the homeowners association.
In the weeks prior to the closing date, the closing agent will
set a time for closing, clear title and issue a title commitment.
The day before closing, the buyer's lender will send final loan
instructions along with lender documents to be signed at closing
by the buyer. The closing agent prepares the final settlement
statement and conducts the closing.
3. What happens at closing?
At closing, the sellers, buyers, and brokers, are usually all
present. There are many documents that must be signed - these
include the deed, bill of sale, etc.. Funds are deposited into
the closing agent's escrow account for disbursement. Keys are
typically exchanged at this time. Closing lasts about 1 hour.
4: As the seller, what state fees and costs should I expect to
There are several cost related to the sale of property that are
present at every closing. As the seller you will pay certain state
fees. Florida Documentary Stamp Tax on the Deed is computed at
.70 per $100 of the sale price of the property, rounded up to
the nearest hundred. The buyer will be responsible for paying
the documentary Stamp Tax and the Intangible Tax on the Mortgage.
Recording fees are $6 for the first page, $4.50 for each additional
page. The Seller pays to record the deed (usually a 1-2 page document)
and the Buyer pays to record the Mortgage.
5. What other fees are present at closing?
In Palm Beach County, the seller will also be responsible for
paying for the title insurance on the property. A seller will
also be responsible for paying the commission to any real estate
broker involved. Other fees that occur at closing may include:
title search, title exam, document preparation, attorneys' fees,
recording fees, courier/overnight fees, etc. These fees will vary
among different closing agents. Some closing agents will charge
a fee for closing, a fee to examine title, a fee to prepare documents,
etc. These fees can often be confusing and can quickly add up.
Palm Beach Title & Escrow Co. charges $145 for the title search
and $295 for a Closing Fee. The $295 closing Fee includes the
title examination, document preparation, notary, and closing.
6. What about Real Estate Taxes?
In Florida, annual property taxes are due in March of the following
year. Discounts apply if property taxes are paid before the due
date. Tax bills are mailed in November of each year. At closing,
property taxes are prorated as of the closing date.
7. What is Title Insurance and how much should I expect to pay?
Title insurance insures the marketability of the title on the
property and assures the buyer that he or she is receiving "good
title." Title insurance is important since many title problems
may not be discovered until many months or years after the closing.
Examples of potential title problems include: clerical errors,
forged deeds or other documentation, falsification of records,
improper legal descriptions, improperly indexed liens on property,
etc.. Title insurance protects the buyer and the buyer's lender
against such title defects.
Palm Beach Title & Escrow offers title insurance at the minimum
rate allowable by law. Title insurance is computed at $5.75 per
$1,000 of the purchase price up to $100,000. Over $100,000 add
$5 per $1,000 of purchase price up to 1 million. For example,
title insurance for a $150,000 property would be $825. For a $200,000
property, the cost would be $1,075. Palm Beach Title & Escrow
Co.'s underwriter is Attorneys' Title Insurance Fund, Inc.. Established
in 1948, The Attorneys' Title Insurance Fund, Inc. is a leading
title underwriter in Florida.
8. Do I have to choose the closing/title
agent that my realtor recommends?
No. You, as the seller, have the right to choose the closing agent
for the sale of your home. This decision will undoubtedly be the
most important one you make while selling your home. There are
many "title mills" out there. Title mills are companies
that handle a very high volume of closing transactions. Closings
are swiftly "processed through" often at the expense
of personalized service and document accuracy.
9: Why should I choose Palm Beach Title as the closing and title
agent for my closing?
Because at Palm Beach Title & Escrow Co., we take great pride
in our personalized service and our attention to detail, to ensure
an accurate and smooth closing. We believe that buying and selling
your home is one of the most important events in your life. Every
closing is handled with excellent service and excellent performance.
Furthermore, Palm Beach Title & Escrow Co. is owned and operated
by an attorney licensed to practice law in Florida. We understand
that in the midst of selling your home, you have many things on
your mind - moving, changing jobs, schools, etc. At Palm Beach
Title & Escrow Co., we strive to make the closing of your
home the least of your concerns.
10: When do I contact Palm Beach Title & Escrow Co. to handle
Call us as soon as you have entered into a contract on the sale/purchase
of your home or if you are about to enter into a contract on your
home and have a sure buyer. If you have any questions, please
do not hesitate to contact us at 561-620-7155.