Tag Archives: closing

Person signing a closing document.

Navigating the Closing Process

The closing process is a crucial step in any real estate transaction, marking the final stages before property ownership officially changes hands. At Turner Title, we understand the significance of a smooth and transparent process for our clients in Florida. In this post, we will walk you through the various aspects of the closing process, shedding light on the essential steps and considerations.

1. Earnest Money Deposit:

Once your offer is accepted by the seller, and the executed contract is received, a file is initiated, and an assigned escrow officer takes charge. This officer will initiate contact to coordinate the submission of the earnest money. Typically, this amount is deposited into an escrow account, where it remains securely held until the closing date. Acting as a neutral intermediary, the escrow account securely holds both funds and essential documents until all sale conditions are met. Turner Title plays a pivotal role in overseeing this process, guaranteeing a smooth and well-organized transition. Thanks to Zoccam’s mobile deposit app, your agent can conveniently deposit the check from virtually any location worldwide, eliminating the need to physically transport it to our office.

2. Title Search and Examination:

A crucial step in the closing process is the title search, conducted to identify any potential issues with the property’s title. Turner Title’s team of experts painstakingly examines public records to uncover any liens, judgments, or other encumbrances that may affect the property’s ownership.

3. Title Insurance:

One of the key services provided by Turner Title is title insurance. This crucial protection offers peace of mind to buyers and lenders, safeguarding them against potential legal and financial risks associated with the property’s title. Our YouTube video on the importance of title insurance can provide more in-depth information on this topic.

4. Preparation of Closing Documents:

Once the title is clear, Turner Title works with all parties involved to prepare the necessary closing documents. These documents include the Closing Disclosure, which outlines the final terms of the loan and costs, ensuring transparency for both buyers and sellers. Using our software, Qualia, you are informed every step of the way – from opening your file through closing it.

5. Closing Day:

The closing meeting is the culmination of the entire process. Turner Title facilitates this meeting, bringing together buyers, sellers, real estate agents, and possibly lenders to finalize the transaction. During this meeting, all required documents are signed, and funds are disbursed accordingly. We offer a mobile notary, convenience to close anywhere, or closings can be done in our office.

6. After Closing:

After the closing meeting, Turner Title ensures that the new deed is recorded with the appropriate county office. This step is crucial for officially transferring ownership of the property from the seller to the buyer. Finally, Turner Title oversees the distribution of funds, ensuring that sellers receive their proceeds, and any outstanding payments or liens are settled. This attention to detail is what sets Turner Title apart in delivering a seamless closing experience.

Understanding the closing process is essential for anyone involved in a real estate transaction. At Turner Title, our commitment is to guide our clients through each step, providing expert knowledge and ensuring a smooth and successful closing. If you have any questions or require further clarification on any aspect of the closing process, feel free to reach out to Turner Title – your trusted partner in real estate transactions in Florida.

Mockup of a person viewing the Qualia dashboard.

Streamlining Real Estate Closings with Qualia

In the fast-paced world of real estate transactions, staying ahead of the game requires a seamless and efficient closing process. At Turner Title, we understand the importance of providing our agents with the tools they need to excel in today’s competitive market. That’s why we leverage the power of Qualia, a cutting-edge platform that streamlines the title, escrow, and closing experience.

The Closing Tracker: Your Comprehensive Guide to Progress

Qualia’s Closing Tracker is a game-changer, offering a detailed and transparent view of your closing’s progress. From the opening date to post-closing, each step is meticulously outlined, ensuring you’re always in the loop. Post-Closing, for instance, allows you to track crucial milestones such as Mortgage Recorded, Fund Disbursement, and Title Insurance Issuance. With Qualia, you’re not just closing deals; you’re navigating a streamlined and organized workflow.

Request Updates with Ease Within the Qualia Dashboard

Need a quick status update on a specific closing task? No problem. Qualia empowers agents to request updates effortlessly within the program. Whether it’s regarding title work, scheduling signings, or disbursing escrow funds, you are able to ask for the information you need, whenever you need it.

Secure Communication: Built-In Messenger Right From Qualia

In today’s digital age, security is vital. Qualia’s built-in messenger ensures that agents can communicate securely with transaction parties. Share documents, exchange messages, and collaborate with ease, all within the protected confines of the platform. It’s a digital communication hub designed for the modern real estate professional.

Comprehensive Order Summary

This system goes beyond just tracking progress. The platform provides a comprehensive summary of each order, including vital details like property address, order number, closing date, loan amount, and more. Having all this information at your fingertips allows for informed decision-making and proactive client communication.

Effortless Management of Multiple Closings with Qualia

Turner Title agents can easily manage multiple closings with Qualia’s intuitive interface. The Orders screen allows for seamless navigation between active and historical closings, providing a unified view of your portfolio. The Reports tab offers a detailed breakdown, giving you a single-screen overview of where all your closings stand—a valuable asset for efficient multitasking.

Fully Digital Closing Experience

At Turner Title, we’re committed to providing our agents and clients with a fully digital closing experience powered by Qualia. This translates to less effort and less time spent on tasks, allowing you to focus on what matters most—closing deals and serving your clients with excellence.

The Qualia Advantage

  • Efficiency: 75% less effort and time spent on tasks.
  • Templates: 6,000+ pre-loaded templates for seamless closings.
  • Transactions: 5x more transactions closed by agents each month.
  • Security: Easy and secure online forms for headache-free closing preparation.
  • Transparency: Real-time closing progress tracker via the Qualia mobile app.
  • Accessibility: Live access to your title company for any questions.

Join the 500,000+ title and escrow agents who trust this system to bring simplicity, consistency, and transparency to the closing process. Turner Title and Qualia—the winning combination for a digital future in real estate.


Who Pays the Closing Costs?

So you’ve found the perfect new house, and are ready to make an offer… Great! Naturally, you want to make your offer as attractive as possible. But as you comb through your budget, it occurs to you…

Who pays the closing costs? 

It’s at this time that you begin to frantically research a topic that you now wish you had looked at beforehand: Closing costs. What are they, and who pays them? 

Closing costs are the fees paid upfront at closing by both the buyer and the seller. They cover expenses such as the title search, property taxes, real estate fees, inspections, title insurance, and closing fees. In Florida, these expenses are frequently shared by buyers and sellers. Buyers frequently pay the fees associated with home inspections and obtaining a mortgage. Sellers usually pay the agents’ commission and taxes. In most cases, buyers can expect to pay roughly 2.5% to 3.5% of the total sale price in upfront closing costs.

Buyers usually cover items such as:

  • Survey Fees
  • Appraisal Fees
  • Inspections
  • Recording Fees
  • Loan Origination Fees
  • Credit Report
  • HOA Fees

Sellers often pay for:

  • Agent Commission
  • Taxes
  • Promissory Note
  • Title Search

Closing costs are due upfront, meaning they usually can’t be rolled into the mortgage. Although there are scenarios where the lender might pay for some of the closing costs in exchange for a higher interest rate, this is rarely in the buyer’s favor. Because of this, it’s important to plan ahead and be ready to pay all of your upfront fees in addition to your down payment.

With that said, if adding closing costs to the bottom line of your “cash due at closing” puts you just out of reach of your dream home, could you ask the seller to pay more of the closing costs in your offer? Sure – go ahead! You can always ask. …Or you could ask for that same $5,000 to be taken off of the sale price, and enjoy lower payments over the lifetime of the loan. Depending upon what you can swing upfront, the latter might be the wisest choice.

Regardless of whether you approach closing from the buyer’s perspective or the seller’s, a bit of pre-planning will help to make the reality of closing costs less of a strain. If you have questions about the closing process, feel free to contact the team at Turner Title! We’re here to help, and can’t wait to guide you through the process of purchasing (or selling) your home. 

Virtual Closing

Online Closing is Here to Stay

Online closing makes real estate sales and purchases simple! Imagine this scenario… your real estate client has just accepted a new job in a new town. It’s time for her to pack everything up and put the house on the market!

Even if your seller accepts an offer the very first day that her home is listed, there likely will be at least a three week waiting period before closing. By then, she might have already moved. And now you have to ask her to travel all the way back just to sign the closing documents?

Luckily, the days of relying on snail mail and over-priced airline tickets to close long-distance business deals are behind us. The real estate boom of 2021 coincided with the COVID-19 epidemic at just the right time to fan into flame the growing popularity of online real estate closings. But what does this mean for realtors? 

First, if you haven’t recently brushed up on your Zoom skills, now is the time. In most cases, there will be some sort of online conferencing component to the closing process. Buyers and sellers won’t necessarily be up to speed on their remote technical skills, so be ready to provide some light “IT” help as needed.

Second, make sure that you’re working with a closing company that can handle the online closing process. One of the great things that sets Turner Title apart from other title services is our ability to transition easily between in-person and online closings, and even provide a mobile notary to both the buyer and seller!

Finally, as always, make sure to remind your clients not to respond to emails containing Wire Transfer Instructions. Wire fraud is a growing issue. Help your clients stay safe by personally providing them with the exact contact information of their closing team. A direct introduction is even better! Remember – just because the closing is happening remotely doesn’t mean that the process needs to be impersonal. Let your buyers know that they can reach out directly to a member of Turner Title’s team if they have any questions about the origin of any communication they’ve received.