Frequently Asked Questions
What is title insurance and why do I need it?
Title insurance protects you from financial loss due to defects in the title to your property. Unlike other insurance that protects against future events, title insurance protects against claims from past occurrences such as forged documents, undisclosed heirs, errors in public records, or liens. It's typically required by lenders and provides peace of mind that your ownership rights are protected.
What makes Closing Pros LLC different from other title companies?
Closing Pros LLC is founded and led by John E. Wickman, Esq., a Board Certified Real Estate Law Expert-a distinction held by less than 0.5% of Florida attorneys. Every transaction receives attorney oversight, providing a level of legal protection and expertise that traditional title companies cannot match. With 30 years of real estate law experience, we proactively identify and resolve issues before they become problems.
How much does title insurance cost in Florida?
In Florida, title insurance rates are regulated by the state, so the premium is the same regardless of which title company you choose. The cost is based on the purchase price or loan amount. What differs between companies is the level of service, expertise, and protection you receive. At Closing Pros LLC, you get attorney-backed service at the same regulated rate as other title companies.
What are closing costs and who pays them?
Closing costs include various fees associated with the real estate transaction, such as title insurance, title search, recording fees, transfer taxes, and other services. In Florida, it's customary for the seller to pay for the owner's title insurance policy, while the buyer typically pays for the lender's policy (if financing). However, these costs are negotiable and can vary by contract.
What are documentary stamp taxes in Florida?
Documentary stamp taxes are Florida state taxes on documents that transfer interest in real property. The rate is $0.70 per $100 of the purchase price (or $0.35 per $100 in Miami-Dade County). These taxes are typically paid by the seller in most Florida counties, though this can be negotiated.
How long does the closing process take?
The typical closing process in Florida takes 30-45 days from contract to closing, though this can vary based on financing, title issues, and other factors. At Closing Pros LLC, our proactive approach and attorney oversight help identify potential issues early, preventing delays. We maintain clear communication throughout the process to keep your closing on schedule.
What is a title search and what does it reveal?
A title search is a detailed examination of public records to verify the legal ownership of a property and identify any claims, liens, or encumbrances. This includes checking for outstanding mortgages, tax liens, judgments, easements, restrictions, and other issues that could affect your ownership rights. Our attorney-led team conducts thorough title searches to ensure clear title before closing.
What happens if a title issue is discovered?
If our title search reveals an issue, our attorney-led team works proactively to resolve it before closing. Common issues include unpaid liens, boundary disputes, or errors in public records. Having an attorney oversee your closing means you have immediate access to legal expertise to resolve complex title problems quickly and effectively, preventing delays and protecting your investment.
What documents do I need to bring to closing?
Typically, you'll need a government-issued photo ID (driver's license or passport), proof of homeowner's insurance (for buyers), and any funds required for closing (usually via wire transfer or cashier's check). We provide a detailed closing checklist well in advance and communicate clearly about what you need to bring.
What is escrow and how does it work?
Escrow is a neutral third-party account where funds and documents are held until all conditions of the sale are met. The escrow agent (title company) ensures that all parties fulfill their obligations before releasing funds and transferring ownership. This protects both buyers and sellers by ensuring that no money or property changes hands until all terms are satisfied.
Do I need an attorney for my real estate closing in Florida?
Florida law does not require an attorney for real estate closings, but having attorney oversight provides significant protection. At Closing Pros LLC, every closing is overseen by John E. Wickman, Esq., a Board Certified Real Estate Law Expert. This means you get attorney-level protection and expertise without the need to hire separate legal counsel-it's included in our service.
Can I choose my own title company?
Yes! In Florida, buyers and sellers have the right to choose their title company. While the contract may suggest a title company, you are not obligated to use it. Choosing Closing Pros LLC means choosing attorney-backed expertise, Board Certified specialization, and 30 years of experience-all at the same regulated title insurance rates as other companies.