Selling or Purchasing A Home
Contract to Close in A Few Simple Steps!
A buyer makes an offer on a home and the seller accepts.
The next step is the title company becomes the intermediary between all parties to record the necessary legal documents, and ultimately finalize the purchase or sale of a real estate property.
- Executed Contract
- Escrow Deposit
- Title Search
- Title Issues
- Closing Preparations
- Closing Day
- Funds
- Final Policy
Executed Contract
Congrats on taking the first step to home ownership.
The buyer and the seller of the property have agreed to the sales terms & have signed a purchase contract.
Escrow Deposit
Deposit money is sent to Trilogy Title & Closing to validate your contract.
Most contracts have a timeframe in which to deliver the earnest money deposit to Trilogy Title to open escrow and begin the title search. Trilogy Title & Closing accepts earnest money deposits by check or wire.
Please contact our office for additional details.
The Title Search
Title & Closing will perform a comprehensive title search to ensure the property has all items listed such as judgments, foreclosures, mortgages, unpaid taxes, & municipal liens.
Title Issues
Trilogy Title & Closing will clear all liens and judgement to provide a clear title before the closing.
After completing the title search, Trilogy Title will have the background: ownerships, outstanding debts, paid taxes, paid HOAs, etc. A title commitment with specific requirements to be cleared will ensure a smooth closing.
Closing Preparations
Gather all paperwork necessary for closing and contact any required signing members about the closing time and date.
Trilogy Title will work with all parties involved to ensure that the contingencies of the purchase contract have been met, the mortgage is approved, the buyer and the seller are available to sign the necessary closing documents, and final numbers funds will be sent.
Closing Day
Congratulations, you have made it to Closing Day!
On the closing day, Trilogy Title will work with all parties involved to ensure that the contingencies of the purchase contract have been met, the mortgage is approved, the buyer and the seller are available to sign the necessary closing documents and the final funds will be sent.
If buyers are brining money to the closing, they will need to wire any necessary funds to Trilogy Title. The sellers will provide Trilogy Title wiring instructions for their proceeds.
Transfer of Funds
Trilogy will mail or wire money to all parties listed on the Closing Disclosure.
After the buyer and seller have signed and all documents have been approved, Trilogy Title will fund the file and wire or cut checks to all of the named parties.
The property will be transferred into the name(s) of the buyer.
Final Policy
The final policy will be sent to the buyer within 60 days.
Trilogy Title & Closing will mail you a copy of your Owner’s Policy. Always keep the Owner’s Policy in a safe place for future reference.
Closing Tips
As a buyer, signing all financed closing documents takes approximately 60 minutes.
If you are waiting for any due funds post a financed closing, expect to wait for the lender to send approval once the documents have been reviewed.
If you are married, make sure that your spouse is present to sign the documents.
Both parties are required to be in attendance to sign off on the paperwork at a closing transaction. Spouses have homestead rights, regardless if his or her name is on the title.
Make sure you bring ID!
A valid government-issued ID including a driver’s license, passport or voter ID card to prove your identity at the time of closing.
Frequently Asked Questions
What is the difference between a closing vs a funding?
While the two transaction happen almost simultaneously on a purchase, a closing and funding are different actions. To receive the keys to a residence or business, both transitions must occur prior to the release of keys to the buyer and a check being issued to a seller. During the closing process, the seller will sign over the deed to the buyer. The buyer will sign the note, deed of trust, loan application and truth in lending documents For the Funding to happen on a financed purchase, a Lender must receive all required documents before authorizing the release of any money to the seller and any 3rd parties.
What type of payment will Trilogy Title accept if I need to bring funds to a closing?
The money must be in the form of a bank wire.
What is a survey?
Property surveys are done to confirm the boundaries on the real property being purchased. Oftentimes, a mortgage company will require these to be done as part of the underwriting process to ensure that there are no new or existing encroachments or restrictions to the property being purchased.
What is a home inspection and why do I need one?
Property inspections are always recommended when purchasing any real property. These inspections are conducted by licensed home inspectors to evaluate the overall condition of the property under contract. Home inspectors typically work off of a checklist to make sure they cover all the major components of the home including the roof, HVAC system, plumbing, and electrical systems.
What do I need to bring to the closing table?
On the day of closing you want to make sure that all parties that will be signing are present and have one form of identification, unless the loan is a VA Loan. You will want to carefully review the instructions from your title agent to ensure that you have completed any and all pre-closing steps like wiring funds needed to close or signing a walk-through document.
The buyer or seller is traveling or lives in another state on the scheduled closing date. Can Trilogy Title email the necessary documents to sign?
Trilogy can send a mobile signing agent to the individual. The seller has the option of taking the closing to a local bank and having it notarized. We are in the process of offering remote signing technology utilizing video conferencing technology. However, if the buyer is financing the house, most lenders will not accept the documents.
What should a seller expect if he/she is in the process of getting a divorce and the close date is before the divorce procedure has been finalized?
Needing to sell a home during a divorce is a common occurrence, however Florida is known as a community property state. Your spouse is required to sign at the closing and receives his/her rights to the property.
What can I expect on the closing day?
Most home buyers begin the day with a walk-through inspection of the property they are buying. The inspection is done to ensure the property has been maintained per the stipulations in the purchase agreement and nothing has changed or been removed after securing the contract to purchase the property. The buyer will arrive at the designated closing location (title office, real estate office, etc.) with all parties necessary to sign. Please bring one form of identification. The buyer will be greeted by your signing agent who will have the closing documents ready. Once all of your closing documents have been signed, Trilogy Title will coordinate with the buyer’s mortgage lender (if financing). When all conditions have been met, Trilogy Title will disburse funds to all parties and the buyer will receive the keys to the new home!
What is the Florida Homestead Exemption, and how do I sign up?
Florida law allows up to $50,000 to be deducted from the assessed value of a primary / permanent residence. The first $25,000 of value is entirely exempt. The second $25,000 exemption applies to the value between $50,000 – $75,000. Please follow the link to your counties website for full details and instructions to sign up on your counties property appraiser website. www.netronline.com
Seller: How soon will I receive my proceeds?
The seller will sign the necessary paperwork prior to the buyer arriving. If the buyer is obtaining a mortgage loan the buyer must sign all loan closing documents. The documents must be sent to the mortgage company for a funding authorization. For a cash purchase, the seller will receive his funds upon the buyer signing and all funds have been received from the buyer. If all parties sign early enough during normal banking hours, the transaction will fund the same day and the seller will have the sales proceeds either wired to the bank account of choice or Trilogy Title will overnight a check to the seller.
Refinancing
Just a Few Simple Steps!
As a borrower, you are working with a lender to refinance your home.
Trilogy Title & Closing has been chosen at the title agency.
Title Search
Once you complete the application with your mortgage professional, Trilogy Title & Closing will perform the title search on your property.
This is an exhaustive search that will uncover any presence of liens or judgments including those from first and second mortgages, contractors, IRS, and court orders.
Title Issues
Trilogy Title & Closing will clear all liens and judgement to provide a clear title before the closing.
Trilogy Title & Closing will search our records for 30 years of past history of the specific property. We will work with the lender(s) to obtain the necessary steps to clear any liens or judgments uncovered in the initial title search.
Closing Preparations
Gather all paperwork necessary for closing and contact any required signing members about the closing time and date.
Trilogy Title & Closing will collaborate with your lender to prepare the closing document package and ensure that we have access to all parties needed to sign to satisfy liens and close on the new mortgage loan.
Closing Day
All required members will need to sign the closing documents and bring their IDs.
On the day of closing a signing agent will meet you at the location of your choosing to complete the signing process. All parties to the new mortgage loan must be present and provide identification and wiring instructions (if applicable).
Transfer of Funds
After 3 Day Rescission Period, Trilogy Title will mail or wire money to all parties listed on the Closing Disclosure.
After the three-day rescission period has been met, Trilogy Title will disperse the funds from your refinance. If you have a cash-out refinance, Trilogy Title will wire the funds into the specified bank account. If Trilogy Title is paying off any debts, the checks will be mailed and mortgage payoffs will be wired to the designated parties.
Mortgage Lenders
We are qualified and authorized to work with multiple mortgage lenders, including the largest mortgage underwriters in the United States. We are compliant with the Seven Pillars of the American Land Title Association, and have been properly and completely vetted by lenders as well as underwriters to ensure that we are properly licensed, insured, bonded, and constantly training to make sure we stay abreast of changes in the laws which come quickly in the real estate settlement industry.
Frequently Asked Questions: Refinancing
What is the difference between a closing vs a funding on a refinance?
For a primary residence property, a closing occurs on a scheduled date and the borrower will sign all of the loan paperwork. Three business days later, the loan will fund. The Lender must receive all required documentation before wiring the money to Trilogy Title.
What type of payment will Trilogy Title accept if I need to bring funds to a closing?
The money must be in the form of a wire.
When refinancing an investment property or 2nd home, does a spouse need to sign?
If the property is an investment property or 2nd home, the spouse does not need to sign if there is only 1 borrower on the loan documents.
What happens on the closing day?
All parties that will be signing need to be present have 1 form of identification.
Scheduled to be out of town for the closing, what options are there?
Trilogy Title & Closing will work with the borrower to send a mobile signing agent to your location.
What can a borrower expect on closing day?
On your scheduled closing day Trilogy’s mobile signing agent will meet the borrower at the location of your choosing (your home, title office, lender’s office, place of work). The mobile signing agent will have the borrower’s closing documents. All required parties need to be present and available to sign with 1 form of identification.
Do spouses need to sign the refinance documents?
Yes, your spouse will need to be available to sign the deed. Florida is a community property state. The spouse is not required to be on a mortgage loan they are required to be on the deed.
What is the Florida Homestead Exemption, and how do I sign up?
Florida law allows up to $50,000 to be deducted from the assessed value of a primary / permanent residence. The first $25000 of value is entirely exempt. The second $25,000 exemption applies to the value between $50,000 – $75,000. Please follow the link to your county’s website for full details and instructions to sign up on your counties property appraiser website.
Hillsborough County
Pinellas County
Pasco County
Polk County
Manatee County
Orange County
