Consumers

Consumers

Vaughn Law wants to be your title and real estate settlement service provider. We not only service the Tampa Bay area, but the entire state of Florida.

When it comes to one of the most important transactions of your life, we sweat the small stuff so you don’t have to!

By giving each of our customers’ closings the personal attention it needs, and by providing all of the people involved in the transaction with amazing service, we hope to earn your business for years to come!

Let us know how we can help make your real estate transaction a done deal.

Buyers

Congratulations on taking the next step to buying your new home! Now, where to start?

When you buy a home, you need to be sure the seller is the true owner of the property. You must also ensure that there are no outstanding issues affecting the title.

Why? Problems with the title can restrict the use of the property and ultimately result in financial loss. That’s where title insurance comes in and where Vaughn Law can help you.

We conduct a comprehensive title search to determine if there are any issues affecting the title to the property and if so we get those issues resolved prior to Closing. A title insurance policy will protect your investment and give you peace of mind that your ownership is free and clear of any issues.

The cost is minimal and is only paid once. There are no renewal premiums, and there’s no expiration date on the policy. The protection lasts as long as you – or your heirs – maintain an interest in the property. It’s security that lasts.

Sellers

Selling your house? Vaughn Law will work with you to satisfy any liens or title defects that may affect the title of your property. We will prepare all the necessary closing documentation to make the transaction as smooth as possible for you and the buyer. We promise competitive rates, great communication, and amazing service.

If you are listing your house for sale by owner, we can assist you with preparing a contract if necessary.

Whether you are listing your house for sale by owner or working with a real estate agent, we’ve got you covered. Vaughn Law will make the closing easy. Contact us to get your transaction started.

The Closing Date

The closing. It all comes down to this. The grand finale. Great job getting to this point.

Let’s go over some questions you may have as closing approaches.

FAQ

What Does "Closing" Mean?
The closing is when you sign the final closing paperwork to transfer ownership to the property, and for the buyer to obtain their loan. Funds are transferred through the closing agent to all parties and the buyer gets the keys!

The closing process begins when you have signed a purchase and sale contract. That agreement should specify a closing date. Between the time that you sign the contract and the closing date, all parties involved in the transaction are working to ensure everything is completed for a timely closing.

What is a Closing Disclosure?
Lenders must provide borrowers with a Closing Disclosure, or CD, at least three days prior to closing. This form is a statement of your final loan terms and closing costs.

You have three days to review the CD. Compare it to the Loan Estimate you received shortly after you applied for the loan.

The point of this formal review process is to ensure there are no surprises at the closing table. If there’s a significant discrepancy, notify your lender and title company immediately. Now is also the time to ask any questions you may have or to obtain necessary clarification regarding fees on the CD.

What is the Final Walk-Through and when does it happen?
Most contracts allow the buyer to perform a final walk through of the home within 24 hours of closing, to confirm property’s condition. During the walk-through, which usually takes about an hour, you and your agent will make sure all repair work has been completed, and that the property has been properly maintained. You will also check to make sure that everything in the house is in good working order.

If the home is in good shape your next stop is the closing table! If there are any problems, your agent will contact the listing agent and, in most cases, negotiate a resolution.

What are my Closing Costs?

Buying a home is an investment, but it is also one of the most expensive purchases you will ever make. Understandably so, you are likely curious as to what your closing costs are.

The Buyer will be provided a loan estimate from the lender, shortly after applying for a loan, which will give a preliminary estimate of the buyer’s closing costs. However, often the Seller wants to know closing costs in advance to determine if they will accept an offer, or a buyer may want to know the closing costs to determine if they can afford to purchase the home. You can use the closing cost calculator below to get a preliminary idea of your closing costs.

http://www.flarecs.com/closing-cost-calculator

What do I need to bring with me to Closing?
At the closing you should have:

  • A government-issued photo ID
  • A second form of identification (Passport, voter registration, car insurance, or utility bill)
  • A homeowner’s insurance certificate
  • Proof of wire transfer for the down payment
  • Any other document the Closing agent requested you bring to closing
  • The keys to the Property
When will I get paid from closing?
Selling a house or helping someone buy or sell their home if you are a Realtor, can be an exciting time. One of the most common questions we get from Realtors and sellers alike is “when will I get my check?”

This is understandable as there has been a lot of work and patience to get the transaction done. Plus, who doesn’t like a payday!

When will I get paid?

We make every effort to pay all the parties involved quickly, as often as possible, the same day the transaction closes. However, this can vary based on the day or time of day the closing occurs. For example, most banks aren’t open after 5pm and are closed on weekends. It is also important that we have received funding authorization from the lender before any funds can be released.

That said, here is when you can expect to be paid for your closing or your commission if you were part of helping a transaction become a done deal:

Sellers

If you are owed net proceeds from the sale of a house, you can usually expect a check to be cut the same or next business day.

Of course, if you are out of town, the check will be mailed, so estimate an extra day or two to receive it.

If you’d like to receive the funds very quickly, it might be a good idea to select a Monday-Thursday closing date. This way you shouldn’t have to wait until the following week if banks or offices are closed.

We can normally make arrangements to send you your funds via wire transfer instead of a paper check if you prefer.

Paper Check vs Wire Transfer

It is often assumed that Wire Transfers are faster than receiving a paper check. However, this isn’t always true. Wire transfers sometimes require more verification and approvals (due to cyber fraud) and as a result may even take an extra 24 hours to receive the funds.

Plus, if a paper check is sent to the wrong address, we are more likely to be able to cancel the check. But if funds are wired to the wrong account, they are often gone.

We offer you the option of whether you would prefer to receive funds via check or wire transfer.

To better prepare yourself for closing, checkout these resources:

Get in touch with us

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Vaughn Law offers its clients a different, more personalized and service orientated approach, by tailoring its representation to its client’s needs. At Vaughn Law, we understand that this may be an overwhelming, unfamiliar and stressful time for our clients, therefore we strive to help our clients understand the intricacies of the legal system and to keep them informed throughout the process.

 

Address

5600 Central Avenue
Saint Petersburg, FL 33707