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The Role Of A Closing Agent In Florida

By Elizabeth R. Elstien

A good real estate closing agent is worth every penny of her/his charges by providing a smooth closing in any real estate transaction. Learn the responsibilities of a Florida closing agent and understand their importance.

What Is A Closing Agent?

A closing agent is an important person who manages a real estate transaction once the buyer and seller sign the contract, and ending with handing over keys to the buyer and recording the sale. This could be an employee of a escrow/title (neutral third party) company or an attorney hired by the buyer to close the sale.

What Is The Role Of A Closing Agent?

As a neutral third party in the sale of real property, the closing agent communicates with the real estate agents for both parties, mortgage broker, lenders, insurance agents, homeowner's associations and any others necessary to complete the transaction on time. The closing agent handles down payment money and deposits to an escrow account specifically for that sale. She/he should be a trusted part of the transaction and works with all parties to obtain the needed documents, figures, or other information to close on time according to contract details.

What Are The Closing Agent's Exact Responsibilities?

The closing agent is accountable for preparation explanation of final closing statement or HUD-1 detailing closing expenses and/or revenue of seller and buyer, dispersal of funds, completion of all documents in the closing package and final sale recordation. Loan closing documents are explained at closing and signed by buyer and/or seller. The closing agent has many other responsibilities, including ordering title and issuing title commitment, helping with insurance needs, working with HOA to determine amounts in arrears by seller and pro-rating property taxes. All this must be done according to purchase contract details and lender and mortgage broker specifications while complying with all federal and state laws.

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