During a Greater Tampa Bay Florida home closing, both buyer and seller are required to sign many documents. A critical precaution to take before buying a home in Tampa Bay Florida is to have an attorney, who specializes in real estate law, check the papers.
Greater Tampa Bay Real Estate Closing Documentation
The following is a list and a brief explanation of most of the documents that will cross tables in the closing:
HUD Statement: detailed itemization of the financial aspects of the transaction. Contains real estate and loan costs as well as tax proration, homeowner’s dues, and insurance. Signed by buyer and seller
Deed: transfers title of the property from the seller to buyer. Signed by the seller
Note: states the borrowing terms. It is the agreement between the buyer and lender. In effect, it is an IOU. Signed by the buyer
Mortgage: shows a lien is placed on the property and that the lender may foreclose if the borrower fails to make payments. Signed by the buyer
Regulation Z/Truth in Lending Statement: discloses the amount financed, interest rate, the annual interest rate and the total cost of the loan over its life. Signed by the buyer
Financed Itemization: explains the prepaid finance costs that are subtracted from the total loan amount which is on the Truth in Lending statement. Signed by the buyer
Payment Letter: shows the monthly payment. Signed by the buyer
Termite Report and Survey: copy of the termite report and the survey are signed to assure they have been seen by the buyer. Signed by the buyer
Lender’s Title Insurance Notice: informs the buyer that the lender’s title insurance protects only the lender. Signed by the buyer
Anti-coercion Form: requires buyers to state they have not been pressured to buy hazard insurance from a particular company. Signed by the buyer
Proration Agreements: states the buyer and seller will re-prorate the taxes and homeowner’s dues if there is a change in these amounts. Signed by the buyer and seller
Buyer’s Affidavit: states the information on the loan application is still true and correct. Signed by the buyer
Seller’s Affidavit: requires the seller to state he/she has not altered the property in any way that might cloud the title. Signed by the seller
Payoff Confirmation: report of where money is being paid in order to satisfy and redeem liens against the property. Signed by the seller
FIRPTA Document: advises the buyer that if the seller is a foreigner and leaves the country without paying income taxes due because of the transaction, the buyer is liable. Signed by the buyer
Compliance Agreement: mutual agreement requiring buyer and seller to cooperate, sign and correct any unintentional typographical errors on any of the closing documents. Signed by buyer and seller
Buying a home in Greater Tampa Bay Florida is a complicated process that involves many steps and having a Greater Tampa Bay Area Real Estate Advisor will allow for a much smoother and more efficient transaction.
The steps to buying a home in the Greater Tampa Bay Florida also include:
It is our privilege to represent you as a Trusted Greater Tampa Bay Real Estate Advisor. We have received specialized training, and extensive educational courses, to help navigate and inform you through the entire home buying process.
We focus on Greater Tampa Bay Area Real Estate in the following counties, but not limited to: