The Closing Process, From Contract to Keys
Closing day is when the deal becomes real. The buyer signs their loan documents, the seller signs the deed, money changes hands, and ownership officially transfers. For first-time buyers (and even experienced ones), it can feel like a lot of paperwork. Here is exactly what happens, step by step.
Before Closing Day
Most of the work happens in the weeks before the actual signing. Once a purchase contract is executed, the title company gets to work:
Title Search and Examination
The title company orders a title search to verify the seller's ownership and check for liens, judgments, unpaid taxes, easements, and other encumbrances. This typically takes 5 to 10 business days.
Title Commitment Issued
The title company issues a title commitment, which outlines the conditions that must be met before title insurance is issued. This includes paying off any existing mortgages, clearing liens, and confirming the legal description of the property.
Inspections, Appraisal, and Loan Approval
While the title work is happening, the buyer completes the home inspection, the lender orders an appraisal, and the loan moves through underwriting. The title company coordinates with the lender on loan document preparation.
Closing Disclosure Review
At least 3 business days before closing (for financed purchases), the buyer receives the Closing Disclosure (CD), which shows every cost associated with the transaction. The seller receives a separate settlement statement showing their net proceeds. Review these carefully and raise any questions before closing day.
Wire Funds
The buyer wires their closing funds (down payment, closing costs, prepaids) to the title company's escrow account. Always verify wire instructions by calling the title company directly. Wire fraud is a real and growing risk in Florida real estate.
On Closing Day
Final Walkthrough
The buyer (often accompanied by their agent) does a final walkthrough of the property to confirm it is in the agreed-upon condition, all negotiated repairs are complete, and nothing has changed since the inspection.
Signing Appointment
Everyone meets at the title company's office (or closes remotely). The closing agent walks through each document, explains what is being signed, and collects signatures. Key documents include the deed, mortgage (if financed), closing disclosure, title affidavits, and property-specific disclosures.
Funds Disbursed
Once all documents are signed and the lender authorizes funding, the title company disburses the funds: the seller receives their net proceeds (by wire or check), the existing mortgage is paid off, and all closing costs are distributed to the appropriate parties.
Deed Recorded
The title company records the deed and mortgage with the county clerk's office. This is what makes the transfer official in the public record. In Manatee and Sarasota counties, recording typically happens the same day or next business day.
Keys Handed Over
The buyer gets the keys, garage openers, gate codes, and mailbox keys. The property is officially theirs.
What to Bring to Closing
- Valid photo ID (driver's license or passport)
- Cashier's check or wire confirmation for your closing funds (personal checks are not accepted)
- Any documents the title company requested in advance
- Sellers: All keys, garage door openers, gate remotes, HOA access cards or credentials
How Long Does the Signing Take?
- Financed purchase: 45 minutes to 1.5 hours (mortgage documents add volume)
- Cash purchase: 20 to 30 minutes
- FSBO closing: Similar to cash, depending on complexity
What Realtors Should Do on Closing Day
Experienced agents know that their job is not done when the contract is signed. Here is how to handle closing day like a pro:
- Attend the final walkthrough with your buyer and bring the inspection report for reference
- Review the closing disclosure before your client does to catch any errors
- Remind your client to bring valid ID and to verify wire instructions by phone
- Be available during the signing in case questions come up
- Follow up after closing to remind buyers about homestead exemption filing, utility transfers, and insurance
Barnes Walker handles the closing process from beginning to end. Whether it is a first-time buyer, a complex multi-property deal, or an out-of-state investor, our title team coordinates every detail so you and your client can close with confidence. Call us at 941-778-7721 or submit a title inquiry.