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Date Created: 12/19/15
If you're involved in a Florida or Cape Coral for sale by owner property transaction, either as the buyer or the seller, you need to think about the services of the title agency. Usually, realtors serve as the go-betweens for buyers, sellers and the title agency. Without a realtor, as is often the case in FSBO transactions, you're left to interact with the title agency on your own. So, what do you need to know about the closing and the title agency? Trust Is Key To A Successful Cape Coral For Sale By Owner Closing First things first, choose an agency you feel comfortable with! No matter what kind of property transaction it is in Florida or Cape Coral, for sale by owner or realtor-assisted, all home sales require the services of a real estate title agency While either party can negotiate to be able to choose the title agency, this really has no effect on the sale or what happens at closing It's important to know that the person you are dealing with is a completely impartial service provider They are not working "for" the buyer over the seller or vice versa The agency's interest is only in making sure the closing happens, not that one party gets a better "deal" than the other One of the nice things about handling the transaction without a realtor is the freedom you may feel from pressure to use a company associated with or recommended by the realtor The Role Of The Real Estate Title Agency In Cape Coral For Sale By Owner Transactions The primary function of the agency in a Florida or Cape Coral for sale by owner transaction is to make sure the transaction closes on time They do this by making sure all of the necessary paperwork and documentation is properly filled out and filed The title agency will serve as the point of contact for the buyer, seller, mortgage lender and any realtors and attorneys involved in the transaction The agency will be responsible for conducting a title search of the property If any surveys are needed, the agency will order those In addition to this research and paperwork, the title agency provides real estate title insurance, which is required in all mortgage-backed transactions in Florida and Cape Coral, for sale by owner or not The title agency will also most likely host and facilitate the actual closing This provides the buyer and the seller with a neutral closing location If the title agency is also an escrow agent, they can hold escrow funds, pay property taxes and be relied upon to collect and remit FIRPTA payments to the IRS on the buyer's behalf FIRTPA, or the Foreign Investment in Real Property Tax Act, requires that 10% of the purchase price be withheld and remitted to the IRS if the seller is a foreign person If a foreign seller is involved in the transaction, the agency can help both parties navigate FIRTPA requirements and ensure all tax obligations are being met Above all, remember that the title agency is there to help you They want the sale to close as much as you do Be open to communication with your title agent, provide them with the materials they need, ask questions if you have any concerns, then sit back and let your Florida or Cape Coral for sale by owner closing happen
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