CLOSING PROCESS — Step-by-Step
Typically, you can expect the Longboat Key closing process to unfold similar to this outline. The day your offer is accepted (when the final signature is attached to the sale and purchase agreement or contract) is considered the “Effective Date” and most of the closing activities are measured from it. Here’s how it works…

1). DEPOSIT - Your binder deposit is deposited in an escrow account (by law, no later than the end of the third business day from effective date).
2). BINDER - If an additional binder is required, it’s important it’s paid on time (usually within 10 days from effective date).
3). FINANCING - You must apply for any loan(s) required in a timely manner (usually within 10 days from effective date).
4). CONTINGENCIES - must be cleared in writing:
Financing contingencies must the approved by a letter of commitment (usually within 30 days from effective date)
Home Inspection contingencies must be cleared or surrendered by default (usually within 10 days from effective date)
5). APPRAISAL - Usually ordered by your lender after loan approval
6). SURVEY - Usually ordered by your lender after loan approval
7). TITLE INSURANCE - must be ordered - The contract determines who chooses and who pays for title insurance
8). PEST INSPECTION - Report received by Buyer and Lender (at least five days prior to closing)
9). REQUIRED REPAIRS - up to repair limit must be ordered and completed (or credit given at closing).
10). INSURANCE - Buyer applies for hazard insurance (barrier islands require 3 policies - wind, flood, homeowners).
11). POLICY - the insurance in effect at the time of closing delivered to title closing agent
12). SETTING DATE - actual closing date (if not specific in the contract) is agreed and set with buyer and seller
13). PRE-CLOSING INSPECTION - Buyers have a right to walk-through inspection immediately preceeding closing.
14). REVIEW DOCUMENTS - (one day prior to closing) statements and net amount to close given to buyer
15). PAYMENT - Buyer’s cashiers check prepared or wire transfer initiated.
16). CLOSING PROCEEDURE - on day and time agreed, be sure to bring a photo ID.
17). DOCUMENTATION - Complete set of copies of the closing papers to all parties.

AFTER CLOSING You should receive a recorded set of closing documents, if there is a delay of more than 3weeks, please advise the closing agent or us and if there’s any problem. Remember that that we want you to be a lifelong client and we’re still here after your closing to help you tie up any loose ends or assist in any way we can.