Pensacola, FL · Member since 2013 · 22 posts · 18 votes
Hey to all, I am selling a piece of land today at a Title Company. I need someone to tell me what is "going" to happen in an effort not to look stupid or get swindled. Any assistance would be greatly appreciated!
Specialist · Winter Springs, FL · Member since 2009 · 1k+ posts · 747 votes
6y
I doubt you'll see a title policy at closing since generally it's not prepared until after the deed and mortgage, if any, are recorded. You probably won't see the Owner's policy when it's prepared since it doesn't involve you. If you're taking back a mortgage to finance the sale and paid for a lender's policy you'll receive that after recording. If you don't receive it and the original Note and mortgage in a reasonable period of time after closing follow up with the settlement agent.
You'll probably be asked to sign a Seller's Affidavit in which you will swear under penalty of purgery to certain facts. For example that the property is vacant and not your homestead and that you have not contracted with any other person for the sale of the property or for improvements to be made that have not been paid for.
Closing as Seller is a relatively painless process and if you're working with an experienced closer (s)he will guide you through the process. Assuming you went through a closing when you bought the property it should be very similar. In fact, many sellers use the same closer to handle the sale of the property so you may already know them.
Real Estate Broker · Portland, OR · Member since 2019 · 4k+ posts · 2k+ votes
6y
Well, read and understand all the charges on your prelim settlement (you'll get a final after all signatures and funding and recording).
As a seller, you probably won't have much to sign beyond some releases, especially land. I'm assuming you're not making any warranties.
You'll be charged for standard title and if buyer wanted extended title (which I always recommend on raw land) he should pay the diff + cost of ALTA survey - Usual and customary.
If you're doing a 1031, make sure you're QI and title are in contact. You cannot have direct control of any money coming out of the transaction.
If you're just paying taxes, swing by the Porsche dealer and enjoy.
Residential Real Estate Agent · Delray Beach, FL · Member since 2010 · 115 posts · 83 votes
6y
Here's some typical Seller DOCS you can expect for vacant land (fr. FLA title closers):
Copy of closing/settlement statement (HUD, ALTA, etc.).
"Settlement Addendum" (Seller reviews and approves closing statement).
Tax Proration Agreement (Seller's portion of any taxes due).
Photo ID request (Driver's Lic., Passport or other acceptable form of ID).
Notary Acknowledgement (filled out by Notary Public, if "seller DOCS" were completed via "mail-away closing").
Seller Address Certification (supply address, phone, email ----> and how you want $$$ distributions to be made: by mail, wire transfer, in-person, etc.)
Seller Info. for filing 1099 to the IRS (I.e., Name, address, Social Security number, etc. -----> to be supplied to the IRS. Review all info. already "pre-printed" on form, such as the price being reported to the IRS and more, ....for accuracy).
Deed (must be notarized, along with two witnesses. Not to worry if closing is not a "mail-away" closing, as the title agent will notarize deed).
Also: Review closing costs, real estate commission(s) if any, "buyer's funds" properly deposited and cleared with title agent.
Owner's Title Policy (Will be underwritten and issued by title agent's insurer. Both Seller and Buyer should review siad title policy).
Some title agents have more forms (some have less!). "All-in-all", if the "funds are ready to be disbursed" to you, most likely, all forms, DOCS, paperwork are in order, and your vacant Florida land will close --------------> and you get paid! LOL!
Specialist · Winter Springs, FL · Member since 2009 · 1k+ posts · 747 votes
6y
I doubt you'll see a title policy at closing since generally it's not prepared until after the deed and mortgage, if any, are recorded. You probably won't see the Owner's policy when it's prepared since it doesn't involve you. If you're taking back a mortgage to finance the sale and paid for a lender's policy you'll receive that after recording. If you don't receive it and the original Note and mortgage in a reasonable period of time after closing follow up with the settlement agent.
You'll probably be asked to sign a Seller's Affidavit in which you will swear under penalty of purgery to certain facts. For example that the property is vacant and not your homestead and that you have not contracted with any other person for the sale of the property or for improvements to be made that have not been paid for.
Closing as Seller is a relatively painless process and if you're working with an experienced closer (s)he will guide you through the process. Assuming you went through a closing when you bought the property it should be very similar. In fact, many sellers use the same closer to handle the sale of the property so you may already know them.
Residential Real Estate Agent · Delray Beach, FL · Member since 2010 · 115 posts · 83 votes
6y
Peter Walther is right, not a title policy at closing, but you both (the Seller and Buyer) should receive and review the "title commitment" prior to closing!