Frequently Asked Questions
Tips for a Smooth Closing
The Closing Process
Forms

  In order to help you through your real estate transaction, we have developed a list of "frequently asked questions". Our responses are based upon title and closing practice in Pasco, Pinellas, Hillsborogh and Hernando Counties, which may differ from practices in other parts of the country.

If you have a specific question, please email us in the "Contact Us" section and we will endeavor to give you a response within 24 hours.

Note: Per the law, we must make the following disclaimers:


1) Liberty Title Agency may not practice law, so any response to your question should not be viewed as legal advice.

2) Responses are based upon the information submitted to us, so we disclaim any liability arising from your failure to advise us of all the facts and/or circumstances surrounding your question.

Remember -- real estate transactions are major events and you should always consult with your attorney and tax adviser before entering into any binding agreements.

1) How long before we can close?

The time it takes to get to a closing of a real estate transaction is largely determined by the contract between the parties and the time needed to get lender approval if a mortgage is involved. In a typical residential transaction, most contingencies (other than financing and sale of the Purchaser's residence) can be removed within two weeks. Financing should be resolved within 30-45 days.

2) How long will my closing last?

Closing a transaction should not be an ordeal. We typically budget one hour for a residential resale and 30-45 minutes for a refinance.

3) Do I need an attorney?

Probably. Buying/Selling a home is a major event with significant financial and tax considerations. A good Real Estate Attorney will be able to give you critical advice about appropriate contingency clauses, title restrictions and tax consequences of your transaction. (We've highlighted Real Estate because you want an attorney who is experienced and current in this area.) Our on staff attorney and owner Joseph Perlman will be happy to answer any questions and assist in closing process.

4) What is escrow?

Escrow is one of those phrases the professionals use to mystify consumers. It is a fluid term with several meanings. The most common are:

• A generic term for the entire closing process
  
  
• An agreement to hold funds/documents until certain events have occurred.
  
• an agreement to hold funds for a specific use (e.g. we will "escrow" $150/month for payment of future taxes.)
  
  

Don't let your eyes glaze over when people start throwing around the word "escrow" -- look them straight in the eye and ask precisely what they mean.

5) Why do I record my deed?

Deeds are recorded to provide notice to the world that you own your property. Recording a deed at the Clerk of Court imparts "constructive notice" to the world that you own your property-everyone in the world is deemed by law to know of your interest. If you fail to record your Deed, only these people who have actual notice of your interest are aware of your interest.