Florida Property Lenders Overview

1. The Lender sends True Title a work order for a title commitment request
2. True Title does a Title Search and Orders an Abstract for the Florida property title
3. True Title reviews the Title Search and Abstract to make sure the property is owned by the seller and no other parties can claim title to the property. The abstract will also show any mortgages, judgments, and liens on the property. If there are any issues the attorneys will do the curative work. For example, execute a succession if the property is owned by family members of a deceased spouse.
4. True Title orders hazard, and flood insurance with mortgage clause.
5. True Title orders the payoff if the seller still has a mortgage on the property (The payoff is the amount that the seller still owes the bank on the property that is being sold.)
6. Once the Title Search and Abstract review and the Florida property lenders review are completed
   1. True Title issues a Title Commitment to insure the transaction
   2. True Title composes the Closing Protection Letter
   3. True Title creates the Pre HUD terms for the Florida property title
   4. The Title Commitment, Closing Protection Letter, and Pre HUD are sent to the Lender
7. The Lender gets the loan approved by underwriting, and gives True Title the clear to close and the lender sends the closing instructions to True Title
8. True Title contacts all parties and sets the time and date for the Closing.
9. True Title creates the final HUD and has it approved by the Florida Property Lender
10. True Title contacts the buyers to let them know the final amount they need to bring to the closing, monies brought to the closing must be brought in the form of a cashier’s check.
11. Once the Lender approves the final HUD, True Title prepares the package and have it ready to be signed.
12. Closing: All parties show up to the closing and sign the loan documents and the sale documents for the Florida property title transfer.
13. True Title records the mortgage and the sale with Parish Clerks office
14. True Title cancels the existing mortgage, liens, and judgments when applicable
15. True Title Issue Title Policies and the Florida property title transfer is finalized and the Florida Property Lender releases funds