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Contract Closing / Completion

In the US the corresponding process to completion in the UK is the Contract Closing

The Contract Closing involves making sure that the deed is recorded at the county record office; that the buyer and seller receive their moneys due; and that the requirements of the mortgage-lender and various government agencies are met, in accordance with law and the terms and conditions of the contract.

Both the buyer and seller will be given a closing statement (HUD-1 form) approved by the U.S. Department of Housing and Urban Development which sets out all the costs and fees for which they are responsible.

Contract Closings in Florida are usually carried out by Title Insurance companies, who also provide title insurance services. Their activities are regulated and controlled by federal and state law, and they act as neutral parties in closings. Although it is always advisable to obtain legal advice before paying any money or signing a contract, most homebuyers in Florida use the services of a Title Company for closing without involving a lawyer.

In most property transactions the seller usually pays for the Title Insurance policy, and in return the Title Company provides closing services – in which case the service is free of charge to the buyer.

Many UK buyers are not present in Orlando for their closing, and make use of Mail Away Closings. Just before the scheduled closing date, the Title Company sends out the various documents by courier service (such as FedEx) for signature and return – usually with a prepaid return envelope.

Signatures must be notarized by a Notary Public. Information about notaries in the UK, including where to find a notary, is available on the Notaries Society website at www.thenotariessociety.org.uk