How To Pick A Title Company

Buying a house in Florida is no easy task, especially in this current market. You have to decide the type of property and location you are looking for. Then, you have to get pre-approved by a lender for your desired amount and find a realtor who can help show you the best properties for you. Even after you have found a property, negotiated a sale price, and completed everything with the mortgage company, you still have to go through the actual closing process.

This is where a title company comes in. So, just like with the mortgage company and the realtor, it’s also important to know how to pick a title company. After all, they are the ones handling all the financials at the end and finalizing the sale of the property. Here are some things you should know when it comes to selecting a title company for your home purchase.

What Is A Title Company and What Do They Do?

To put it simply, a title company handles all the legwork when it comes to the financial aspects of the sale, including the legal transfer of the property from the seller to the buyer. Let’s take a look at some of the things that a title company is tasked with doing so that you can have a better understanding of the process.

They Act As An Escrow Agent

Throughout the process of a real estate transaction, there are a lot of moving parts when it comes to the financial side of things. There are deposits that the buyer will put down, there’s the money that the mortgage company pays out, and there’s also the money that goes to the buyer once the property is sold.

A title company will serve as an escrow for all this, holding onto and then distributing money throughout the entire process. They will also receive and keep track of all the different documents that are involved in the transaction including the various contracts and agreements.

They Act As The Closing Agent

In addition to acting as the escrow agent, a title company will also act as the closing agent throughout the entire process. That means that they will coordinate and communicate with all people and agencies involved in the sale of the property including:

  • Realtors
  • Lenders
  • HOA’s (if applicable)
  • Buyer(s) and the seller(s) and their attorneys
  • Local municipalities

They will also make sure that all the necessary documents are properly filled out, signed, and delivered.

They Will Review the Title

While this might not seem like a big to-do, reviewing the title of the property is one of, if not the most important part of the entire transaction. One of the things a title company does is obtain a copy of the title from the local municipality and check to make sure that there are no liens on the property.

They will also check and make sure that everything is up to code and that there are no open, outstanding permits. If these issues are not caught by the title company before the property is transferred, they become the responsibility of the buyer upon the property title being transferred.

They Issue All The Documents Upon Closing

After the closing has been completed, the title company will have the property title transferred and issued to the buyer. In addition, they will provide the buyer with a title insurance policy.

This policy protects the buyer from any undisclosed or undiscovered issues that could arise in the coming weeks or months after the completion of the purchase. This insurance is paid for by a one-time premium that is part of the fees paid during the closing process and protects the buyer for as long as they own the property.

How to pick the best title company in South FloridaHow Do I Choose A Title Company?

There are no shortages of title companies. So, how do you go about picking the right one and, more importantly, one you can trust? There are a few things to consider when it comes to picking the right title company.

Experience

This should go without saying, but you want to make sure you use a title company that has a lot of experience. A lot of things can go wrong during the home buying process, especially if you are using people who might not have a lot of experience. You want to make sure to choose a title company that has “seen it all” that way, in the event of an unforeseen situation, they will know how to handle it.

Reputation

A title company handles some of the most important aspects of the home buying process. They are responsible for large sums of money, important legal documents, and making sure that the property you are buying can legally be purchased.

Since buying a home will likely be one of the largest and most important purchases of your life, you don’t want to use just anyone. It’s important to do your homework and make sure you are using a title company that has an exemplary record and is reputable and trustworthy.

Customer Service

Since the title company handles so many aspects of the closing process, you want to make sure you use a company that has great customer service. After all, you will be communicating with the title company a lot during the home buying process. It is important to make sure you choose a company that will answer all your questions and explains everything to you in a way that you can understand.

Want To Know More About How To Pick A Title Company?

Picking the right title company is just as important as picking the right property. Galaxy Title is a one-of-a-kind title company with over a decade of experience in the area. We are proud to offer both a licensed attorney and a CPA on staff to provide you with the best experience possible. For more information about the services we offer, contact us today.

Mitchell IssaHow To Pick A Title Company
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Purchasing a Home vs. Renting a Condo or Apartment

The Debate Between Buying and Renting

Buying and renting both have large upfront costs associated with them. For a condo, you have to put down a minimum of 5% for the down payment, plus pay for things like home inspection, legal fees, and land transfer tax. For renting, you’ll likely have to pay first and last month’s rent, as well as a damage deposit.

Buying a house in Florida also has ongoing costs that need to be factored in, such as monthly mortgage payments, property taxes, and condo fees (if applicable). Renting usually just requires paying your monthly rent amount. Your financial situation, your lifestyle, and your long-term goals will all play a role in these decisions.

So, What Exactly is a Condo?

A condo is a home that is owned by an individual, but the building and the land it’s on are owned in common with other condo owners.

What’s Necessary to Buy a Condo?

To purchase a condo, you’ll need to be approved for a home loan. Your credit score, income, and other factors will all play an important role in determining whether you’re eligible for a mortgage.

What Are Some Other Things to Consider When Deciding Whether to Buy or Rent?

Another thing to consider when deciding whether to buy or rent is your financial standing. If you are looking to buy a home, it’s important to have a stable income and a good credit score that will allow you to qualify for a mortgage. Additionally, if you are looking to rent, it’s important to carefully assess your budget and make sure that you can comfortably afford monthly rental payments.

Overall, there are many factors to consider when deciding whether buying or renting is right for you. Ultimately, the decision depends on your personal circumstances, career goals, and long-term plans. That being said, there are some cases where buying a condo may be the better option – particularly if you plan on staying in one place for an extended period of time and if your financial standing allows for it. 

Additionally, it’s important to understand the risks associated with purchasing a condo in today’s market, particularly if you’re considering property in Florida. With rising home prices and rent, there is always some risk that housing prices could drop at any time. In addition, you should carefully assess any hurricane risk before making a decision about whether to buy or rent.

Pros and Cons of Purchasing a Home vs. Renting a Condo or Apartment

There are many factors to consider when making the choice to buy or rent a home. For some people, it makes more financial sense to purchase a home outright. This can be a great investment, as the value of the property will likely increase over time. Additionally, you will have the freedom to make any changes or renovations that you please. 

However, there are also drawbacks to buying a home. For one, it requires a large upfront payment – typically a down payment of 20% of the total cost of the home. Additionally, you will be responsible for all maintenance and repairs on the property.

Renting a condo or apartment can be a great alternative for those who don’t want to commit to purchasing a property, especially if they don’t plan to stay in the area for very long. Unlike buying a home, renting an apartment or condo typically requires little to no upfront payment and often comes with amenities such as utilities, maintenance services, and furnishing. Additionally, you will typically have fewer responsibilities as a renter than as a homeowner.

So which option is right for you – buying or renting a condo? Ultimately, the answer depends on your individual needs and financial situation. If you are looking for flexibility and don’t plan to stay in one place for long periods of time, then renting may be the best choice for you. However, if you are looking for stability and plan to stay in one place for several years or more, then buying may be the better option.

The benefits of buying a condo include:

  • You build equity over time. As a homeowner, you can build equity in your property as you make mortgage payments and the value of your home appreciates.
  • You have more control over your living space. As a homeowner, you can make changes and renovations to your condo unit as you see fit.
  • You may be eligible for certain tax deductions. As a homeowner, you may be able to deduct the interest you pay on your mortgage and any property taxes you pay from your income taxes.
  • You own the unit outright, which means you can do whatever you want with it – within reason. This includes making changes or renovations to the unit itself.
  • You may be able to get a mortgage for a lower interest rate than you could for a single-family home since condos are usually cheaper than houses.
  • Condos tend to have many amenities that would be too expensive for someone who can’t afford it.

The benefits of renting a condo include:

  • You have more flexibility. Renting provides more flexibility than owning since you can typically move with just a few months’ notice.
  • You have less responsibility. As a renter, you are not responsible for maintaining the property or making repairs. That is the responsibility of the condo association or your landlord.
  • Your monthly payments may be lower than if you were to buy a condo.

The disadvantages of buying a condo include:

  • You may have to pay monthly homeowner association (HOA) fees in addition to your mortgage payment. These fees can range from a few hundred dollars to over $1,000 per month and go towards the upkeep of common areas and amenities as well as repairs and insurance for the building itself.
  • You may need to put a down payment in order to get a mortgage approved, and the minimum down payment is usually around 20%.
  • You may be subject to certain rules and regulations set by the HOA, such as limits on how you can decorate the outside of your unit or what kinds of pets you are allowed to have.
  • If the HOA falls into financial trouble, they may raise your monthly fees or special assessments in order to make up for the shortfall.
  • Less privacy and fewer outdoor space options, as condos typically have shared common areas and may come with restrictions on exterior renovations or yard maintenance.

The person who would benefit most from buying a condo is someone who plans on living in the same place for a long period of time. This is because, over time, the equity you build in your condo will likely exceed the amount of money you would have spent on rent.

The person who would benefit most from renting is someone who doesn’t plan on staying in one place for an extended period of time. This is because there is no long-term financial commitment associated with renting, and you can move as often as you’d like without having to worry about selling your property.

So, Should I Buy a Condo or Rent? 

The answer depends on your personal circumstances and what you’re looking for in a home. If you want more freedom and flexibility, you may be better off renting. But if you want to build equity and reap the benefits of homeownership, buying a condo could be the right choice for you. Ultimately, only you can decide which option is best for your needs and lifestyle. So do your research, talk to experts, and make an informed decision that works for you.

Benefits of Buying a Home

There are many benefits of buying a home. For one, you’ll have more space than if you were renting an apartment. And if you’re looking for a place to raise a family, a home is usually a better option than a condo. With a house, you’ll also have a yard and more privacy than you would with a condo.

Another benefit of buying a home is that you’ll build equity over time. With each mortgage payment, you’ll own a little more of your home. And when you eventually sell it, you could make a profit. This is one of the biggest advantages of owning a home vs renting.

When you buy a home, you also have the opportunity to make improvements and upgrades that will add value to the property. This can increase the property value and make it easier to sell when you’re ready to move.

Disadvantages to Buying a home

Of course, there are also some disadvantages to buying a home. For one, it’s a big financial responsibility. You’ll need to have good credit and enough income to qualify for a mortgage. You’ll also need to be prepared for the upfront costs of purchasing a home, including the down payment, closing costs, and other fees.

Another downside of owning a home is that you’re responsible for all maintenance and repairs. This can be expensive and time-consuming. If something major goes wrong with your home, you’ll have to pay for the repairs yourself.

The Florida Housing/Rental Market in 2021-2022.

in 2022, the Florida housing market is expected to be strong. The top 10 fastest-growing places in the U.S. in 2021-2022 are all in Florida. The state’s population is projected to grow by more than 1 million people over the next two years, and the demand for housing will continue to increase. This will likely lead to higher home prices and rents.

Florida counties expected to have more than 1.6 million residents in the next ten years are Miami-Dade, Broward, Hillsborough, Orange, and Palm Beach. The four largest metro areas in Florida are:

  • Miami-Fort Lauderdale-West Palm Beach, with 6.2 million residents
  • Tampa-St. Petersburg-Clearwater with 3.1 million
  • Orlando-Kissimmee-Sanford with 2.5 million
  • Jacksonville, with just over 1.5 million residents

If you’re considering purchasing a condo in Florida, it’s important to be aware of the risks. With so many people moving to the state, there is a risk that the market could become saturated and prices could drop. It’s also important to be aware of hurricane risk when purchasing a condo in Florida. 

Florida median home values have grown by 23.9% over the past year. Over the past five years, home values in Florida have increased by nearly 69%. The median time to contract for single-family homes in Florida is just 12 days, which is the time it takes to receive a sales contract after being listed.

How Can a Title/Escrow Company Play into This?

A title and escrow company can be an invaluable resource when buying or renting a condo. These companies can help you navigate the complex legal process of purchasing or leasing property, and they can provide expert guidance on residential real estate transactions.

When deciding whether to buy or rent a condo, there are several factors to consider. Your finances, your lifestyle, and your long-term goals will all play a role in determining the best option for you. 

On the financial side, there are both pros and cons to buying a condo vs. renting. In general, if you can afford to buy a home, it will typically be more cost-effective in the long run. However, you’ll need to consider factors such as insurance costs, property taxes, maintenance and repairs, utility bills, and other potential expenses.

When deciding whether to rent or buy a condo, your lifestyle should also play an important role. If you plan on staying in one place for several years or more and are looking for stability and predictability in your living situation, then it may be best to purchase a condo that fits your needs.

Galaxy Title & Escrow is Here To Provide Insight!

Ultimately, whether you should buy a condo or rent will depend on your individual situation and preferences. If you are looking for increased flexibility, lower upfront costs, and predictability in your living situation, then buying a condo may be an option for you. Although, if you’re considering a place that’s more permanent, possibly to expand your family, a home may be a better option if it suits your finances. When it comes to closing, escrow, and title insurance, Galaxy Title & Escrow in South Florida awaits to guide you. With over a decade of experience, we are confident that your transaction will run smoothly. If you have any questions, reach out to our office today!

Mitchell IssaPurchasing a Home vs. Renting a Condo or Apartment
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Steps on Closing on a House

The closing process is the final step to buying a house. This is when the home purchase is funded through a lender, the deed is transferred, and you become the legal owner of the property. The steps leading up to closing are just as important as closing itself. 

What Are the Steps to Closing on a House?

The steps to closing on a house are as follows:

  1. The buyer makes an offer on the property.
  2. The seller accepts the offer and both parties sign a purchase agreement.
  3. The buyer secures financing from a lender.
  4. The parties schedule a closing date and time.

The Closing Process From Start to Finish

The first step is getting pre-approved for a mortgage. Pre-approval means that a lender has looked at your financial history and decided how much money they’re willing to lend you. This gives you an idea of how much house you can afford and keeps you from falling in love with a property that’s out of your budget.

Next, it’s time to start shopping for a home. Once you find a house you like, your real estate agent will help you make an offer. If the seller accepts, you’ll enter into a purchase agreement that outlines the terms of the sale.

Now it’s time to get a home inspection. This is important because it gives you a chance to back out of the deal if there are any major problems with the property. Once the inspection is complete, you’ll need to apply for homeowner’s insurance.

The next step is securing a loan from a lender. Your real estate agent can help you compare rates and choose the best option for you. Once you’ve chosen a loan, your lender will order an appraisal to make sure the property is worth what you’re paying for it.

If everything goes well on the loan, the next step is to schedule a closing date. This is when the sale of the property will be finalized and you’ll officially become the homeowner. On closing day, you’ll sign a bunch of paperwork and hand over your earnest money deposit to the seller. Congratulations, you’ve just closed on a house!

What Is the Role of the Escrow Services for Closing on a House? 

During the steps to closing on a house, escrow services are commonly used to hold onto important documents and funds on behalf of the buyer and seller. The escrow company acts as a neutral third party to make sure that all steps in the home-buying process are followed correctly. This includes ensuring that the correct paperwork is signed, that the buyer has paid their deposit, and that the seller has delivered the keys to the property.

In some cases, buyers arrange to pay for their entire purchase price at closing through a mortgage loan. In other cases, buyers may need to bring cash to closing to cover their down payment and closing costs. If you’re paying cash for your home, you’ll need to have proof of funds ready to show at closing. This could be in the form of a bank statement to ensure that you have enough money to cover the purchase of the home.

Your agent or closing attorney will go over all of the paperwork with you before you sign, but it’s still important that you understand everything you agree to. This includes the sales contract, loan documents, and any other paperwork associated with the purchase of your home.

Be sure to ask questions if there are any terms or steps in the process that you don’t understand. It’s better to ask now and get things clarified than to wait until later and find out that something wasn’t done correctly. Once everything is signed and sealed, the keys to your new home will be handed over to you. Congrats! 

What Is the Role of the Real Estate Agent in the Steps to Closing on a House?

The real estate agent’s job is to facilitate the sale of the property and to protect the interests of the seller. The agent will negotiate with the buyer on behalf of the seller and will help to ensure that all of the necessary paperwork is completed. The real estate agent will also be present at the closing, where they will hand over the keys to the new homeowner.

What Is the Role of the Lenders in the Steps to Closing on a House?

The lenders are responsible for providing the funding for the purchase of the property. The lenders will also be involved in the underwriting process, which is used to determine whether or not the borrower is a good candidate for a loan. The lenders will also be present at the closing, where they will sign off on the loan and provide the funds to the buyer.

What Should I Look for When Choosing a Lender?

When choosing a lender, consider the following:

  • How much money you will need to finance your purchase
  • The type of loan you qualify for
  • The interest rate and fees associated with the loan
  • The terms and conditions of the loan

What Are Some Tips for Making an Offering on a Property?

When it comes to making an offer on the property, here are a few tips to keep in mind:

  1. Have your finances in order before making an offer. This means being pre-approved for a mortgage and having a good idea of how much you can afford to spend on a property.
  2. Keep your offer simple and straightforward. The more contingencies and conditions that are included in your offer, the less likely it is to be accepted by the seller.
  3. Don’t be afraid to negotiate. In many cases, the seller will be open to negotiating on price, repairs, or other terms of the sale.
  4. Be prepared to move quickly. Once your offer is accepted, you will need to move forward with the loan process and schedule.

Closing Costs

Closing costs are one of the steps to closing on a house, and they’re typically around 2-5% of the loan amount. This fee covers things like the title search, appraisal, and loan origination.

You’ll also need to come up with the money for a down payment, which is usually 20% of the purchase price. 

So if you’re buying a $200,000 home, you’ll need to bring $40,000 to the table.

If you don’t have that kind of cash saved up, you may still be able to qualify for a loan with a smaller down payment, but you’ll likely have to pay for private mortgage insurance (PMI).

It’s important to close on a house so that the sale is official and binding. 

Mortgage Pre-approval

During the steps to closing on a house, pre-approval can be defined as a conditional commitment by a lender to provide financing up to a specified amount for a specified period of time, on the condition that the borrower meets specified requirements. A pre-approval is not a guarantee from the lender that you will actually receive the loan. 

Earn an income at a certain level, have certain debts, and agree to make a down payment of a certain size, conditions are met, such as an appraisal of the property you’re buying and verification of your employment and income. This is when you’ll need to finalize your loan application and get all required documentation in order. The underwriting process can take a few days or even weeks, so be patient.

What’s the Move-in Process Like?

After completing the steps to closing on a house, the move-in process is pretty straightforward.

You’ll just need to make sure that the utilities are turned on in your new home and that you have a forwarding address set up for any mail that needs to be redirected. The steps to closing on a house can seem daunting, but as long as you’re prepared and organized, it will go smoothly. Just be patient during the underwriting process and enjoy your new home once everything is finalized.

What Are the Steps to Take After Closing on a House?

Once you have closed on a house, there are a few steps that you need to take in order to make sure everything is in order. First, you need to change the locks on all of the doors and set up your security system. You also need to forward your mail to your new address and update your driver’s license and vehicle registration to match. Finally, you need to notify your utility providers of your new address and set up a service at your new home.

How Do I Set Up Utilities in a New Home?

In order to set up utilities in your new home, you will need to contact the providers for electricity, gas, water, and trash service. You will need to provide them with your new address and some other information in order to get the service started. Once you have set up your utilities, be sure to test everything to make sure it is working properly.

What Else Do I Need to Do After Closing on a House?

There are a few other things that you should do after closing on a house. These include getting homeowners insurance, filling out a change of address form with the post office, and making an inventory of your belongings. You should also take some time to clean the house from top to bottom before moving in.

Join the Galaxy Title & Escrow Family

The steps on closing on a house require patients and planning but imagine the feeling you’ll get when you walk through your dream home. Real estate transactions strive when all the pieces come together and you feel prepared in the hands of experts. Galaxy Title & Escrow provides you with the resources to complete your escrow and title service needs in South Florida. If you’re interested in joining the Galaxy Title & Escrow family, feel free to reach out to us.

Mitchell IssaSteps on Closing on a House
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Press Release

Galaxy Title and Escrow Expanding their Service Offerings by Adding a Licensed Florida Attorney and CPA

(Ft. Lauderdale, Florida, March 28th, 2022) – Galaxy Title and Escrow, a staple in the South Florida community, is expanding its services by adding a licensed Florida Attorney and CPA to their team. “In order to enhance the experience of our remarkable clients, and further our commitment to providing premier customer service to each and every transaction, we knew this was the right step,” said Founders Christine Marchand-Manze and Jessica Olmos.

Galaxy Title and Escrow has been providing closing and escrow services in South Florida for several years, and now has the ability to enhance their service offerings including notary service and title insurance to better assist the needs of their clientele. “I am excited to join the Galaxy team! It was very clear from the beginning that their focus on customer satisfaction was a top priority,” said Florida Attorney Mitchell Issa.

The real estate process for buyers and sellers can be complicated. At Galaxy Title and Escrow, their extensive team of professionals have the knowledge and experience to assist you through every part of this process. Fluent in English, French, and Spanish their team caters to clientele from all over the world. And their continuous efforts to provide excellent customer service sets them apart from the rest.

Compared to our competitors, we offer a number of unique advantages, including:

  • A team of experienced professionals, including a licensed Attorney and CPA, who are always available to answer your questions and address your concerns
  • Competitive rates, with no hidden fees or surprises
  • A wide range of services, including title insurance, escrow services, FIRPTA, entity formation, and more
  • The peace of mind that comes from knowing that you are working with a company that is fully licensed and insured

An experienced and knowledgeable CPA ensures proper handling of all tax matters, while an attorney provides a critical layer of protection. Conventional title companies are restricted to standard services which often delay or interrupt closings. At Galaxy Title and Escrow, their in-house team of specialty professionals elevates them beyond the basic offerings, allowing for an expansive range of solutions that streamline processes and save clients time and money.

With all the changes in the Florida Real Estate market, it has become more important than ever before to have a qualified and experienced team working on your behalf. As a full-service title company, offering a complete range of services to buyers, sellers, real estate professionals, lenders, and lending institutions, Galaxy Title and Escrow professionals are dedicated to protecting your interests and ensuring that every transaction is handled correctly and in a timely fashion.

Committed to providing concierge-level customer service and handling every transaction with unparalleled expertise, we invite you to contact Galaxy Title and Escrow to learn all the ways they can assist you with your next real estate transaction!

Reach out to us at: 561-710-2812 |  Fax: 954-800-6042

title company in south florida

Mitchell IssaPress Release
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