Closing day is when the keys change hands, but a lot happens before it. In Florida a title company or real estate attorney usually runs the closing. Here is what title insurance does, who usually pays for what in Pinellas, and how to protect your money on the way to the closing table.
Key takeaways
- Title insurance protects against problems with ownership that the title search missed.
- There are two policies: an owner’s policy for you and a lender’s policy for your mortgage lender.
- In Pinellas it is common for the seller to pay for the owner’s policy, but the contract decides.
- Wire fraud is a real risk. Always confirm wiring instructions by phone using a number you already trust.
What the title company does
Who usually pays for what
| Item | Usually paid by | Notes |
|---|---|---|
| Owner’s title policy | Seller (common in Pinellas) | Negotiable, set in the contract |
| Lender’s title policy | Buyer | Required if you have a mortgage |
| Documentary stamp tax on the deed | Seller (customary) | 70 cents per $100 of price under Florida law |
| Doc stamps and intangible tax on a new mortgage | Buyer | Only if you borrow |
| Recording fees | Varies | Set by the county clerk |
| Prorated property taxes and association dues | Both | Split by the closing date |
Our closing cost calculator estimates these for a given price, and our guide to the cost of selling covers the seller side.
Things the title search can turn up
- Open or expired permits for work like windows, roofs or remodels.
- Unpaid association dues or assessments, which the association confirms with an estoppel certificate.
- Old liens or judgments that must be paid off or released.
- Errors in past deeds that need correcting.
Watch out: Criminals send fake emails that look like they come from your title company or agent, asking you to wire money to a new account. Never trust wiring instructions sent by email alone. Call the title company on a number from its website or your contract before sending funds.
Closing from anywhere
Florida allows remote online notarization, so many buyers sign without travelling. Our remote closing checklist covers the logistics.
What this means for you
- Choose your title company early and give it the contract right away.
- Review the title commitment when it arrives and ask questions.
- Read your closing disclosure or settlement statement before closing day.
- Confirm wiring instructions by phone, every time.
Please note: Laws, tax rules and insurance terms change, so check the details for your situation with a licensed professional, such as a Florida real estate attorney, insurance agent or tax adviser, before you act.
Buying in Pinellas? Contact us and we’ll walk you through the timeline.
Sources
- Florida Department of Revenue, documentary stamp tax.
- Florida Statutes, section 201.02, tax on deeds.
- FBI, business email compromise, wire fraud warnings.
- Florida Statutes, section 117.265, online notarization procedures.